What’s Missing in Your Toothpaste – A Voice Of Customer Study

Toothpaste areas of concern

Fast Moving Consumer Goods (FMCG) or Consumer Packed Goods (CPG) is one of the largest and fast-growing industries in the world, with projected market size of $15,361.8 billion by 2025 and growing at a CAGR of 5.4%. FMCG products usually have a shorter shelf life, almost consumed on a daily basis, and sold in a huge volume at a low cost with a smaller profit margin, and these factors make it one of the most competitive industries in the world. In the FMCG value chain, marketing/sales analyses usually focused on improving the commercial performance of the products and fail to be customer-centric, i.e., ignoring customer preference and feedback. In this Voice Of Customer study, we shall discuss in deep the factors influencing customer decision while buying toothpaste, one of the essential FMCG goods.

Toothpaste – Market Overview

The unprecedented COVID-19 pandemic has doubled the emphasis on oral hygiene. With dental clinics around the world closed for routine consultations, the significance of regular oral self-care has increased among people and has driven toothpaste consumption globally. The toothpaste market is estimated to reach USD 34.6 Billion by 2024 at a CAGR of 5.8% between 2020 and 2026. Though the global toothpaste market continues to be highly fragmented with local players, the leading players such as Colgate-Palmolive, Procter & Gamble, Unilever, and GlaxoSmithKline PLC tend to dominate the markets with a majority share.

Our Methodology

Unlike traditional market research methods that predominantly rely on manual surveys that are highly prone to errors and bias, our unique methodology leverages online customer-generated content. We employ AI-powered text mining algorithms that extract related and unstructured data from the internet from several different sources such as social media, blogs, news feeds, etc. Then the raw data is fed into our Natural Language Processing (NLP) and Sentiment Analysis Engines, which uses AI models that are custom trained for the specific use cases with industry-specific taxonomies and hierarchy evolved from raw data. This sentiment analysis process helps to derive customer and market insights accurately and link them to business areas and goals.

Data Mining Pipeline

Analysis Insights

The following are the insights automatically derived by the Voice of Consumer Insights and Signals (VOCIS) module by aggregating customer conversations from diverse sources such as Social Media, E-Commerce reviews, Discussion Boards, and Blog Posts.

Brand Insights

This analysis focuses on providing insights into the brand perception of the customers. With the use of sentiment analysis, we shall compare the perception of a brand with that of the leading competitors and use the same to create a data-driven brand strategy.

Toothpaste comparision

Our analysis shows that Crest is the brand with a maximum Shar of Voice (SoV) of 19% and a positive sentiment rating of 4.26/5, followed by Tom’s and Colgate.

Product Level Insights

The buyer’s decision to purchase a product tends to be strongly influenced by a few key factors, features, and attributes. This analysis would help the brands in understanding these factors and optimize the product to appeal better to the target segment.

Toothpaste areas of concern

From more than 7.5K reviews mined from the E-Commerce site, the above were the top 5 features that need a fix and got the potential to improve the rating, thus influence the customers positively in buying the product. Taste emerged as the topmost influential factor with a significant impact on the ratings, followed by Packing Design/Quality and Affordability.

Competitor Insights

Competitor Benchmarking is quintessential as it helps in developing a deep understanding of the market ecosystem and builds a picture of gaps to be fixed and opportunities to leverage. It also helps in streamlining the product and marketing efforts by emulating your competitor’s success elements such as price and key product features.

Toothpaste sentiment analysis

The sentiment analysis for Crest, the top brand based on the customer rating against its competitors, highlighted the product features that are favorable and the features that have scope for improvement. The features such as the presence of natural ingredients and smell contributed to the positive sentiment scores. Whereas, features such as the addition of additives & preservatives and lack of pain relief components appear to contribute to the negative sentiment scores.

SetuServ’s Voice of Consumer Insights and Signals (VOCIS) platform employs custom models that can be built rapidly specifically for use cases with proven workflows, data pipelines & AI modules. These custom models help in rendering highly accurate and relevant insights linked to the organization’s KPI and goals

 

 

Discovering Key Differences in Consumer Preferences in The Countries Where CBD Products are Legal.

CBD Benefits Across Geographies

Cannabis was once considered to be an illicit substance of abuse predominantly due to its psychoactive effect and potential of leading to physical, social, and emotional harm. It was also regarded to be the most widely cultivated, trafficked, and abused illicit drug in the world. But, recent developments in research related to cannabis has completely changed its perception as an abusive drug globally.

Though it’s possible to isolate more than 113 different Cannabinoids from cannabis plants, the most notable one is the phytocannabinoid TetraHydroCannabinol (THC), followed by Cannabidiol (CBD), yet another significant constituent of the plant. THC is the primary psychoactive compound in cannabis and banned globally across many countries as it impinges parts of the brain responsible for thinking, memory, pleasure, coordination, and movement. However, CBD, with countless medical benefits, doesn’t have any psychoactive properties and has recently changed the perception of cannabis globally.

The legality of CBD Products

While the legal status of cannabis for recreational purposes in most nations is illegal, the legal status for use of CBD has been made permissible in certain countries because CBD is an extract from the cannabis plant, the same plant that produces the psychoactive THC, its usage is highly restricted by regulation and legislation.

