As consumer needs and tastes change, products and services must evolve to stay profitable, competitive and relevant in the marketplace. Enabled by text mining, Customer Experience Management gives a company the opportunity to create innovative offerings from the start, to target the precise customer segments and to instantly react to customer feedback. All of which can open the door to new and desirable revenue streams from consumer desired improvements and enhancements.

Mining insights from customer feedback helps companies take advantage of several key market opportunities to open up new revenue channels:

• Understanding the current needs of individual customers, a company can introduce up-sell or cross-sell promotions for added incremental sales.
• Recognizing and improving those product or service areas that provide the most perceived value to certain customer segments can give companies an edge in building customer loyalty and sales - and avoid negative word of mouth.

Through customer experience intelligence, companies can quickly react to product-related issues ranging from performance and consumer usage trends to future consumer wants and needs. Findings can be tailored to show:

• Emerging market trends and usage patterns revealed at any point in time from a customer base that can lead to rapid improvements and even new product entries.
• Potential problems or shortfalls with existing products or services, based on customer experiences or expectations, so that immediate product improvements and customer satisfaction can be realized and customer issues reduced.
• Immediate tracking and feedback on the impact of new product offerings, measured in shifting attitudes and behaviors prior to and after a key product milestone, to identify critical issues early in the development lifecycle.