Customer data platform – 3 ways it helps your business

Written by Kushraj Bhatia

In an increasingly customer-centric world, the ability to capture and understand customer data is critical to growing your business. A customer data platform gives you insight into how the market views your products and services, and sheds light on the buying experience as a whole.  While accumulating piles of data is all too easy, inferring insights and deriving useful information from those insights is tricky. The rise of customer data analytics comes from  the growing power of the customer: these days customers, not companies, drive business decisions. Businesses need more than hard data and demographic statistics to steer themselves in the right direction.

Today, there are several customer data platforms available that provide one comprehensive view of customer feedback across all your channels, applications and other touchpoints you use to engage with your customers.

On a high level, customer data insights are used to:

  •         Design better products
  •         Optimize conversions on your website or ads
  •         Increase campaign personalization
  •         Constantly improve customer service

However, there are other constructive ways in which customer data can be used to derive important insights into your business. These include:

Sentiment Analysis

Star ratings only tell part of the story. What’s more important than a 5-star review is why the customer feels you deserve that rating. The same goes for a 1-star, or even a 3-star. What makes customers happy, unhappy, or indifferent towards your business? What should you keep doing and what should you improve? Obviously reading all of your reviews and jotting down similarities and differences is not a practical way to uncover sentiment trends. That’s why there are tools available like BirdEye that take all your feedback from reviews and social media and run Natural Language Processing (NLP) on it to decipher sentiment for you. NLP analysis on customer feedback can tell you what customers are talking about most, how they feel about it, and at which locations they’re talking about it.

Sentiment analysis turns “We’ve been receiving quite a few negative reviews lately” into “Our New York location needs more customer service reps so customers don’t have to wait so long for assistance.”

Customer data platform

BirdEye customer data platform lets you analyze customer sentiment by category, topic, keyword, and adjective — at a national, regional, or local level. This way you can identify overall business themes, deep-dive to discover root cause of positive and negative sentiment, and track how these trends have progressed over time.

Customer data platform – Competitive Benchmarking

If you want to get more customers, you need to understand your market as a whole. This means analyzing more than just your customers. Competitive analytics let you view your competitors’ offerings in direct comparison to your own so you can pinpoint your relative strengths and weaknesses.

When performing a competitive analysis, choose a list of features that represent not only the tools your company offers, but also the features that other companies offer. BirdEye gives you the same insight into your competitors’ customer feedback that you have into your own. BirdEye’s competitive insights let you measure your business’ online reputation against industry and local competition based on review count, ratings, and sentiment. Your competitors’ customers are your most likely prospects, so get to know them well.  

Learn more about BirdEye’s Competitor Analysis.

Customer Satisfaction Surveys

In addition to analyzing all your online feedback, a great way to collect more insights is running surveys. Customer surveys are an easy way to gather detailed feedback from a large group of customers. You don’t have to send long surveys about every aspect of your business — these likely won’t generate too many responses. Instead, ask each customer 1 or 2 questions at different points along the customer journey. Their combined feedback can help you understand the entire customer experience.

Read also: Customer satisfaction surveys: 11 guidelines

BirdEye customer data platform lets you design your own surveys to send via email or SMS. You can go traditional and calculate your Net Promoter Score (NPS), or go millennial and send one quick “Yes” or “No” question at one critical moment. If you don’t know what type of survey will generate the most responses from your customers, try running a few different survey campaigns at once to find out. BirdEye provides detailed reports of surveys by question and over time so you can continue optimizing both customer experience and your surveys themselves.

Customer data is so important because it provides marketers and business owners with insights that they can use to improve their business, products and overall customer experience.

 

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