Sentiment Analysis Tools are Redefining the Global Voice of the Customer (VoC) Market

Sentiment Analysis Tools are Redefining the Global Voice of the Customer (VoC) Market

Sentiment Analysis Enhances Business Intelligence and Opens Up Extraordinary Opportunities to Improve the Customer Experience

RELEASE DATE
30-Apr-2021
REGION
North America
Research Code: MFE7-01-00-00-00
SKU: IT04319-NA-MT_25412

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$2,205.00 save 10 %

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Description

Well-established businesses receive massive amounts of feedback every day, and this is obtained through eCommerce platforms, customer support calls, emails, social media platforms, bots, and chats. This presents companies with substantial opportunity to collect large amounts of customer data and enhance market intelligence.

Voice of the customer (VoC) is the practice of collecting, analyzing, and distributing customer feedback to improve a product, solution, or service. With accurate VoC data, businesses can enhance customer experience (CX), meet unmet needs in the marketplace, and differentiate themselves from their competitors. Companies can unlock VoC through technologies such as sentiment analysis, which uses natural language processing (NLP), machine learning (ML), text analysis, and computational linguistics to identify the opinion, intent, or emotion behind the natural language. Through the use of specific words, tone, and the context of the conversation, sentiment analysis engines can recognize emotions and sentiments in customer-business interactions.

Sentiment analysis tools can identify 3 characteristics: topic–what is a comment addressing?; opinion–does the speaker hold a favorable or an unfavorable opinion?; and emotion–what are the customers’ emotions and sensitivities? (emotions can range from happiness, excitement, and contentment to anger, annoyance, and irritation).

Sentiment analysis is redefining the VoC landscape, and it complements surveys and other traditional solicited feedback methods. The implementation of sentiment analysis brings several benefits to organizations, including the potential to increase RoI, revenue, and cost savings; the ability to increase customer retention; and the capability to offer an enhanced CX. In addition, VoC platforms can generate automated, complex, and actionable insights that will change the ways businesses operate. Advancements in AI and IoT and higher sentiment analysis adoption will guarantee a bright future for VoC tools.

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Table of Contents

Why Is It Increasingly Difficult to Grow?

The Strategic Imperative 8™

The Impact of the Top Three Strategic Imperatives on the Global Sentiment Analysis Industry

Growth Opportunities Fuel the Growth Pipeline Engine™

Definitions

Definitions (continued)

Evolution of the Contact Center

From CX Data to Action

Types of CX Data

Introduction to VoC and its Role in CX Management

Methods to Obtain VoC

Introduction to Sentiment Analysis

Introduction to Sentiment Analysis (continued)

Sentiment Classification: Elements that Affect Scores

Types of Sentiment Analysis

Sentiment Classification

Benefits of Sentiment Analysis

Limitations of Sentiment Analysis

Channels from which Data can be Extracted to Analyze Customer Sentiment

Major Trends

Sentiment Analysis—CX Use-Cases

Sentiment Analysis—CX Use-Cases (continued)

Growth Drivers

Growth Restraints

Sentiment Analysis Market Opportunities

Sentiment Analysis: Next Steps

Key Considerations for End-user Organizations

Sentiment Analysis Provider Profiles

BrandsEye

CallMiner

Limetropy

SANDSIV

Symanto

Wonderflow

Growth Opportunity 1—Partnerships with Leading Participants, CX Solution Providers, and Integrators

Growth Opportunity 1—Partnerships with Leading Participants, CX Solution Providers, and Integrators (continued)

Growth Opportunity 2—Enhancement of Visualization and Reporting Capabilities to Achieve Competitive Differentiation

Growth Opportunity 2—Enhancement of Visualization and Reporting Capabilities to Achieve Competitive Differentiation (continued)

Growth Opportunity 3—Expansion of Polarity Categories and Sentiment Classification

Growth Opportunity 3—Expansion of Polarity Categories and Sentiment Classification (continued)

Growth Opportunity 4—Emphasis on Security and Data Compliance

Growth Opportunity 4—Emphasis on Security and Data Compliance (continued)

Growth Opportunity 5—Design Industry-Specific Packages

Growth Opportunity 5—Design Industry-Specific Packages (continued)

List of Exhibits

Legal Disclaimer

Related Research
Well-established businesses receive massive amounts of feedback every day, and this is obtained through eCommerce platforms, customer support calls, emails, social media platforms, bots, and chats. This presents companies with a substantial opportunity to collect large amounts of customer data and enhance market intelligence. Voice of the customer (VoC) is the practice of collecting, analyzing, and distributing customer feedback to improve a product, solution, or service. With accurate VoC data, businesses can enhance customer experience (CX), meet unmet needs in the marketplace, and differentiate themselves from their competitors. Companies can unlock VoC through technologies such as sentiment analysis, which uses natural language processing (NLP), machine learning (ML), text analysis, and computational linguistics to identify the opinion, intent, or emotion behind the natural language. Through the use of specific words, tone, and the context of the conversation, sentiment analysis engines can recognize emotions and sentiments in customer interactions. Sentiment analysis tools can identify 3 characteristics: topic–what is a comment addressing?; opinion–does the speaker hold a favorable or an unfavorable opinion?; and emotion–what are the customers emotions and sensitivities? (emotions can range from happiness, excitement, and contentment to anger, annoyance, and irritation). Sentiment analysis is redefining the VoC landscape, and it complements surveys and other traditional solicited feedback methods. The implementation of sentiment analysis brings several benefits to organizations, such as increasing RoI, revenue, and cost savings, increasing customer retention, and enhancing the CX. In addition, VoC platforms generate automated, complex, and actionable insights that can facilitate decision-making. Advancements in AI and IoT and higher sentiment analysis adoption will guarantee a bright future for VoC tools.
More Information
No Index No
Podcast No
Author Federico Teveles
Industries Information Technology
WIP Number MFE7-01-00-00-00
Is Prebook No
GPS Codes 9533-C1,9702-C1,9705-C1,9884-C1,99DF-C1,9A5B-C1,9661,9723