Legality of cannabis by country

SOURCE: https://upload.wikimedia.org/wikipedia/commons/2/27/Legality_of_cannabis_by_country.PNG

The map above shows the current status of cannabis legality around the world. However, even some countries where cannabis is illegal might still allow CBD to be sold for medical purposes.

The United Nations Commission on Narcotic Drugs (CND) recently voted to remove cannabis and cannabis resins from their “Most Dangerous Drug” category based on the 2019 recommendation of the World Health Organization (WHO). Subsequently, the shift in global attitudes towards cannabis has softened and many jurisdictions are permitting cannabis use for recreation, medication, or both.

Most of the European countries have legalized CBD products in some way. While countries like France and Norway only allow CBD isolates (100% CBD with no THC), the rest allow extraction of CBD from industrial Hemp that contains less than 0.2% of THC.

In the US, the 2018 Farm Bill legalized the cultivation, processing, and sale of Hemp that contains less than 0.3% THC. However, the individual states have their own status of the legality of CBD within their borders. And, in countries like India, the use of cannabis in any form is strictly illegal.

Understanding CBD Customer Preference & Product Gaps – An Analysis

As per the latest report by MarketStudyReport LLC, the global CBD market size would reach USD 24.08 billion by 2027. Apart from its medical benefits, the availability in various forms such as oil, capsules, tincture, oils, concentrates, lip balms, and lotions, as well as edibles such as ice creams, candies, coffees, and gums, are also driving the market for CBD. In a dynamic and fast-growing market landscape such as the CBD, it’s quintessential for the brands to understand the benefits the customers are seeking and product gaps of their target audience to serve them better and drive the business.

For this analysis, using our proprietary text mining algorithm, we extracted reviews from relevant customer conversations and reviews from online sources such as social media, e-commerce websites, blogs, and discussion forums. In order to understand the reason why customers use CBD products and their issues with their current products, we deployed AI-Powered Natural Language Processing (NLP) Engine and Sentiment Analysis Algorithms to derive the following insights for the top 3 CBD using countries.

Product Benefits

CBD’s psychiatric benefits and its ability to treat some neuropsychiatric disorders are clearly evident in the analysis, as stress and anxiety relief emerged as the #1 benefit of CBD usage, followed by using it as a sleeping aid, especially in the USA and Germany. Also, due to CBD’s anti-inflammatory properties, it’s widely used for general pain relief in the UK and USA. Our analysis also highlights that CBD is widely used as an energy booster and in treating arthritis and knee pain.

CBD Benefits Across Geographies

Product Issues

The Sentiment Analysis highlighted the product gaps. The product smell and product worthiness (value for money) are the attributes that predominantly displeases the US and UK customers. The analysis also highlights that German customers are widely discontent with product packaging and product ingredients.

CBD Product Issues Across Geographies

SetuServ’s VOCIS platform provides customer insights and market intelligence for the CBD and cannabis industry. Combining our automated insights generated by our AI-powered systems along with human SME intelligence, CBD insights guides brands in deeply understanding the market landscape and device strategies to navigate the market challenges.

Consumer Preference for Household Cleaning Products – A Voice of Customer Study

Sentiment Analysis of Household Cleaning

Household cleaning products hold a key position in the Fast Moving Consumer Goods (FMCG) market due to their invaluable role in maintaining personal and public health. They are quite an essential product group as it helps in removing germs, soils, dust, and other contamination from hard or soft surfaces, thus reducing the presence of germs that cause infectious diseases and make the place more healthy and pleasant. The most common components in household cleaning products include alkalis, acids, detergents, abrasives, sanitizers, and spirit solvents. Also, some of the products contain hazardous ingredients such as flammable liquids, acids, and strong alkalis that require proper precautions while using. In this Voice Of Customer study, we shall discuss briefly the factors influencing customer decisions while buying household cleaning products.

Household Cleaning Products – Market Overview

Rapid urbanization, growing tendency towards maintaining personal as well as public hygiene are the key factors driving household cleaning products sales globally. According to recent research by Fortune Business Insights, the global household cleaning market size was $163.98 billion in 2019 and projected to reach $312.49 billion by 2027, with a CAGR of 4.97 % between 2020 to 2027. Also, it’s highly fragmented with key players such as Church & Dwight Co. Inc. (U.S.), Colgate-Palmolive Co. (U.S.), Godrej Consumer Products Ltd. (India), Henkel AG & Co. KGaA (Germany), Kao Group (Japan), The Procter & Gamble Co. (U.S.), Reckitt Benckiser Group Plc (U.K.), S. C. Johnson & Son Inc. (U.S.), Goodmaid Chemicals Corporation (Malaysia), and Unilever NV (U.K.).

The recent COVID-19 pandemic has created more consciousness on hygienic living and household cleaning among people across the world. This circumstance created a very high demand for household cleaning products that led to a global shortage that made manufacturers increase their production capacity and positively impacted global sales.

