Voice of the Customer (VoC) and Voice of the Employee (VoE) are two important sentiment analysis applications and strategic tactics that can help drive your business goals. In 2020, the COVID-19 pandemic created a very challenging business environment for text analytics. At the same time, hard economic times can often be one of the greatest motivators of innovative strategic thinking. As we cross the one-year mark of our first lockdown, I thought it would be a good idea to review ten ways that sentiment analysis can be a driving force in helping you achieve your business goals in 2021.
What is sentiment analysis in business?
Sentiment analysis is an essential tool that empowers your business to understand the experiences and opinions of your customers or employees. It applies machine learning and text analytics to identify, extract and score text data as expressing feelings/opinions that are positive, negative, or neutral. Sentiment analysis can be applied to any unstructured text data like social media posts, survey answers, live chat, or call center transcripts. You can even use this tool to extract insights from videos from YouTube or TikTok.
What is Voice of the Customer?
Voice of the Customer (VoC) provides your customers the opportunity to have an impact on the way you improve your products, services, and business. It is the cornerstone of putting the customer first in every strategic move you make as a company. By using sentiment analysis in business, you can extract your customers’ feelings, ideas, and opinions from surveys, social media, and reviews. You can then take these insights and apply them to how you plan to achieve your goals in 2021.
5 ways to use Voice of the Customer sentiment analysis to achieve your 2021 goals
1. Improve Customer Service:
Improving your customer service is essential for any business. For many companies, it is the core of their offering. This is why it is crucial to listen to your customers more closely by analyzing customer service transcripts using sentiment analysis. It will help you determine those areas that your business needs to improve in to drive positive customer sentiment and reduce negative feelings.
2. Increase Website Traffic:
Customer feedback is crucial to enhancing their responsiveness to your content. Whether you are using SEM or SEO to drive your site traffic, basic response data will tell you which creative is working better. But it cannot tell you why. By applying sentiment analysis to site visitors’ survey responses, you can unearth the reasons why people chose to click on the ads that they did. You can then take these insights to inform your future ad messaging to make them more effective.
3. Conduct a SWOT Analysis:
Sentiment analysis in business can help you research your brand, those of your competitors, and the overall industry. Applying sentiment analysis to news articles and reviews can unearth business insights that can inform your SWOT analysis with real market insights and not just management assumptions or speculation.
4. Develop a New Product:
Sometimes one of the best ways for a company to thrust itself back into the spotlight is to launch a new product that provides a solution to an emerging consumer need. The best way to begin developing new product features is to use qualitative and quantitative customer research and then Voice of the Customer sentiment analysis to responses. This will quickly and accurately empower you to identify those proposed features that customers appreciate most and those that they value less.
5. Improve Your Marketing Campaigns:
Marketing is all about content, messaging, and channels. One of the ways of measuring the effectiveness of your marketing campaigns is to analyze consumer responses to the ads you place across social media. Gauging overall audience sentiment can provide vital insights into whether the investment you made was worth it or not. It can also inform you as to why they liked it, and why they did not.
What is Voice of the Employee?
Voice of the Employee (VoE) is a business initiative that gives employee-feedback strategic importance in improving business performance. It involves using sentiment analysis in business by providing employees different ways to express their feelings about a variety of themes, topics, and corporate initiatives. This can be done using staff surveys, one-on-one meetings, etc. Empowering VoE is great to help you achieve your company’s business goals.
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