How Customer Sentiment Analysis can Benefit Businesses
A customer may display varied emotions (positive or negative) while engaging with a brand. These emotions determine if the customer is likely to revisit the brand or junk it altogether. According to a McKinsey study, more than 85 percent of customers are likely to purchase from a brand again after having a positive customer experience. A negative customer experience, on the other hand, can reduce the number of customers by 70%. So, how do businesses know whether their customers are happy while engaging with their brand? Instead of merely depending on assumptions, the answer lies in analyzing customer sentiment. Customer sentiment analysis can let businesses know about the different emotions customers go through while dealing with a particular brand, product, or service. Customer experience insights can help brands offer more of the elements that make customers happy. Moreover, it can improve the customer satisfaction index, customer lifetime value, and customer loyalty, thereby ...