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Your business boasts a loyal customer base; however, your company's marketing efforts have grown stale over the past few months, which is reflected in your business' stagnant customer experience (CX) scores. Furthermore, your business has failed to establish new connections with customers via Facebook, LinkedIn and other social media. 

Data analysis, meanwhile, offers proven results for businesses that want to bolster their customer experience (CX) levels and improve their interactions with customers across social networks every day, which is reflected in recent data.

For instance, a survey of more than 22 million online orders conducted by inventory management software provider Stitch Labs indicated return customers account for 22.6 percent of a business' revenue and make up 11.6 percent of the customer base. The survey also showed across all industries, return customers spend 15 percent more than new customers on any given order.

So what are the key takeaways from this data? The study reveals that customer loyalty "is essential" to running a successful business, according to Stitch Labs.

Comparatively, attracting and retaining customers, and building customer loyalty, can deliver long-lasting benefits for companies worldwide. But it remains exceedingly difficult for both big and small businesses to find the best ways to enhance their customer loyalty levels day after day, Stitch Labs noted.

"Attracting and retaining customers has never been more difficult for online retailers, as the expansion of eCommerce presents consumers with an unprecedented array of options for their shopping needs," Stitch Labs wrote in a blog post. 

Believe it or not, bolstering your customer loyalty levels can be simple, especially for a business that leverages best-in-class text analytics.

Using text analytics empowers a business with actionable insights based on social media and other online sources in real-time. Thus, a company can learn about its customers at any given moment and take the necessary steps to improve its customer interactions based on customer feedback. 

In addition, text analytics can be used in conjunction with Self-Service Text Analysis, a first-of-its-kind tool that enables a company to generate interactive PDF (iPDF) reports based on user-generated content. These reports can be crafted in just minutes, but the benefits they provide may last a lifetime. 

Self-Service Text Analysis is free to use and gives a company the ability to make the most of the customer data at its disposal as well. 

This service empowers a business to upload an Excel spreadsheet that features various customer insights, and within minutes, retrieve an interactive PDF (iPDF) report that outlines numerous customer behaviors and trends in an easy-to-understand format. 

Ultimately, Self-Service Text Analysis allows a company to make sense of large customer data sets. It streamlines the data analysis process, ensuring a business won't have to worry about inputting customer data to generate PowerPoint presentations. Instead, the service gives a business the ability to maximize the power of its customer insights and use this information to make better customer experience (CX) decisions faster than ever before.  

Understanding the benefits of Solution as a Service (SolaaS)

Thanks to Solution as a Service (SolaaS), any business can benefit from a team of expert data scientists. 

Solution as a Service and text analytics together provide a company with data scientists who will work with the business to understand its customer experience (CX) needs. And over an extended period of time, this company can build its customer experience (CX) skill set and ensure its employees possess the skills and know-how to leverage all of the customer insights that are available. 

Lastly, Solution as a Service offers a company a competitive advantage both now and in the future. And with comprehensive customer insights and dependable support from data scientists, a company can discover innovative ways to foster long-term partnerships with customers. 

Summary

How well does your business understand its customers and their needs? Today's companies may collect vast amounts of customer data in the hopes of improving their customer experience (CX) and customer loyalty levels. And even though this information is readily available, a company may struggle if it fails to identify customer behaviors and trends. 

Fortunately, text analytics delivers immense value by giving a company a tool it can use to discover how customers think and feel about its offerings at any time. As a result, a business can leverage text analytics to evaluate its customer base and find new ways to connect with its customers day after day.