Text Analytics Divulges First-Person Intelligence
Consumers are typically seem by businesses as those who buy or
use a product or service. The term conjures a one-way relationship
between seller and buyer.
Customers however, extend upon that finite definition to being
consumers that get involved in the marketplace via competitions,
chat rooms, blogs, quizes, polls, press etc.
These 'customer' interactions are often referred to as 'engagements'
or 'events', each of which represents an additional opportunity
for the marketer to build an additional link to the customer through
a positive brand exposure or product experience.
The smart marketer uses these events to learn more about the customer,
and what they think of their offerings. The challenge is to capture
some additional tidbit of information about a single customer with
every interaction, and to use that event as a trigger to do more
for your customer.
With approximately 75 to 100 million blogs and 10 to 20 million
Internet discussion boards and forums in the English language alone,
thats a lot of missed opportunities if business owners are NOT capturing,
and using this data.
Customer surveys, focus groups and interviews have not proven reliable
channels in the past to obtain unbiased feedback. Customers only
give you answers to what they’re asked, with opinions and
insights overlooked in scripted surveys. The more formal the channel,
the less reliable the information.
There are numerous technology solutions available attempting to
tag, sort, search, organize and manage much of this unstructured
data. However, the key is to extract validated insight about the
customers behaviour, desires, trends etc
The best place to capture this invaluable information is during
service calls and from analysing online entries, where customers
offer more truthful information, directly related to their own needs.
The power of the voice has never been louder than since the www
provided a global, unsolicited platform for individuals to rant
It is well known that customers find peer reviews are more influential
than advertising. Extracting structured logic from unstructured
data is the next wave in data warehouses and business intelligence
systems, to truly understand the customer.
This information is then leveraged across the entire organisation
efficiently and effectively. Customer analysis is becoming a core,
strategic part of the business. This requires:
Analysis of unstructured components of feedback and reports of
specific service or product issues.
Processes that automatically understand and analyze the detail
of the information found in this unstructured data, combine it with
structured data to give a comprehensive information base upon which
business decisions can be made.
Feedback to intelligence contains the details behind product successes
and failures. It helps marketers answser questions such as:
- How well is the product launch doing?
- Which marketing messages resonate best with which market groups?
- What are the most sought after features of our products?
- Are there any emerging product issues?
- Where should we invest our product development budget?
- Which products and services fit best with which market segments?
- Are our customers happy with our products, and why?
Traditional databases and business intelligence software is unable
to parse such first person feedback, let alone transform it into
any useful, actionable data. The solution that does provide this
capability is text analytics.
Proper analysis of first-person feedback using text analytics enables
enterprises to extract, categorize, structure and integrate data
from unstructured information to directly improve their products,
services, brands and profits.
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