Analytics And What You Can Learn From
May 23, 2019
Your business can improve products, customer service, and offerings by listening and engaging with consumer reviews.
For a while now, data giants like Netflix, Amazon, and Facebook have been using analytics from online reviews to create highly personalized buying experiences for their customers. They are able to analyze and understand consumer preferences, behavior, and anticipate future needs. This leads not only to more satisfied users but ones who purchase more. This might sound sophisticated and like a functionality only available to big business enterprises with abundant disposable resources, but times are changing. With services like Reputation Studio providing real-time insights and analytics on your customer base, you can radically transform the way you interact with your customers and users.
Let’s take a look at a few of the ways analytics from your online reviews can help build your brand and your business.
Personalize Your Customer Experience
With emerging technology, you can now engage with customers across multiple platforms and channels and in real-time. You may choose social media, a website chatbot, text messaging, a phone call, email, or IRL—in-person in-store. The options are as diverse as your audience. With personalized offerings based on real-time insights, you’re now able to fine-tune your communication, create content tailored to specific segments of your users, and deliver it in a modality they’ll appreciate.
Cross-sell And Upsell
Through improving your communication with your customers or clients, you increase customer interest and retention. This gives you a leg up when it comes to renewals or repeat business. By keeping the channels of communication open, easy, and helpful, you create the opportunity to provide personalized recommendations that keep customers engaged and buying more after they've made their initial purchase.
Predict Customer Behavior
The process of examining large collections of text and converting the text data into structured data for further analysis is referred to as text mining. And text mining can be used to predict how your customers will act in the future. We’ll use an e-commerce business as an example.
In online retail, customer reviews are critically important since existing reviews heavily influence the purchase decision of online shoppers in the absence of the actual look and feel of the product in real life. When collecting an analyzing data from online reviews, you might look at variables such as product identifier, division or department name, the age or known demographic information of reviewer, text written in the review, and star rating.
Common ways of organizing the information include word clouds and word or category comparisons.
- A word cloud: is a common way of visualizing the most frequently used words in the written text of the review. The words appearing most often in the reviews show up the largest and other lesser used words show up smaller. Just by looking at the word cloud you can understand the frequently used words and tone used by customers when speaking about your brand.
- Comparisons: You can also compare frequently used words in positive reviews with those used in negative reviews. Or perhaps you want to look at a demographic variable and how it relates to star rating. Maybe 18-24 year-olds love your products but you’ve been marketing to seniors. Perhaps when you designed your service offering, you’d expected female clients, but you’re ending up with more men in your practice. Through analytics, you can visually see the differences in keywords used by your raving fans and those used by your detractors.
All of these insights lead you to your next action steps.
Improve Products Or Service Offerings
Online reviews are the “voice of your customer.” They not only offer tremendous insights into what customers like and dislike about a product or service but show you how you can make your offerings even better. Through a clear understanding of customer preferences, you’ll be able to prioritize new features or services and test a variety of different pricing strategies to see what is most effective in the end.
Through understanding the data collected through your online reviews, you’ll learn more about your customers—and get to know them better. You’ll start engaging in a way that is more meaningful and mutually beneficial. You’ll gain insight into which products and services are working and which need some tweaking. And you’ll begin measuring variables that truly make an impact on your company’s bottom line. A winning strategy, if you ask us.
Want Help Managing Your Business Or Brand’s Online Reputation?
We can help! Reputation Studio is an Enterprise Online Reputation Management (ORM) platform that consolidates customer reviews into one dashboard, automates the routing of reviews to teams, posts responses in real-time, and applies AI to provide actionable insights and track the sentiment and intent.
Contact us today for a demo.