It costs five times more to gain a new customer than to keep an existing one (source: eConsultancy Cross-Channel Marketing Report). One would think this would encourage companies to invest more in customer retention than bringing in new leads, but it’s easier said than done. Staying on top of what your customers are saying requires acting on all available customer feedback quickly to maintain consumers’ trust and loyalty.
Addressing customer feedback in a sea of data
Valuable consumer insights sit within floods of customer surveys, emails, social media posts, consumer research and forms. Qualitative and quantitative, structured and unstructured, together these sources yield a sea of data and also the potential to actively listen and respond to the voice of the customer. Despite possessing a wealth of consumer data, many organizations struggle to capture the essence of consumer feedback.
“80% of data gathered by companies goes unanalyzed”
It’s estimated that 80% of data gathered by companies goes unanalyzed (source: Nasser, T and Tariq, (2015). Big Data Challenges). That’s an enormous number, and represents both a missed opportunity to gain valuable insights about consumer experience and an unfortunate waste of resources. Accessing and organizing feedback is essential to maximize ROI with big data.
Targeting conversations that matter
So how do we target conversations that matter? Capturing the essence of customer feedback and zeroing in on “moments of truth” from across data formats and sources remains a major challenge for organizations. Staying abreast of customer satisfaction requires continuously monitoring feelings, thoughts and desires.
“90% of customer-related data is unstructured”
While distilling qualitative customer feedback is central to capturing customer sentiment, it’s the hardest data to analyze without appropriate tools. Because 90% of customer related data is unstructured (source: IDC), people find analyzing data tedious and time-consuming.
Have you ever been tasked with the mind-numbing job of reviewing thousands of customer service tickets? It’s no wonder consumer insights are rarely acted upon in real time to improve products, services, or customer support.
New tools to highlight consumer sentiment and points of action
Semantic analytics tools powered by AI-driven algorithms alleviate struggles associated with analyzing this data deluge. These solutions, such as Semeon, collect raw data from all sources, rapidly classify the information and interpret their meaning. In minutes you can access and tap into key conversations across Facebook posts, online surveys, and emails, for example.
The consumer insights Semeon provides are particularly actionable because the tool can decipher sentiment expressed in customer feedback and represents it visually in concept clouds. It knows that “bad ass” isn’t so bad at all, for instance, and that “not bad” can sometimes mean excellent. Semeon’s ability to segment and analyze customer sentiment at each step of the customer journey allows organizations to pinpoint and focus in on the conversations that matter. This makes it easier to start making immediate improvements to customer experience.
“By 2020 more than 40% of data science tasks will be automated”
Not only that, compared to human analysts, AI-driven tools provide more cost-effective insights, leaving people with the tasks they do best: interpreting consumer insights and developing recommendations. This smarter use of people power will mark the future of business. Gartner, for one, predicts that by 2020 more than 40% of data science tasks will be automated, leading to the increased productivity and broader use by citizen data scientists (source: Gartner).
Overcoming challenges of big data with Semantic AI
Semantic AI enables organizations to overcome the challenges with big data and rapidly gain consumer insights to address their most important pain points. The tools quickly identify what action to take and where. This matters because brands that will dominate the marketplace are ones that will implement the right tools to address customer satisfaction swiftly. These are the brands we’ll see winning with customer experience.