Our Methodology

Traditional market research methods in the FMCG industry predominantly rely on manual surveys and store observations. These methods are inaccurate and highly prone to bias and human errors. To overcome this, we leveraged content generated by the customers online to ensure a large sample size that’s spread across geographies. We used web crawlers to text mine customer conversations from various online sources such as social media, discussion forums, e-commerce reviews, and blogs. Then the raw unstructured text data is further processed by Natural Language Processing (NLP) and Sentiment Analysis Engines, which uses AI models that are custom trained for the specific use cases with industry-specific taxonomies to generate insights. These valuable insights can be used by the companies to take strategic decisions and course corrections to stay ahead in the market.

Data Mining Pipeline

Analysis Insights

The following are the insights automatically derived by the Voice of Consumer Insights and Signals (VOCIS) module by aggregating customer conversations from diverse sources such as social media, e-commerce reviews, discussion boards, and blog posts mined for FMCG related taxonomies.

 

Brand Insights

 

The value of a brand solely depends on the reputation of the brand, and it is achieved by consistently delivering value throughout the customer journey. This analysis focuses on providing insights into the brand perception of the customers throughout their journey. With the use of sentiment analysis, we shall compare the perception of a brand with that of the leading competitors and use the same to create a data-driven brand strategy.

Household Cleaning

Green Gobbler emerged as the most preferred brand in the analysis with a better rating and highest Share of Voice (SoV). These insights show the customer’s inclination towards natural and nature-identical cleaning products.

Product Level Insights

The buyer’s decision to purchase a product tends to be strongly influenced by a few key factors, features, and attributes. This analysis would help the brands in understanding these factors and optimize the product to appeal better to the target segment.

Sentiment Analysis of Household Cleaning

From more than 71K reviews mined from various online sources, the above were the top 5 features that got the potential to improve the rating, thus influence the customer’s buying decision positively. When it comes to Household Cleaning Products, the cleaning performance seems to be the decisive factor influencing customers, followed by the smell and affordability of the product.

Competitor Insights

Competitor Benchmarking is quintessential as it helps in developing a deep understanding of the market ecosystem and builds a picture of gaps to be fixed and opportunities to leverage. It also helps in streamlining the product and marketing efforts by emulating your competitor’s success elements such as price and key product features.

Competitive Analysis of Household Cleaning

The competitor benchmarking on product features for Green Gobbler, the top brand (based on the customer rating and SoV) against its competitors, highlighted the features that are favorable and the features that have scope for improvement. The attributes with a positive sentiment such as Package Design and Description Accuracy indicates the importance of packaging and optimal communication on the product package. Also, as the natural and nature-identical cleaners prized in premium, affordability emerged as a trailing factor.

SetuServ’s VOCIS platform can help FMCG companies in extracting valuable insights from customer reviews mined from various online sources. VOCIS is highly capable of rapidly building custom models specific to the use cases and generate highly accurate and relevant product insights for better business development and customer experience.

 

Emerging Trends in CBD Industry

CBD Trends

Cannabidiol (CBD) is a compound extracted from the cannabis plant such as Hemp and Marijuana that possesses both therapeutic and medicinal properties. In recent years, the interest in CBD has significantly grown across the globe. This upsurge in the public interest has led to the emergence of many brands, and online communities focusing on adopting CBD products. In fact, the global CBD market is projected to reach USD 15.3 Billion by 2025 with a CAGR of 22.2% between 2019-2025. With 2020 coming to an end, when we look back at such a tumultuous year, we can identify five top trends observed in the CBD industry.

Key CBD Benefits

CBD is considered as a wonder drug with varied and extensive medical benefits. From pain management and helping with psychological disorders to treating severe diseases like Cancer and Cardiovascular Diseases, CBD is currently used in treating various medical issues. The following are some of the proven uses of CBD.

Psychological Benefits:

CBD helps to relieve psychological disorders such as Anxiety, Depression, Obsessive-Compulsive Disorder (OCD), Post-Traumatic Stress Disorder, and Insomnia.

Physiological Benefits:

CBD is beneficial in treating Seizures, Nausea, and Cardiovascular disorders. It also assists in Pain Relief,  Reducing Inflammation, Lowering the Risk of Diabetes, Fighting Cancer, and combating Neurodegenerative Disorders.

 

Trend Analysis Methodology

We leveraged our proprietary Social Listening tool for this Trend Analysis. This tool automatically collects customer conversations from various online sources such as social media, blogs, e-commerce sites, and discussion forums, thus reducing the margin of error due to the larger sample size that helps in less biased and accurate insights. The mined unstructured textual data gets further processed by text mining and natural language processing (NLP) algorithms in performing multi-dimensional sentiment analysis to provide the below-emerging trends in the CBD market.

Data Mining Pipeline

 

Emerging CBD Trends

CBD Edibles

Although the most common forms of CBD include oils, tinctures, capsules, and topicals such as balms and creams, CBD beverages and edibles have gained a lot of popularity in recent times. With increasing demand and popularity, CBD is now infused in a variety of food products such as gummies, protein bars, beverages, candies, and dried fruits to make it tasty, discrete, easy to consume, and attractive for the increasing customer base. As CBD edibles are broken down slowly in the digestive system, the CBD is released gradually over a more extended period thus, extending the effects for the consumer.

