Natural Language Processing to Understand Your Customer’s Mind
As a business, you have lots of customer feedback. The digitalization of business has opened many customer touchpoints- website, social media, mobile apps, to name a few. These are all sources of customer feedback.
Now, with so much feedback, if you’re not analyzing customer data to extract actionable data intelligence then you’re missing an excellent way to understand your customer at a deeper level. Understanding your customer, his motivations and concerns, can help you pinpoint and solve a lot of your business problems, sharpen your marketing strategy, and improve your product or service offerings.
Transforming Customer Feedback Into Actionable Data Intelligence
One of the challenges companies faces while analyzing customer feedback is the qualitative nature of the data. Ratings are quantitative and hence can be analyzed easily, however huge the numbers are. Analyzing comments, reviews, and free text answers is challenging. Well, it was tough until a few years back but not now.
Today you have Natural Language Processing and Machine Learning to read and analyze vast sets of qualitative data and deliver actionable data intelligence from it.
Natural Language Processing (NLP) helps computers read, understand, and interpret human language. Also called ‘text analytics’, NLP helps computers understand what your customers write or say and mean. It uses algorithms to transform unstructured data like text or voice into structured data that a machine can understand and analyze.
Read How We Leveraged NLP and Other Technologies For Sentiment Analysis of Amazon's Product Reviews
How Natural Language Processing works?
An NLP engine scrapes customers’ conversations and feedback on websites, social media channels, and mobile apps, etc., and then analyzes these conversations. Depending on the intelligence required, the NLP engine can conduct binary (positive/negative) analysis and sentiment analysis on various emotions like Happy, Angry, Sadness, and Trust, etc. It can also analyze on the basis of frequency of a particular word and can also conduct word grouping to identify the different terms that often occur together like ‘Affordable product’, costly service’ etc.
The analysis can be then presented on a dashboard using visualization for an easy understanding of the people.
What intelligence can you generate from customer feedback using Natural Language Processing?
While the type of intelligence you can extract using Natural Language Processing depends on the type of data you are analyzing but broadly, you can get actionable data intelligence on-
- Customer’s likes and dislikes on your company’s product or services
- Whether your product is expensive or affordable to customers
- Customer perception of your brands
- Most talked about product models or services
- Quality of your product or services
- Customer’s views on your customer support
- Understand your customer’s emotions
And a lot more!
Key Takeaways-
- Customer feedback is a big asset– If you are not analyzing your customer feedback then you’re missing an opportunity to read your customer’s mind. Even if you’re receiving a lot of flak from your customers, analyze it to understand where you’re going wrong and how your company can improve. So, build a system to collect and analyze customer feedback.
- NLP is truly power– Natural Language Processing and other data science technologies today give you the power to collect, analyze and extract data intelligence from vast volumes of data. Leverage it to build a customer-centric business.
If your company wants to build the next-generation data capabilities to analyze customer feedback but is facing barriers of time, resources and infrastructure then Qualetics, our on-demand data intelligence platform, is an effective solution. All you need to do is to tell us what you want to know about your customers, and our platform will deliver you with incisive data intelligence. Book a Demo here.
