Text analytics adds the ‘why’ behind the numbers.
What do you do when one of your best selling products, your cash cow, your go-to, has decreasing sales revenue and can no longer be counted on to save the sales figures? Worse, what if most of the ones being sold are quickly returned? The call center has the answers, and they lie within the call logging and coding data, and the metrics from social customer service. Companies can mine their ‘big data’ by using text analytics and uncover the root issue of this terrible trend.
The company Twitter feed and Facebook page supports the discovery that customers perceive the product to not be as fast as the competition, and lacks some additional functions they know are possible now. When the CRM records are analyzed the hypothesis is confirmed, as each return highlights the product speed as the main reason for the return.
While the problem may not be a quick fix, the answer was found significantly faster through text analytics than waiting until the Annual Report or The Street, reports the loss of earnings. The business intelligence through text analytics can lead to the creation of a new process for the product development group, a new product roll out, and before you know it that cash cow product is back on top in the market place.
We’ve talked recently about the power of mining big data properly and how that can elevate customer experience. While exploring the new buzz techniques, don’t get distracted. Remember the basics like text analytics to add the ‘why?’ behind the numbers. By simply analyzing the text feedback, text analytics uncovers not only hidden issues and customer desires, but identifies that path on the road map to your future products and services.
These below customer comments led us to ultimately recommend a product upgrade to our client:
“I run my own business and need a product that can keep up with me. I found this product too complicated to install and once it was installed it never worked as it was supposed to. It kept jamming and honestly I spent more time troubleshooting the issues that actually using it.”
“I bought your product because the price was right but what I found is that I lacked some features that I really needed. Company xyz makes a product like yours that has the features I need.”
“If I had read the reviews of this product online I would have seen that other people found it to be very slow just like I did. I would have never bought it in the first place.”
“While your product quality is very good and your brand is recognized as a leader, I returned this in the end because it was just too slow for my business needs. Otherwise it was great!”