Text analysis for B2B businesses
Text analysis is changing how organizations approach the world of business intelligence for the better. While the importance of qualitative analysis in consumer research is well demonstrated, there are also many applications of text analysis for B2B businesses. From B2B marketing to sales, text analytics is fast becoming an essential capability for businesses.
Text analytics can help companies spot industry trends and understand their leads, sales processes, customers, competitors and product offerings on a whole new level. So, if you’re a B2B business wondering how Relative Insight applies to your world, look no further.
Applications of text analysis for B2B businesses
Relative Insight is a text analysis software that compares two or more text data sets to reveal the words, phrases, topics, grammar and emotions that are more prevalent in one data set over another. B2B businesses utilize our technology to inject a new way of thinking into their strategy.
1. Assessing the competitor landscape
Text analysis solutions like Relative Insight are helping B2B businesses to develop more robust approaches to competitor intelligence. By analyzing and comparing the website copy and brand communications of industry competitors, organizations are uncovering competitive insights that inform B2B marketing and sales strategies.
By leveraging Relative Insight’s comparative approach to text analysis, B2B businesses can understand how key competitors are communicating their value proposition and positioning their products or services. Equipped with an objective understanding of how they are measuring up against the competition, businesses can better articulate their unique selling points to potential buyers and take informed approaches to growing revenue and market share.
Assessing the competitor landscape can also help organizations identify white space opportunities for new innovations and product diversification.
2. Improving B2B sales and lead generation
In most B2C businesses, marketing is the primary influencer of a consumer’s purchase decision. However, in the B2B world, the sales function is where most revenue is generated – hence the importance of understanding what makes a successful new business email, cold call, pitch or demo.
CRM systems are brimming with insights waiting to be discovered. However, business rarely analyze unstructured text data within CRMs to its full potential. Through comparative text analysis, Relative Insight efficiently and objectively analyzes sales call transcripts, prospect or customer correspondence and CRM notes to shed light on what drives deals, upsells and churn.
By comparing successful new business calls, emails or pitches against those that have failed, our platform enables B2B businesses to identify the most effective language to use throughout the sales funnel. Furthermore, Relative Insight can help measure the adoption and effectiveness of changes to sales processes by running time-based comparisons on correspondence and sales call transcripts.
3. Trend analysis
A crucial part of any B2B marketing strategy is understanding the world of your target buyer personas. This is essential for developing thought leadership and marketing content that resonates with your target audience and demonstrates how your offering will benefit buyers. However, keeping up with trends and finding the right language to use when talking to your potential customers can be a challenge.
Relative Insight enables B2B businesses to stay on top of relevant industry and macro-level trends. By analyzing industry reports, news articles, research papers and other companies’ thought leadership B2B businesses can understand the trends and challenges facing their target audiences. Similarly, these data sources along with social media and forums can also help organizations understand how their audiences are speaking about important big picture trends ranging from sustainability to diversity and inclusion.
4. Understanding and improving B2B customer experience
Research shows that 86% of B2B buyers are willing to pay more for a great customer experience, which is why CX should be a top priority for any B2B business.
The beauty of Relative Insight’s text analysis for B2B businesses is that it makes the analysis of customer feedback quick, efficient and scalable. Rather than having to manually code customer survey responses or interview transcripts, Relative Insight automates the process. Our platform reveals the drivers of satisfaction and highlight areas that need improvement.
For instance, if a B2B business has recently implemented a new change in their product or service, our technology can help them understand how this has impacted customer feedback. Similarly, tracking customer feedback over time, whether in the form of CSAT, NPS or other key metrics, will alert B2B businesses to emerging issues that require a solution.
Relative Insight’s comparative approach to text analytics can have huge strategic benefits for B2B businesses. If you’d like to find out more about how text analysis for B2B businesses can help you discover meaningful insights, request a demo and speak to one of our experts.
