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7 Benefits of Sentiment Analysis

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Published in Business Articles

They say it’s more about how you say something and not what you’re saying that affects people the most. A recent study found that people are 3 times more influenced by others who share their sentiments.

Some businesses have started looking beyond the words that their customers write and instead look for the feeling behind the words. They call this sentiment analysis and use it to understand more about their target audience.

Haven’t heard of this kind of customer analysis before? Keep reading to learn the 7 benefits of analyzing the sentiments of your customers and potential customers.

1. Identify Customer Triggers

Sometimes, you can put out a press release with the best of intentions. Then, people start to gather their pitchforks and call for your cancellation! You can use analytics to identify words, topics, even images that cause a negative reaction.

For instance, you can use sentiment analysis in day trading to decide which stocks to invest in and which to sell. Check the pulse of the people by seeing what they’re saying about that company. Sometimes, the general public gives the best investor advice!

2. Customizing Customer Service

Customer service is a tricky job and not knowing how the customer feels can complicate the issue. When you use analytics, your customer service agents can tailor their approach to each customer based on how they’re feeling.

3. Find New Opportunities for Sales

Like you use investing analysis to make money, you can use customer analysis to find ways to upsell the customer to better their experience. Happy customers buy more products and services, so don’t miss out on these opportunities!

4. Slowing the Customer Churn

Have you noticed that you’re getting lots of new customers who don’t stick around to buy more? Something causes people to not stick with a company and is oftentimes customer service-related.

5. Better Bot Training

Do you use chatbots for some of your customer services? Sometimes, those programs need extra training to accommodate your customers. Analyzing how your customers feel about the chatbot responses can help you fine-tune the program.

6. Faster Escalation for Issues

When a customer gets upset, the situation can snowball out of control! The best way to manage issues is to escalate as soon as you notice the first signs of irritation during an interaction.

7. Improving Multi-Chatting With Sentiment Analysis

A great way to cut down on wait time and reduce the number of agents you need is to have each agent chat with more than one customer at a time. They can manage their chats better with analytics that show them who needs more immediate attention.

Understanding Customer Sentiments to Make More Money

When you can’t see someone’s face or posture, it’s harder to know what they’re feeling. Using these new analytics, you can begin to break down that emotional barrier.

The customer’s happiness is key and sentiment analytics help your company make sure that they stay happy. With so many benefits like these, what do you have to lose?

We hope you enjoyed reading this article and that you learned all about the benefits of using sentiment analysis. If you’re looking for more informative articles about business, money, technology, and more, check out the rest of our blog today!

 

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