What is Customer Feedback?
Customer feedback comes in many forms. Feedback can come directly from the customers to your business: customers call or write in to ask questions, request support or clarification, to praise or complain. Customers may mention your products, services, or brand indirectly, in other conversations, both as a central topic or in passing, in shout-outs or comments in the news or social media. Feedback may also be solicited directly by yourself in market research, in surveys, questionnaires, or other data collected by yourself.
Why is Customer Feedback Important?
In all of the above cases, you end up with an often vast and ever-growing stream of text or speech. Keeping on top of what is being said in that stream is a challenge for any business!Interpreting customer feedback is absolutely vital for understanding the key aspects of driving satisfaction levels in your business. What are customers satisfied with? Where do they demand improvement? Customer satisfaction drives repeat business, online presence and your share of the market. Harnessing this is undeniably important for yielding maximum profitability.
How does Gavagai handle Customer Feedback?
The traditional way of analysing customer feedback involves constraining the data to numerical scores. This usually means running a survey where customers respond on a scale from 1 to 5. This kind of data is easy to analyse, but is a pretty drastic compression of customer opinion! Interpreting and graphing quantitative scores is simple, but involves a big loss of information. Customers are usually much happier if they are freely able to express opinions through writing.
While a small number of texts is easy to process manually, on a large scale processing must be done using text analytics. However, such a solution must be sophisticated and scale well to large amounts of data. This is where Gavagai Explorer comes in, using state of the art Natural Language Understanding to process qualitative data in a quantitative way, in essence converting text data to statistics.
Our technology has emerged from almost a decade of research at Gavagai and at the Swedish Institute of Computer Science (SICS) into text analytics and text mining. The insights from our tool allow world-leading Customer Experience and Customer Relations managers to gain vital knowledge about what is powering satisfaction in key aspects of their business.