CBD Edibles

Source: https://mms.businesswire.com/ 

Legal Relaxations

At the tail end of 2018, The Farm Bill passed by the US Government legalized the production of Hemp, and it had a limited implication on the CBD industry due to fuzzy federal and state laws, which contributed to substantial growth in CBD production and consumption in the US. Also recently in Dec 2020, based on a series of World Health Organization (WHO) recommendations on cannabis and its derivatives, The United Nations Commission on Narcotic Drugs (CND) removed cannabis from its ‘most dangerous drug’ category recognizing the medicinal and therapeutic potential of the drug. Over the years cannabis products have found wide acceptance in countries such as the US, Canada, Spain, Germany, Uruguay, Australia, Columbia, Chile, and Israel. Many more countries anticipate the legalization of cannabis across various domains.

 

Continued Price Drop

Increased production due to the legalization of hemp has enabled a steady supply to meet market demands. This surge in availability of hemp, the raw material of the CBD, has led to a price crash in May 2019. Since then, the price of CBD has continued to decrease. As tracked by The Jacobsen, a price reporting agency, the average selling price of CBD isolate was at $4,000 per kg in July 2019 to ~$750 in July 202 – a drop of roughly $3,000 per kg in the last two years.

CBD Trends

Expanding Research Areas

Research continues across the globe to uncover the potential uses of CBD, particularly in the areas of effectiveness to treat physiological or neurological conditions. The presence of a nonaddictive component that interacts with our body’s serotonin receptor has captivated the interest of researchers in studying it as an effective treatment for pain relief. The trend of exploring CBD as a potential cure for cancer due to its anti-inflammatory and antitumorigenic properties also continues. The antipsychotic property of CBD is also actively explored in treating mental conditions such as social anxiety and depression.

 

Certificate of Analysis

With a lack of specific industry regulations and standards surrounding CBD products, it is challenging for customers to know the precise composition of each product in the market. A Certificate of Analysis (COA) could help customers overcome this challenge. A COA is a document that’s issued by an accredited laboratory that certifies the complete composition of a product accurately. Lately, CBD brands have begun offering COA to their products as a common practice to win the trust of their customers. For CBD products, a COA is stipulated to include a comprehensive list of cannabinoids, terpenes, microbiological levels, and likely contaminants such as pesticides, solvent residue, or heavy metals.

While in hindsight understanding and adapting to trends will help brands stay competitive. The key to garner exponential growth can happen through predicting future trends in the least possible time. SetuServ’s VoCIS platform enables this through data-driven analysis at scale.

SetuServ’s VoCIS platform provides emerging trends,  customer insights, and market intelligence for the CBD and cannabis industry. It leverages AI technologies such as social listening, text mining, and sentiment analysis to provide accurate insights automatically.

 

 

Are CBD Brands Able To Meet Customer Expectations With Their Marketing?

US CBD Market

Cannabidiol (CBD) has become one of the most emerging segments in the medical market and has captured the attention of the global consumer market within a short period. Constant shifts in customer needs and regulatory changes have made CBD one of the most dynamic market landscapes causing challenges for companies. With a significant consumer interest, CBD is turning it into a multi-billion-dollar industry on its own. Considering this strong consumer interest, if CBD companies or marketers manage to understand customer needs, strategize accordingly, and to leverage market opportunities. Before discussing in-depth on generating market insights, let’s discuss CBD and its benefits in detail.

What is CBD?

Cannabidiol (CBD) is the second most prevalent Cannabinoid, a type of chemical component extracted from Cannabis, a genus of flowering plants such as Hemp. The most popular Cannabinoid extracted from Cannabis is Delta-9-TetraHydroCannabinol or THC. Though both CBD and THC interact with the cannabinoid receptors in the body to treat various conditions, the lack of psychoactive effects is what differentiates CBD from TCH. In simple terms, THC mostly extracted from Marijuana, has intoxicating effects, whereas CBD is unlikely to cause such hallucinatory effects.

How CBD Products Works?

CBD produces effects in the body by interacting with two types of Cannabinoid receptors produced by our body, which form part of the endocannabinoid system.

CB1 receptors are present throughout the body, particularly in the brain. They co-ordinate movement, pain, emotion, mood, thinking, appetite, memories, and other functions.

CB2 receptors are more common in the immune system. They affect inflammation and pain.

CBD stimulates these receptors so that the body produces its own cannabinoids, known as endocannabinoids.

CBD Benefits

Growing research and development activities in recent times have helped in identifying the potential use of CBD in treating chronic pain, arthritis or joint pain, anxiety, and depression, PTSD, migraine, etc. While initially, CBD products were only available in oil form, now they are available in various edible formats such as drinks, bars, gummies, syrup, candies, and cookies. One new emerging trend is CBD infused food which has been catching up as a hot trend among chefs since 2019.

CBD Market

Based on a recent report by Grand View Research, the global market for CBD was estimated at USD 4.6 Billion in the year 2018 and is expected to reach USD 15.3 Billion by 2025 with a CAGR of 22.2%.

