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The goal as a company is to have customer service that is not just the best but legendary. 
Sam Walton

Text analytics helps capture the ‘Voice of the Customer’ (VOC), which is a process used to measure customers' expectations and preferences. 

Understanding VOC can provide long-lasting benefits for your business. And with the right text analytics platform, your company can learn about its customers and ensure it fulfills their expectations consistently. 

Devoting the necessary time and resources to learn about VOC is important for a number of reasons, including:

1. Your business will be able to bolster its Customer Satisfaction (CSAT) levels. 

What does it take for your business to improve its customer satisfaction (CSAT) levels consistently? According to a recent International Data Corp (IDC) survey, communication between a company and its customers is key.

The survey showed that 65 percent of all respondents said they were satisfied with the communication options available to reach out to various businesses. In addition, 34 percent of respondents said they use social media for customer support one or more times per month.

Furthermore, an IDC spokesperson noted ensuring customers are effectively supported via "newer" channels remains a top priority for businesses.

"Companies need to support the communication needs for all of their customers as they have a wide range of preferences. This means ensuring customers are supported on 'newer' channels, such as social media, as well as on 'traditional' channels, even as newer channels grow and evolve," the spokesperson said in a prepared statement. 

Text analytics can help your business collect, review and act on customer interactions from a variety of text-based communication channels. And as a result, text analytics can help your business discover what it needs to do to fulfill its customers' requests, and eventually, boost its CSAT levels. 

2. Your business can find new ways to improve the Customer Experience (CX). 

Customer experience (CX) leaders, i.e. business professionals who prioritize CX, outperform the market, which is reflected in a recent study from CX consulting firm Watermark Consulting. 

The study indicated CX leaders outperformed the broader market, generating a total return that was 35 points higher than the S&P 500 Index. Also, the study revealed CX laggards trailed far behind, posting a total return that was 45 points lower than that of the broader market.

With text analytics, your business can gain a better grasp of CX. It empowers companies to monitor customer feedback, identify emerging customer trends and learn more about their customers. Meanwhile, text analytics provides actionable insights into CX, empowering businesses to use these insights to enhance CX both now and in the future. 

3. Your business can determine how to connect with a wide range of customers.

Traditional VOC programs are designed to help businesses connect with customers during every stage of the customer journey. These programs can help your company listen to customers if they incorporate text analytics.

Text analytics takes the guesswork out of learning about VOC because it eliminates many of the issues commonly associated with traditional VOC programs. It allows your business to learn about customers as they express their thoughts and feelings about your company in real-time. That way, you can find out if customers like, dislike or are neutral about your products and services based on their feedback.

While many conventional VOC programs focus on reporting metrics such as multiple-choice surveys and other market research, text analytics takes these metrics a step further, too. It enables businesses to process massive volumes of customer data faster than ever before, providing in-depth insights into CX and CSAT. As such, text analytics could transform the way businesses learn about their customers, and it may even help your company gain a competitive edge over its rivals as well. 

Solution as a Service (SolaaS): Here's what you need to know

Want to make the most of your customer data? With Solution as a Service (SolaaS), your company can reap the benefits of state-of-the-art customer data analysis technologies. 

SolaaS combines top-of-the-line analytics software products with a team of highly trained data scientists through a single vendor. It is powerful because it provides your business with access to a data science team that intimately knows analysis software. 

Data analysts know which questions to ask, will sift through free-form data and present it in such a way that you can use it to make informed business decisions. Also, they will allow your business' in-house talent to focus on high-value tasks instead of data analysis. 

Summary

Recognizing the value of VOC is crucial, as it allows you to tailor your products and services to fulfill customers' needs consistently. And with text analytics, your business can firmly grasp VOC. Text analytics provides actionable customer data based on customers' views and opinions, making it easier for your business to learn about its customers and provide them with the support they deserve. It also allows your company to reduce the time and resources it commits to traditional market research, as text analytics provides comprehensive customer data that could benefit your company for years to come.