The famous quote about how no publicity is bad publicity is no longer accurate in the age of social media. Across a wide swath of industries, brand sentiment, and reputational risk are becoming real concerns. Bad publicity can ruin the best brands. So, monitoring and measuring sentiment and risk among customers is crucial to the long-term stability of most businesses.
What is the Customer Experience?
Customer experience involves more than front-line workers smiling and greeting customers as they enter a business. Customer experience (CX) includes every customer interaction with that company. Satisfactory customer experiences help companies to build customer loyalty and grow their word-of-mouth referrals.
Customer experience includes customer service and more. From the moment a customer visits a website, requests a refund, uploads an app, and makes a purchase, businesses should be concerned with CX.
Unfortunately for businesses, they do not always know when customers are making judgments about them. This unknown is where monitoring and measuring brand sentiment and reputational risk becomes an integral part of business data analytics.
Innovative Tools to Deliver Excellence
With innovative data collection and measuring tools, it is possible to measure brand sentiment and reputational risk at every customer interaction. Doing so helps businesses improve their interactions on the front lines so employees can continuously and consistently deliver excellence.
The challenge for most businesses is deciding how and where to invest their money. The conflict comes with determining whether marketing money is well-spent and will actually drive sales. Companies have not been able to predict how marketing strategies will impact sales, but now they can.
Brands rely on customer sentiment to determine their opinions about products and services. Businesses gather information about customer opinions through conversation, surveys, and narrative data. Now that data can be collected and analyzed in more scientific methods, businesses can make better decisions with their marketing dollars to get the desired return on investment.
Applying Data to Build a Baseline
The key to monitoring and measuring brand sentiment is by understanding reputational risk. To understand brand sentiment, data must be collected on social media, surveys, purchasing histories, and more.
After gathering and tracking qualitative and quantitative data, sentiments can be created that help businesses get an idea of how the brand influences and leads customers. This information provides the company with baseline data. Then, stakeholders can see how marketing campaigns and strategies affect the baseline.
By pushing against the baseline, businesses can determine what they can do in their marketing strategies before pushing their customers too far. The data shows businesses when risk negatively affects the brand and the business’s reputation.
Removing the Unpredictability of Risk
Unfortunately, reputational risk can be unpredictable. A momentary breach in a firewall can give a hacker access to customer information. A brick-and-mortar store can be in the background of a divisive protest. While many risky moments are not the business’s fault, their brands are associated with these moments, and they can suffer as a consequence.
What is Live Earth?
Live Earth is a company that uses real-time data on a visual platform to help businesses better understand and respond to their customers and the unpredictable events that affect sentiment.
The company’s goal is to use visible data to evaluate a localized scene. Companies use the information from Live Earth to make decisions that drive business while measuring sentiment and risk. Live Earth uses Intelligent Insights for visible and usable metadata through several sources and layers on an intuitive platform.
Organizations around the world trust Live Earth and its data tools. They use the information before they make real-life choices that affect their businesses.
Customer Experience in Financial Institutions
Live Earth monitors details in and around financial institutions to maintain brand sentiment and reputational risk. When customer experiences change, Live Earth can zoom into the institution’s area and see environmental problems that affect the live customer experience.
For example, Live Earth can see if the customer experience is affected by traffic, construction, social unrest, weather, or other situations affecting brick-and-mortar locations. With so much competition between financial institutions, keeping track of data in and around branches makes a difference in what customers think of these locations.
Rather than taking steps after problems dissolve, with Live Earth’s real-time data platform, financial institutions can take proactive steps to monitor and maintain their reputations.
Analyzing Telecom Brand Sentiment with Live Earth
Customers rely on their telecom systems to work. With so many people working online, fully functional internet service is vital to local economies. If their telecom systems become unreliable, customers take their business elsewhere. Therefore, telecom companies have to do their best work to monitor reputational risk to keep their customers satisfied.
Live Earth uses a bird’s-eye view to watch all aspects of telecom, from stores and towers to weather reports and traffic reports, and more.
When situations arise, Live Earth knows and shares the information with the stakeholders. Organizations can see events before they happen so that they can prepare their front-line employees and customers, too. If telecoms companies deal with the problems correctly, customers never experience any issues with their service.
Satisfied customers remain customers. Disappointed customers find new brands to trust.
Maintain Sentiment with Synchronized Data
Live Earth looks at more than 200 million events every hour. The constant data is then rendered into animation for different industries, like telecom, finance, transportation, and education. What Live Earth does differently is create a level of visibility that allows businesses to make non-obvious correlations.
Live Earth can make these unexpected correlations using a military-grade platform that uses an interactive map and localized intelligence. The US Special Ops Forces used this map as a dynamic battlefield when planning and executing missions. Now, businesses and organizations all over the world rely on this technology for real-time, localized data.
These unexpected risk assessments on Live Earth help businesses reduce their reputational risks and maintain or improve their brand sentiment. With all of this information, companies can make smart decisions quickly using real data, not gut instinct. For businesses of all types, having this information at their fingertips is practically priceless.
To learn more about data visualization and real-time analytics from Live Earth, check out our Financial Data Analytics & Visualization Solution to learn more.
Ready for a custom demo experience? Schedule your demo with us today!