US CBD Market

The market is highly competitive with continuous product and technological developments. Key factors driving the market include growing awareness of the merits of CBD, such as anti-inflammatory properties and other psychiatric benefits.

Understanding CBD Market and Customers

Customers drive the industry forward, especially when it’s an emerging market such as CBD. It is critical for businesses to understand their current and prospective consumers to be first to market while also capturing the consumer at their peak interest. As the market is still evolving, most brands tend to use their own customer data within their respective geographies such as sales and survey information to make market decisions. However, with limited sample size, this data is not truly representative of this rapidly moving market and can be inefficient in producing insights that would drive the brand towards success. Gaining a more global perspective on trends in the marketplace can help guide companies on growth trends and what’s to come.

Having data-driven insights on customer expectations is the key to CBD brands in developing marketing and sales strategies to prevail in this dynamic market. With the massive influx of consumers sharing their experiences using CBD products online, brands can leverage this data to understand ever-evolving customer expectations and pain points.

CBD for body pain

SetuServ’s VOCIS platform provides customer insights and market intelligence for the CBD and cannabis industry globally. It uses a proprietary text-mining algorithm that’s capable of extracting relevant customer conversations from online sources such as social media, e-commerce websites, blogs, and discussion forums. Insights can be viewed by various filters including geography, form, product, brand, etc. The platform employs AI-powered natural language processing (NLP) and sentiment analysis algorithms in uncovering deep insights on customer needs and gaps between customer expectation and realization. Combining these automated insights along with human SME intelligence, CBD insights helps brands to better understand the market landscape and navigate market challenges.

 

How can pharma companies provide insightful conversation starters to their medical reps using publicly available physician commentary?

PharmaSignals by SetuServ

HCPs are becoming increasingly active in expressing their opinions on social media and online research publications. As Wall Street Journal noted in this article, this is driven by their desire to provide credible information online to help people stay updated with the latest developments in research and healthcare, especially during this Covid-19 crisis. For example, Bob Wachter, the chairman of the department of medicine at the University of California, San Francisco takes at least 2 hours of his busy schedule on most days to put out content on Twitter.

Our own research has shown that physicians have become quite active across a variety of social channels. From a random sample of 1,000 hematologists, we found that ~40% of them are present on at least one of the online platforms.

hematologists online

As the following example of Dr. Anthony Mato (an opinion leader in Hematology) illustrates, Hematologists are not only active with research publications in Pubmed/Clinical Trials.gov, but also in social media channels such as Twitter, Facebook, and LinkedIn.

Doctor's Profile

Efficient pre-call research using this social data

These research and social posts published by physicians are valuable sources of insight for Pharma companies and their sales reps.  Many HCPs feel that the sales reps tend to be delivering a scripted pitch about the product and do not give details about new studies or data which support the need for using the product. To overcome this immense challenge, it’s critical for the reps to personalize the sales details to suit the specific interests of a physician. By researching a physician’s social and professional posts, sales reps can understand the top of the mind needs and concerns of HCPs, and tailor their pitch accordingly.  

Our PharmaSignals platform helps sales reps by consolidating conversations across channels and sending them via email. Sales reps can use this to identify conversation starters of interest for the HCP. Below is an example of a weekly email that is sent to a sales director that is currently using our platform.

PharmaSignals email digest

Our PharmaSignals platform reduces the manual effort of tracking each of these targets across various social media platforms and media sites. Thus, giving readymade access to their content and increasing the chances of having better conversations with HCPs.

How Text Analytics Can Help Marketing & Customer Experience Teams in Winning Customers

SetuServ Logo

Businesses today have evolved from being solely brick and mortar stores to extending their offerings across multiple digital channels. With the increase in internet and smart device penetration, digital channels have become the primary touchpoint for customers to interact with brands. This distancing from in-person brick and mortar stores might seem like customer connections have diminished, however with the omnichannel and ubiquitous digital presence, businesses are now interacting with customers more than ever. This online relationship with customers has also enabled the brands to track and measure each and every interaction in the realm of cyberspace, thus more accurately predicting and delivering what their customers want. 

The abundance of customer data might sound like a big boon, but it also poses a particular problem to be solved – access and analysis at scale. With more than 80% of the customer data unstructured, semi-structured, and textual in nature, it’s quite challenging to process and extract insights compared to structured data. However,  text analytics presents itself to be an apt solution to overcoming this problem. In this blog post, we explore how text analytics helps customer experience (CX) and marketing teams attract, engage, and satisfy customers while staying ahead of the competition.

What is Text Analytics?

Text Analytics/ text mining is an Artificial Intelligence (AI) technology that leverages Natural Language Processing (NLP) algorithms to convert unstructured and semi-structured textual data into normalized structured data that’s suitable for analysis.

text analytics

Source: Practical Text Mining and Statistical Analysis for Non-structured Text Data Applications - Book

 

 

Use cases in which customer experience and marketing teams leverage

Text analytics has a wide range of applications and can be applied anywhere where unstructured textual data exists. The following are some of the key use cases where text analytics comes in handy.

