Seeing Attrition in Customer Loyalty? Fix it with Predictive Analytics

Every brand or organization has dissatisfied customers. But  then it also has its most loyal customers. Such customers are your trusted brand advocates – their reviews and recommendations will drive your sales and their positive word-of-mouth messages will boost your brand reputation. Hence, it is imperative for brands to retain their ever faithful group of customer.

Predictive Analytics can help businesses a great deal in this direction. Here’s how:

Identify Anything Amiss In Customer Behavior:

Your loyal customers rarely complain about your products and services because they are generally happy with how you service them. However, if you suddenly come across complaints streaming in from any of these loyal customers, then it shows that something’s amiss – a customer servicing gone wrong perhaps.

Do you see a sudden absence or a dip in their transactions? Has there been a hitherto unfound spike in his complaints about your products? All these factors could be predicting impending customer attrition.

Plug Loopholes in Customer Engagement Efforts:

Customers devoted to you have always appreciated your content on social media channels; consistently sharing, liking, retweeting or repinning it. They were in fact your top influencers. In such a scenario, if you witness that their engagement level with your brand has suddenly taken a beating then it could be stemming from a plausible faulty customer engagement effort.

Inefficient social engagement efforts can derail your relationship with your most loyal customers, sometimes even forcing them to end their association with your brand. 

Improve Customer Relationship Service:

Sometimes all that brand loyalists need is a warm gesture on your part reminding them that you value them highly and their unceasing loyalty towards your brand is appreciated. Explore your social data and identify those customers whom you have ignored (in offering the best customer service) in spite of them being your top brand advocates.

At a time when your customers are spoil for choices and your competitors are playing hard to woo your customers with fancy offers and grand promotions on the social media, Predictive Analytics helps organizations to prevent possible future cases of customer attrition and in turn successfully retain its customers.

How do you deal with attrition in customer loyalty? Share your thoughts in the comments below. To learn how Shout Analytics’ Predictive Analytics capabilities can help you in this direction, write to us at info@shoutanalytics.com

4 Right Ways for Listening to Your Customers on Social Media

On social media, listening to your customers is most vital for the success of your business.

Social listening is important for businesses because this is one way to understand what their customers and target audience are saying on social media– what are they talking about, how they feel about their brands/products/services, and what are their needs and wants, what do they expect from customer service et al. Using Social Media Monitoring tools, businesses can use this vital information to improve products and services, enhance customer service, find the correct takers for their products and above all, offer customers tailor-made services.

But the question still persists – how to use Social Media Monitoring tools for effective listening?

Here’s how:

Understand Your Goals and Objectives:

Business organisations must first be very clear about their business goals and objectives. Once you are clear on this one, you can structure your social listening methods around your goals and objectives. Else, you will be listening to everything on the social and not know which piece of information is beneficial to your business and which is not.

Pay Attention:

Not just listen to your customers’ conversations but pay close attention to what they are saying. How is their tone of voice – good, bad or ugly? Do they seem happy with your products or can you sense a palpable dissatisfaction? What your customers say and more importantly, how they say it are all critical indicators of your brands’ reputation and its customer perception.

Filter Signals from Noise:

Once you have understood what part of your customers’ conversations are useful to your business goals, the next step is to separate the usual talk from that relating to your specific objectives. Social Media Monitoring tools are a huge asset to businesses in this aspect.

Covert Customer Talk to Your Tactic:

As I mentioned earlier, your customers’ social conversations are enriched with actionable insights. Therefore, business cannot afford to take this phenomenon lightly. Therefore, along with social media monitoring, it is also essential to analyze, decipher and decode your customers’ conversations.

Henceforth, businesses must equip themselves with tools that offer both social media monitoring and social media analytics to make sense of what they are listening and glean critical, actionable business insights from their customers’ conversations.

To learn how Shout Analytics can help your business with both social media monitoring and analytics, write to us at info@shoutanalytics.com

Social Listening – Are Your Consumers Liking It?

At a time when there is substantial noise being raised over an individual’s privacy, especially on social media, NetBase and J.D. Power and Associates conducted a survey on 1,062 consumers to find out if consumers know that companies are listening to them on the social media and how they feel about it.

The study reveals some interesting insights –

According to the Altimeter Group, 42% of companies have social listening as one of their top 3 priorities 

But consumers are apprehensive towards this popular business trend and increasingly expressing their angst over it. However, the nature of their response hasn’t been consistent either.

