Pareto principle using word cloud to improve product or service rating quickly

We are currently working on an industrial challenge for a startup company as part of Executive MBA final semester project. The startup company is working on a virtual event video conference solution with better audience engagement options.

One of the founders asked us to do the competition analysis and also find out most valuable features of these products.

We picked up few competitors and 3~5 competition analysis sites where we can find customer reviews for those products. We wanted to build a word cloud to visually tell which features are being mentioned by the customers and also which are the significant ones. We went through few hundred reviews and built a word cloud using Mentimeter. Using the word cloud, we could easily analyse what kind of features users are looking for and among them what are the significant ones.

After going through this exercise, one thing that came to my mind is that this simple technique can also be applied to understand your customer feedback and address most significant issues to improve your ratings significantly. You might you have your customer feedback in App store, emails, call center reports, surveys etc. So just dig through them, identify key words related to the customer problem and build a word cloud to see the most significant issues that users are facing. And address them immediately to improve your ratings. This is in essence implementing Pareto principle using word cloud (You can improve your App or Service rating by 80% by solving 20% of the critical issues)!!