Text analytics for marketing teams

It is quintessential for the marketing teams to understand the customers deeply in order to acquire, engage, and delight customers. Marketing teams also need to be aware of the customer pain points, ways customers perceive the product or service, and crucial factors influencing their buying decisions. In order to access customer insights,  marketing teams conventionally rely on methods such as surveys, interviews, and feedback. However, these methods are prone to bias and error that makes them inefficient. To overcome this, the application of text analytics enables marketing teams to access customer conversations from text-based data sources such as social media, discussion forums, and blogs, and transform them into useful insights to boost customer satisfaction and revenue generation.

Early customer trend detection

With the rise of social media and other digital mediums, customers share more of their daily lives online. This abundance of customer data can help businesses identify emerging trends. Uncovering these emerging trends provides brands new opportunities and an edge against their competitors. Text analytics serves to ingest a large volume of online data and identifies customer trends or emerging brands that could become a threat to the business.

Voice of the customer report

The voice of customer report provides a comprehensive, yet granular, view of customer sentiment and emotion related to a brand, product, or service. These insights help in improving customer experiences, increase revenue and drive customer engagement. However, tracking the triggers that influence customer opinions about brands, products, or services across various touchpoints is challenging. Text analytics facilitates the analysis of customer conversations and feedback from various online sources and serves them up as useful data and insights at scale. These insights guide the marketing team to strategize campaigns for better output and engagement.

 

Text Analytics for Customer Care Teams

Customer experience teams are often inundated with high volumes of customer communications on any given day. With a magnitude of textual data involved, CX teams often leverage text analytics to automate repetitive tasks and identify areas to improve Net Promoter Score (NPS) and other customer satisfaction KPIs.

Conversation analysis

The internet has become the predominant medium for customers to communicate with businesses via multiple modes such as emails, support tickets, social media, and chat. These customer conversations provide a wealth of insights for understanding customer needs and contributing to business growth. Applying text analytics enables us to analyze customer interactions and communications at scale to find data-driven insights that highlight critical customer issues and improve customer experience.

Automated ticket prioritization and routing

Customers expect and value timely, effective, and personalized customer service interactions. However, businesses are falling short of resources and efficient workflows in place to handle customer queries efficiently. Managing a high volume of customer queries can be challenging as manually tagging tickets and routing them through the right human agent is a time-consuming process prone to errors and may also create bottlenecks and delayed response times. However, text analytics can automatically categorize the support ticket and assign it to the most suitable pool of agents. In addition, with sentiment analysis, the systems can determine the urgency of resolution based on the tone of the customer communication and prioritize the tickets.

 

SetuServ offers a variety of text analytics solutions or companies that want to support growth while maintaining a strong customer connection.  Our methodology combines Artificial Intelligence (AI) & Human Intelligence (HI) to provide accurate insights. SetuServ’s Voice of Consumer Insights and Signals (VOCIS) platform serves a majority of industries with offerings across departments For much more complex and industry-specific solutions, SetuServ offers custom AI solutions based on the specific customer use cases.

Consumer trends in health and wellness in 2020

Dimensions of wellness

The COVID-19 pandemic continues to impact most industries at an unprecedented scale globally, and the health and wellness industry is no exception experiencing significant disruption over the past few months. Due to the ongoing pandemic, the customer’s priorities have shifted towards physical wellbeing. This change in customer preferences poses a monumental challenge to the health and wellness companies in navigating this crisis. Before discussing the top health and wellness trends in 2020, let’s touch upon health and types of wellness.

WHO defines health as a state of complete physical, mental, and social well-being and not merely the absence of disease or infirmity. Whereas according to The National Wellness Institute, wellness is a conscious, self-directed, and evolving process of achieving full potential.

Top 5 health &wellness trends of 2020

1.Adoption of digital wellness products

The global digital health market size is expected to reach USD 385.8 Billion by 2025. As the physical world comes to a standstill due to COVID-19, the adoption of digital health and wellness solutions have surged. With many stuck at their home and yet wanting to improve themselves, digital wellness products such as meditation apps, digital fitness classes, and online healthy food tutorials are booming. At the same time, most of the global workforce is working from home full-time for the first time and has led to anxiety and stress that has impacted overall wellbeing and productivity. 

In order to balance business continuity and employee wellbeing, organizations have implemented mandatory digital wellness programs to help in improving the wellness and productivity of their employees.

2.Greater focus on mental wellbeing

The fear of contracting the virus, significant changes to everyday life, job loss, etc has induced anxiety and other mental illness to a greater extent. The new realities like social isolation and temporary unemployment are a few additional factors that have significantly contributed to the rise in mental wellness. Though this issue has created a surging demand for home-based over the counter sleeping aids, especially the ones that don’t include chemical ingestion, on the flip side, this has created a tremendous awareness of mental wellbeing and mental health. This awareness has now influenced ordinary people in using online therapy/counseling and keeping themselves involved in de-stressing activities that improve their mental health.

household wellnessSource: https://blog.euromonitor.com/

 

3.Immunity strengthening nutrients and supplements

Building immunity is considered as one of the crucial shields against Covid-19 and other diseases. People with better immunity levels tend to fight infections better. This concern towards building immunity has led to people trying various home remedies, wonder foods, and a lot of vitamins, minerals & supplements (VMS). 