• 51% of the consumers want to talk about organizations and their products; but they do not want these organizations to listen to their conversations.  
• In fact, 43% of them believe that social listening is an intrusion into their privacy
• But, completely contrasting to the above two ideas, there are also 32% of consumers who are completely unaware of the fact that organizations are listening to their social conversations.  
• Another important aspect that this study revealed was that 48% of consumers wanted companies to listen to them on social media and use the conversations for product/service improvements.  
• But there was also another 58% of them who opined that companies must use social listening only to respond to and solve customer complaints. 

But the real surprise was here-

• 42% people want brands to respond without fail to their positive comments
• 64% of consumers insist that brands must respond to social comments only when spoken to

This is a challenge to social media chiefs because such expectations from your social audience means that you must somehow, know beforehand how each of them is going to react to your social engagement efforts.

Now, we acknowledge that listening to, engaging with and understanding their social audience (customers, influencers, fans, stakeholders and even the competitors) are the three basic and fundamental principles of social media engagement for any brand marketers and the organization’s leadership. 

But, given the recent reservation among the consumers towards being listened to by brands on the social channels, the onus is now on the social media marketers, brand managers, CXOs and even social media monitoring and analytics people like us to delve deep into this new development and find new, feasible ways to, as the study’s infographic says, “demonstrate how listening doesn’t intrude but instead builds relationships”.

Go by Analytics to get easy social reviews for your brand

Positive social media reviews can do wonders for brand reputation. Knowing this well, brand marketers strive to promote whatever positive mentions and reviews about their brands.But, did you know that there is an easier way to ensure that your brand gets maximum social reviews? The key as always is deeper customer engagement. Here are the top 3 ways to achieve this:

1)  Great content

Give your audience and fans plenty of interesting content to talk about. Give them opportunities to share your content on every social channel that you want to target. Urge and persuade them to say what they think about it. This way, you are not only engaging well with your audience but also ensuring that they say good things about you to their followers.

Never hesitate to apologize for unsatisfactory service that a customer complains about. Acknowledging your shortcomings will not cause any harm to your brand, but instead will help you score more brownie points over your competitors. And there’s a fair chance that the unsatisfied customer will rave about how quickly you resolved his problem on a review platform. Now, isn’t that good for your brand?

2) Great experience

It’s not just enough if you post great content for your social audience. It’s also equally important to offer them great experiences. Every visit to your social pages must be something to cherish and look forward to. The onus is on the brand’s marketing team to transform every social channel that the brand is utilizing into a destination for its audience.

Give your audiences something to take along every time they pay you a visit – this could be a small incentive, discounts, special offers, tips etc. Thank them for their patronage and generously share their content.

3) Great Relationship

If you practice the above two methods, you are sure to build great relationships with your fans, audience and influencers. This should ensure you positive social mentions and good reviews, even during a time of crisis.Another important aspect here is to harness the power of your influencers. Even a casual post or tweet saying something extremely positive about your brand can propel the brand’s standing.

Share your methods for enhancing customer engagement and positive social reviews in the comments below. And to know how Shout Analytics can help you achieve this, write to us at info@shoutanalytics.com

4 Simple Reasons Why Film Industry Should Use Sentiment Analysis?

If you are a movie marketer, head of a film distribution house or even a producer who is looking for some simple, straight answers about sentiment analysis and its benefits, then read on –

What is Sentiment Analysis?      

 

Sentiment analysis and opinion mining is the field of study that analyzes people's opinions, sentiments, evaluations, attitudes, and emotions from the written language. For instance, in a product review sentence, it identifies product features that have been commented on by the reviewer and determines whether the comments are positive or negative.

Why Film Industry Should Use Sentiment Analysis?

1. Understand what the film’s audience wants: 

One of the key capabilities of sentiment analysis is that it monitors, measures and analyzes the sentiment conveyed in the social audience’s conversations as they go about voicing their opinions on the films, its trailers, music videos, promotional events and even its actors and directors. This way you know exactly what your audience feels about the film. Based on this crucial real time feedback from your audience, you can decide what you must do to improve or to sustain your marketing strategies for making the film a box office success.

