While I write this post, #Empire and #MrRobot, amongst other things are trending in the United States, as per Twitter. Which means, a lot of people (read thousands and thousands) are talking about these two things. My own contribution to these two trends so far is zilch (but that can change anytime). Twitter likes to tell folks like me what other people are talking about. It doesn’t tell you why (I am sure some social media wizard will be able to) though, but you get a sense of what folks are talking about.
Trends are incredibly important for marketing and brand folks to understand which direction the wind is blowing.
Understanding trends become even more important when they are analysed for a specific group of people – say a sub set of all the customers living in New York; or all customers who have just renewed their insurance policy.
Let me introduce to my friend – Trending!
Our loyalty analytics product – PULSE, is used mostly by marketing, customer service or operations teams to get a sense of the customers pulse (pun unintended). PULSE uses text analytics and artificial intelligence to identify what customers are happy about, what they are unhappy about, and how these factors impact the overall net promoter score (NPS).
Recently we introduced another feature in PULSE, called Trending.
What does Trending do?
So, let’s say, as a marketer you run an NPS survey where customers rate you on a scale of 0 to 10, and in addition they also leave some free form textual comments. If you are surveying 10 or 20 customers, it is easy to analyse these responses and understand the customers pulse. But what happens when the customer base runs to thousands or even millions? Where does one begin to analyse the customer feedback and understand what is dragging the NPS up or down?
This is where Trending comes in.
How to use Trending?
Trending can help the business user quickly understand which aspects of the business are helping improve the customer sentiment and which aspects, aren’t. By using advance text analytics, Trending brings out the most frequently occurring keywords in a survey.
Trending helps users understand key highlights from any survey data
Business users can then deep dive into each specific aspect and understand the underlying factors which influence the sentiment of each aspect.
Trending allows a user to analyze specific aspects of customer feedback
For instance, if ‘Benefits’ is one of the most frequently occurring word, Trending will go one step ahead and identify specific categories of respondents who talk about benefits. In the above screenshot, we see that folks in the ‘Vintage category (48-60)’ are pushing up the sentiment associated with benefits whereas, folks who have the product ‘Rocketz Indexed Universal’ are bringing the sentiment down.
Advanced Text Analytics and Machine Learning help evaluate customer sentiment and impact on Net Promoter Score
For every aspect of the business that the users are talking about, the insurer can evaluate impact from key variables. Trending helps the user to understand consumer behavior at the microscopic level. When used together with Insights, it helps the business user understand both – what customer sentiment looks like at the explicit measured parameters, as well as aspects of the business which are not measured explicitly. This ability, eventually helps to make the overall customer experience EPIC.
With Trending, it is easier than ever before to do an impact analysis or a root cause analysis for your organizations Net Promoter Score.
PULSE helps you Be Better.