Improving customer experience: a natural language processing (NLP) approach

Abstract

In the current business environment, the need for customer relationships for any company across domains and geographies is only increasing with time. This was not exactly the case earlier. Until the 1990s, the companies used to focus their marketing more on customer transactions rather customer relationships. The parameters that were used to determine the impact of these kind of transactions on the profitability of the firm were past customer value, share-of-wallet, and recency, frequency, and monetary value. Overtime, starting from late 1990s and through early 2000s, the focus shifted to relationship marketing, and the companies started to establish positive relationships with the customers and improved products and services in order to satisfy them (Morgan, 1994) (Berry, 1995). However, managers as well as academicians agree on the thought that over the course of time, only satisfying a customer would not make him/her loyal to the company and profitable. In order to achieve desired level of loyalty, the satisfaction has to reach a higher level of desired differentiation and of sustainable competitive advantage.