2. Engage your audience

Using sentiment analysis, you understood what your audience likes to hear and see about the film. Now it is time to give them just that. Do you see a lot of talk about costumes in the film? Post and promote more pictures and videos of that, talk to your audience and find out what they think. Encourage them to try out the same style on them and ask them to share it with you.

3. Review your marketing strategies

Use sentiment analysis to find out what type of sentiment is being built around the film. If the sentiments are largely positive, then it indicates that your film is doing well and that your promotional and marketing campaigns are on track too. However, if there is a negative sentiment brewing against your film, then maybe it's time to reassess your strategies too.

4. Better ROI

Doing a film is a huge investment. However, using sentiment analysis, producers and other important stakeholders, including actors, can get a holistic idea of what genres, storyline, music, dialogue works with the audience and what doesn’t. This valuable information will help you make informed and accurate investment choices and enjoy better returns on your investments.

Wondering What Content Works Best For Your Brand? Try Sentiment Analysis

Content, they say is, king on social media. The content that you post reflects your brand and its attributes. But how do you know what type of content is best suited for your brand? And also, how do you know what type of content do your customers and social audience wants to receive from you?

Harnessing the power of Social Media Analysis tools and Sentiment Analysis are the best ways to find answers to these questions.

Social media analysis tools allow you to closely monitor the reactions to the content posted on your social channels. Similarly, Sentiment Analysis allows you to analyze those reactions and find out how well a particular type of content is being consumed. Therefore, use these tools to –

Study ‘Likes’ and ‘Favorite’:

Closely monitor your content on the social media and see what gets the most likes and favorites. Is it pictures, posts, blog posts, videos, presentations, info graphics, tweets or status updates? Also find out what qualities in the content did they like the most – witty, attention-grabbing, sober or to-the-point?

Now use Sentiment Analysis and find out what people had to say about the content they liked. Did they call it ‘awesome’ or ‘super like’ or did they say ‘thank you for sharing such a wonderful post’?

Likes and favourites are the first indicators that tell you what content is best for your brand. So leverage this to the maximum.

Monitor ‘Shares’ and ‘Retweets’:

People share something on the social only when they feel that that piece of information is useful to a larger community – their friends, customers, colleagues etc. The same goes with Retweets.

These are indicators that tell you what type of content people would like to receive from your brand so that they can share it with many more people. You can also find out whom among your audience shares and retweets your content the most. This way you also know who your top influencers are.

Which Content Works Best?

While plain text (statements, questions, quotes etc) work just fine, photos and videos are hugely shared. Info graphics are popular too. Make your posts valuable by adding links within it to other interesting articles (human-interesting stories, case studies) or combine it with pictures and videos.

So, once you know what content works well and what doesn't for your brand, go ahead and create lots of amazing, interesting content for your audience.

5 Types of Social Media Content that Your Audience Like

What types of social media content does your audience expect from you?

If you are one of those brands which struggle with developing social content that is just right for your brand’s audience in spite of having a clearly defined social media strategy in place, then read further. Below are 5 types of content that your audience would love to receive from you – 

     Contests and activities that seeks audience participation:

Your fans and followers love a little challenge here and there, especially if there are monetary or other types of rewards involved. 

      ‘Share’ and ‘Like’ Content:

If you want your audience to regularly visit your social pages and consume your content, then it is absolutely necessary that your contest is worthy of maximum likes and shares. When you create shareable content, you not only create an opportunity for your brand to get more visibility, but also allow your audience to increase their social interactions. 

      Custom Content:

When your brand stands for something, your audience also repeatedly come to your page to get regular product/industry specific updates from you. So give them that a plenty, but keep it simple and varied in nature. Using images, videos and info graphics regularly helps break the monotony of plain text. 

Reactions:

Show them that you are a brand with also has a humane nature. Express your solidarity with global or local events and developments that upholds human values and the general good of all citizens. Pay your homage to victims of tragedies; applaud achievements of sports persons, the armed forces, social workers, extraordinary individuals with extraordinary success stories. 

      Bloopers, humorous content:

This is especially perfect for film and media houses. Your fans always want to know what happens behind the scenes of movies and soaps. Post lots of photos with interesting captions or upload a video of retakes of a particular shot. Non entertainment brands can regularly post content showing how your product is manufactured or developed from scratch.

So, what other types of social media content would your audience like? Tell us in the comments below.