Technological developments – such as eCommerce, voice assistants, AI and 5G – have disrupted how customers shop and how they interact with brands. Customers can engage with products, brands and other customers by voicing their opinions and experiences online.
To stay ahead in today’s environment and be prepared for the future, brands need to know how customers interact with their products. How?
As power is shifting more towards customers because of fast adoption to technology, this provides an unprecedented opportunity: the vast pool of behavioral data we can now collect to understand how decisions are being made. Product reviews and star-ratings are summaries of conscious product evaluations. Understanding the relationship between topics that are mentioned in the reviews and the overall star rating of a product can provide relevant insights about the preference hierarchy of customers.
While customer reviews and ratings are readily available online, the challenge lies in
- the extraction of the data
- processing it into an appropriate data format
- conduct a robust, meaningful analysis (driver analysis)
- translate the results into actionable insights.
At the upcoming BVM Congress 2019, we will share our approach combining text mining and driver analysis in order to turn reviews into product features and understand which are necessary to drive high satisfaction scores among customers.
Date and time: Tuesday, 21 May 2019 at 11.40am