A recent Civic Analytics Consumer Survey has shown that there is a 10% -15% surge in spends on VMS globally. These proactive self-care trends to relieve the stress during the quarantine are expected to persist well past the COVID-19 quarantine and thus, resulting in increased demand for VMS globally.

Covid impact on VMS spends

Source: https://www.lek.com/

4.Remote healthcare and telemedicine

Due to the COVID-19 situation, people are reluctant to visit the hospital to treat other ailments, especially older people who are too vulnerable to contracting the virus. At the same time, doctors and nurses who are risking their lives on the frontline are demanding new ways to treat patients. These are the kind of scenarios where remote healthcare/telemedicine come to the rescue. 

Through advancement in technologies for remote diagnostics, remote testing, and platforms that securely store patient’s information, a pandemic like COVID-19 has triggered a large scale acceptance among ordinary people. Telemedicine combined with online pharmacies has revolutionized how people approach medical diagnostics and treatment.

telemedicine and online pharmacy

 

5.Growth in the usage of wearable devices

A wearable is a category of electronic devices that can be worn as accessories or embedded in clothing. The generic wearables available today are smartwatches and fitness trackers that help measure and monitor physical movements and vital health metrics such as temperature and heart rate. 

The COVID-19 outbreak that has led to that has increased sales of smart wearables from USD 2 billion in 2019 to USD 16.12 billion in 2020 at a compound annual growth rate (CAGR) of 22.37%. The need for monitoring the health vitals to track and identify illness is the main factor that fuelled the surge in smart wearables sales.

wearables growth forecast

source: https://www.mekkographics.com/wearables-market-growth/

The brands which are able to stay up to date with these changing trends tend to garner greater market share and can increase their growth exponentially. The major differentiating factor always boils down to superior consumer insights.

SetuServ’s VOCIS platform would help you and your organization with the latest market insights and trends which are actionable and benchmarked against competition to leverage on points of parity and differentiation to stay ahead.

How E-Commerce Companies Can Leverage AI & ML Technologies To Ensure Business Growth

Artificial Intelligence in marketing

Gone are the days where marketers were shooting in the dark with their campaigns and hoping for success. And, gone are the days where marketers solely rely on inefficient survey data to understand their target audience and their competitors. In today’s scenario, technologies such as Artificial intelligence (AI) and Machine Learning (ML) are at the forefront of every innovation. These technologies predominantly help in the transformation of an enormous volume of data into insights that allows better decision making. Before going further, it is essential to have an overview of AI and ML.

Artificial Intelligence in marketing

Source: https://sloanreview.mit.edu/wp-content/uploads/2019/02/GEN-Kardon-AI-B2B-Marketing-1200x627-1200x627.jpg

What is Artificial Intelligence?

Artificial intelligence is the science and engineering of making computers behave in ways that, until recently, we thought required human intelligence. 

What is Machine Learning?

Machine Learning is a subset of AI, which enables machines to learn from past data or experiences without being explicitly programmed.

 The following Infographics by Smart Insights, the creators of the RACE Planning Framework, outlines the various possible applications of AI & ML across the customer lifecycle.

RACE Planning framework

The following are the five areas in which the AI & ML technologies are extensively and actively being used in e-commerce improving marketing and business outcomes.

Generating Customer and Competitor Insights

Collecting and analyzing customer data from various sources allows us to discover insights that help in precisely recommending relevant products or services, thus increasing sales and customer experience. Text-mining customer reviews from e-commerce sites, social media, blogs, and review websites, and applying sentiment analysis algorithms provide a precise perception in which the customers view the products/services. These valuable insights help e-commerce companies in product optimization and filling customer experience gaps. Additionally, this analysis also assists in unearthing upcoming market trends and helps in staying ahead of the competitors.

Customer Segmentation

Customer segmentation is the method of grouping customers of similar characteristics, and it’s one of the cornerstones of effective marketing. Segmentation traditionally was done on the basis of age, gender, and other demographic parameters only. Though this helped marketers in dividing the customers into larger generic groups, it failed to help them understand the customers deeply. Implementing AI/ML in customer segmentation removes these limitations by leveraging customer behavioral data in creating more targeted segments that improve the efficiency of the marketing initiatives. Utilizing AI/ML in segmentation is not only efficient and scalable but also removes the human bias that’s involved in the traditional process.

Customer Feedback Loop

Source: https://thefinancialbrand.com/wp-content/uploads/2019/10/micro-segmentation-flow.jpgngs/2019/02/GEN-Kardon-AI-B2B-Marketing-1200x627-1200x627.jpg

Automated Content Generation

One of the factors that determine the success of the marketing campaign is the content that’s creative, appropriate, and importantly must resonate with the target audience. Yet another challenge in creating compelling content is understanding of the subject matter and industry dynamics. Marketers shall leverage Natural Language Generation and AI technology in overcoming these challenges. AI has evolved to perform keyword research autonomously and deliver content that aligns with the campaign objectives. NLG used along with Natural Language Processing (NLP), enables automated response to reviews and customer queries in e-commerce and social media platforms, thus saving on the resource cause and improving customer engagement.

