According to a PWC report, around 73% of consumers consider customer experience an essential factor in their buying decisions. Moreover, 65% of consumers find a positive experience with a brand to be more influential than great marketing.
What if you knew how customers feel about your brand? Customer sentiment is your answer to understanding what people think of your business and how you can deliver a positive customer experience.
Customer sentiment is the feeling or emotions people have when engaging with a brand. Companies can proactively understand customer sentiment to uncover trends and identify what's working well and what needs attention. Let's look at three industries that can leverage customer sentiment and how it can help improve customer service.
1. eCommerce & Retail
With the demand for online shopping continuously growing, customer satisfaction continues to drive competitive advantage for eCommerce businesses. To continually grow a customer base, you must deliver memorable and user-friendly customer service across all devices.
Understanding customer sentiment helps you improve customer service by indicating how customers feel about your brand. It tells you if a consumer's overall emotions are positive, negative, or neutral—based on engaging with your company at a particular moment in the customer journey.
Poor user experiences can't be explained with a star rating alone. By analyzing customer feedback comments and the sentiments behind them, brands are closer than ever to understanding the 'why' behind issues.
Brands are starting to notice, sparking a consistent increase in demand for sentiment analysis solutions.
- In the retail industry, the market growth of sentiment analysis tools is likely to reach a 14.8% CAGR, exceeding $1.6 billion by 2027. (Research and Markets)
- The retail market garnered the largest revenue share for sentiment analysis solutions in 2021. (Polaris Market Research)
2. Gaming & Entertainment
To create a strong connection with their customers, gaming and entertainment companies require creating a positive product experience. The pressure to retain users is strong in this industry, with retention rates between 37% and 40%, according to the gaming publication iGB. Therefore, successful businesses are always looking to deliver connected and tailored experiences.
Users in the market often share good and bad experiences across your target audience base. One poor review can cause you to lose a large market share. Therefore, it is important to understand customer sentiment to know which areas need improvement.
3. Healthcare & HealthTech
Healthcare organizations are looking to drive growth at scale and advance patient experience and engagement. Analyzing customer sentiments can show the reason behind underlying patient behavior. This behavioral cue can signal to a healthcare company what to do next and how to keep the relationship fresh.
It's no surprise that the adoption of sentiment analysis solutions is growing rapidly in the healthcare sector.
- In the healthcare sector, the market for sentiment analysis software is expected to grow at a rate of 17.1% CAGR, reaching over $850 million by 2027. (Research and Markets)
- In the coming years, the healthcare segment will likely witness the highest growth rate for sentiment analysis solutions. (Polaris Market Research)
Deliver Exceptional Customer Experience with Helpware
Customer sentiment is a qualitative customer service metric that allows you to understand why your consumers feel the way they do. Most importantly, it shows why consumers are satisfied or unsatisfied while interacting with your business.
Helpware's digital customer experience solutions make it easier for you to understand customer sentiments and utilize those insights to deliver exceptional customer service. Our solutions allow dynamic integration irrespective of your record systems, platforms, contact touchpoints, and telephony. We help you drive bespoke interactions at every step along with your customer journey.
Leveraging the best technology stack, we put the right humans in the loop at the right time to transform your customer service. Request a free quote.