Customer relationship management (CRM) helps businesses understand their customers, improve customer relations and increase brand loyalty. NLP applications allow companies to prepare CRM strategies that handle data in bulk, improving customer experience.
Natural Language Processing (NLP) is a branch of Artificial Intelligence (AI), giving machines the ability to read, understand and extract meaning from human language. In this regard, we can consider Natural Language Processing (NLP) as the bridge between humans and technology.
Many NLP applications are used in daily life and business. From AI-enabled chatbots to voice assistants, NLP improves how humans and machines interact.
CRM powered by AI is the best way for businesses to manage and analyze consumer data. Brands such as Apple, Facebook, and Google leverage NLP-powered applications to mine market intelligence, target advertising funnels, and push customer-centric services.
NLP Applications for Customer Relationship Management
Understanding Voice of Customer (VOC)
Companies can optimize customer experiences by understanding expectations and delivering improved products and services. VOC is the process through which a company collects and analyzes customer feedback. NLP makes it possible for large organizations to process this feedback (reviews, emails, comments, etc.) and classify them through semantic and sentiment analysis. Companies use this information to prioritize customer needs and preferences.
Johnson & Johnson’s predictive analytics group uses NLP to annotate and categorize VOC calls and gain insights through call feeds into the real-world use of their medicines.
E-Reputation (Social Network Analysis) with NLP
Building a brand image is important to conduct effective promotions, increase sales, and find customers. Advanced semantic analysis algorithms help businesses maintain excellent online reputations. By detecting trends and customer habits, specialized NLP applications provide experts ways to study company image from large classified data sets.
Companies use sentiment analysis to analyze tweets about their brand, product, and services allowing them to make policies that improve brand image.
Automatic Content Moderation
Content moderation is essential for businesses using content sharing or delivery platforms, as it reduces risk of toxic content. The global content moderation market value is estimated to reach 32 billion by 2031 according to a report from Transparency Market Research. NLP applications scale the process and automate it through competent and reliable algorithms.
Google and Facebook have their own NLP-based applications to handle extensive volume content moderation. While they have moderators to do these tasks, over 95% of content reported regularly is taken down by NLP & AI bots, according to Mark Zuckerberg.
Virtual Assistants
Voice assistants and AI-integrated chatbots are the latest forms of virtual assistants. For timely customer support and sales, these NLP-based technologies have proven vital. Businesses can now improve CRM strategies while connecting with consumers at a higher level.
Marriott International uses an intelligent chatbot “ChatBotIr” to manage customer support in their 4,700+ luxury hotels worldwide. They also use the HR chatbot ‘MC’ to interact with job seekers and potential employees.
Bottom Line
The goal of every CRM strategy is to make sure the connection between a business and its customers is secure while finding areas of improvement. NLP applications help businesses improve customer satisfaction, expand the customer base, enhance sales, and increase efficiency.
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