AI with NLP model

Source: http://ceur-ws.org/Vol-2196/BPM_2018_paper_21.pdf

Campaign Optimization

Reaching out to the right customers with the right content at the right time defines the success of the campaign. Nevertheless, customers also demand hyper-personalized communications and offers that resonate with them. As a result, it has become a mounting challenge for marketers to adjust and optimize their content in real-time. Taking advantage of AI-powered analytical optimization helps marketers meaningfully utilize every penny of the marketing budget in acquiring customers. The AI algorithms are capable of accessing the market, competitors’ SOV and layers the same with campaign objectives in intelligently placing the Ads for better CTR and conversion.

Demand Forecasting

Demand forecasting prevents e-commerce companies from having an excessive amount of goods in stock or out-of-stock. It uses predictive analytics, a statistical technique used in Machine Learning, to precisely forecast customer demand by analyzing historical data. These forecasting insights help e-commerce companies reduce supply chain costs and optimize financial planning, capacity planning, and risk assessment decisions. Marketers shall leverage demand forecasting by incentivizing customers with offers to buy products/services during a low demand period and plan resources during high demand to sustain customer experience. One of the common pitfalls is that it would be hard to predict the demand accurately for new products. However, using data from products of similar categories helps to overcome this challenge.

Demand forecast and analysis

Source: https://d3e3a9wpte0df0.cloudfront.net/wp-content/uploads/2019/11/Fashion-retailers-image-11.jpg

 

SetuServ’s VOCIS platform employs a state of art AI and ML algorithms specifically modelled for the e-commerce industry that enables text mining from various sources and helps in delivering insights and content recommendations leading to business development.

The Key Advantages Of Mining Customer Reviews

text mining software

The Key Advantages Of Mining Customer Reviews

 Technology is breaking down the entry barriers for new brands especially in terms of distribution and marketing, aided by factors such as smartphone usage and internet penetration. Subsequently, the evolution of e-commerce has resulted in extreme disruption of the retail industry over the past decade. In a short span, E-commerce went from being the disruptor channel to the only available option for many product categories, due to its increased adoption. In fact, recent research from Grand View Research estimates the current E-commerce global market to be USD 9.09 trillion and expected to grow by a CAGR of 14.7% from 2020 to 2027. 

The indisputable fact is that superior customer experience are the critical factors that helped sustain this tremendous growth. With mobile, internet, and other technological advances ensuring ease of purchase, both the e-commerce companies and the sellers have started focusing extensively on improving the customer experience to keep their business afloat and stay ahead of their competitors. And, customer reviews are invaluable in providing meaningful insights. In addition, customer reviews greatly impact purchase decisions, as 97% of the online customers read reviews before buying a product online. The following are the three richest public data sources for mining and analyzing customer reviews for business growth. Together, these sources can 

  1. Identify influential factors to product satisfaction
  2. Isolate customer experience pain points 
  3. Track consumer response to competition.

Text Mining

Mining Customer Reviews

Before identifying the source to mine the customer reviews, it’s essential to narrow down which customer review channel works best for the objective of the analysis. The raw customer reviews data can be extracted from the following sources individually or as a combination of sources based on the business goals.

E-commerce sites:

Most of the e-commerce platforms, including famous ones such as Amazon, eBay & Flipkart, enable and encourage their customers to rate and post a review on the products that they have purchased. This source is the most reliable customer review data that’s mined online.

Social Media:

In recent years, many customers have started expressing their opinions about products and services on social media. It has also become a channel where brands are actively engaging with their customers, making it an emerging channel in mining customer reviews.

Review websites and Online Forums: 

Review sites, niche blogs, and online forums can be excellent sources of reviews of a particular product segment. At times, many customers prefer voicing their concerns on review sites and forums, rather than posting on social media.

The raw textual data are mined from the above sources using distributed crawling techniques and pre-processed by using Stop words Removal and Normalization techniques before using Natural Language Processing (NLP), Machine Learning, and Sentiment Analysis Algorithms to extract meaningful insights.

 

Advantages Of Customer Review Mining

The insights derived by mining customer reviews assist the business growth and in improving the customer experience with the following aspects.

Identify Influential Factors:

Customer Review insights would help in understanding the factors, features, and attributes influencing the buying decision and that the customers really care. These insights assist the business in better product placement among the target segment, thus leading to better business outcomes.

Optimize Customer Experience 

The customer reviews not only help us understand the sentiment of customers towards the product and services but also helps in understanding the underlying product issues and service gaps leading to those sentiments. Improving these shortfalls helps in sales growth and in generating additional positive reviews.

Track Competition

It’s quite usual for the customers to compare the product with its competitor in the same segment while posting reviews. Analysis of these reviews would provide the precise shortfall of the product or service respective to its close competitors. This analysis also helps in understanding the dynamics of the market segment, thus contributing to valuable insights holistically on the ecosystem for better decision making.

 

SetuServ’s Voice of Consumer Insights and Signals (VOCIS) platform is capable of tracking millions of data points from multiple sources, and analyzing the same using AI models with custom taxonomies based on the market segment. This analysis helps businesses in precisely understanding the market landscape and purchase drivers influencing customer decisions.