Text analytics happens to be the technique of extraction of useful information and details from the textual data in the unstructured form. Different pattern detection techniques, algorithms, and sophisticated data analysis, like Natural Language Processing and statistical pattern learning, are adequate for the extraction of supreme quality of information and details from the input text. Business organizations are more focused on opting for different text mining technologies to retrieve information from the unstructured data, after which such results are interpreted to satisfy the customers. It offers a helping hand in making the correct business decisions. With the rise in the growth in different text analytics solutions, the business organization will find a rise in the market share.
In this write-up, you will be able to find the applications of Text Analytics in the Market Research:
Understanding the customers better and giving priority to the product feature requests
To become successful in the business and boost the revenue of the company, it is a prerequisite to understanding the potential audience. There are a plethora of business organizations that look for streams of unsolicited and asked-for feedback. So, the business organization seeks product feedback, consumer service tickets, online reviews, experiencing the tracking surveys, product feedback, transcribed audio of different sales calls, to name a few. It is possible to track, understand, tag, and process the unstructured data with the aid of Text analytics.
The majority of the business organization’s product teams will continue to procure different suggestions and feedback for the new features and improvements. Text analytics is useful as it helps in capturing the data in a structured way. Most of the data is available in the form of complaints, unstructured ad hoc input, and reviews. It is possible to use text analytics software for capturing the data and choose the most requested features.
Qualitative research and measuring brand sentiment
Massive data volume is essential for machine learning. It is not possible to reap a lot of benefits as you apply the text analytics to the interviews or single focus transcript group. However, qualitative research might produce scale at times. There is a wide assortment of UX teams and products which have the capabilities of performing consistent user interview streams. After transcribing them, it is possible to analyze them. It will also help if you remember that online discussions of different communities and forums can be ideal in producing massive unstructured data volume.
Measuring brand sentiment happens to be another notable application of text analytics. When a customer wants to share his views about his experience of using a particular product, he chooses a social media platform. Text analytics is worth mentioning in this aspect as it helps in measuring the brand sentiment through social media listening.
Monitoring the trends and competitor analysis
A wide assortment of social media listening tools is available in the market, which has the ability to scan a bunch of products of the user-generated content. Text analytics is believed to be a suitable solution in this aspect as it is effective in tracking different trends.
Text analytics is also useful in analyzing competitors. In the competitive edge, it is essential to have the required information about the competitors so that they can stand ahead in the crowd. Analysis of competitors happens to be another application of social media tools.
However, it is possible to use text analytics for focused competitive intelligence. Every competitor will post the new updates, placed media, and content market confer an enriched data resource. It is possible to capture the materials with the aid of RSS feeds. After this, you can analyze it for specific keyword triggers.
Social media analysis
Text analytics are useful for the analysis of social media channel performance aka Sentiment Analysis Solution. It is helpful in monitoring and interpreting the texts, which are created from emails, blogs, and news, to name a few. Thus, text analytics is useful in analyzing the total count of likes, posts, and flowers of the brand efficiently on social media. So, it helps in understanding the customers and audience who are using the online content. Through text analytics, it is possible to conduct thorough market research. It will be useful for you to understand what is right and what is not suitable for your potential customers.
Risk management and fraud detection
A primary cause of failure in market research is the absence of risk analysis. Integration and adoption of risk management software are useful to the business organizations to remain updated while opting for the latest business market trends. It also plays an integral role in enhancing the capabilities of mitigating all sorts of potential risks.
Through Text Analytics, it is possible for text analytics to collect relevant details from a bunch of text data resources. In addition to this, it helps in producing the links, which exist between different extracted insights. Apart from this, it is useful to the business enterprise to access the information, which helps to control the risk management techniques.
Text analytics bring an opportunity for different domains that collect massive data in the form of text format. It is possible to employ such an opportunity in market research. With the combination of text analytics outcomes with the related structured data, it is possible for the business enterprise to process different claims faster. It is also useful in preventing and detecting fraud during market research.
Text analytics is useful in gaining vital insights into the business. Employing different text mining solutions is also valuable for analyzing customer responses on various social media platforms. So, the company will have a better standing of the product, according to the customer’s preferences. It also confers customized ads for targeting the potential audience for enhancing the avenue of the profit. Text analytics contributes to being the rapidly growing technology that has become the need of the hour for market research. Significant market research players are focusing on incorporating the capabilities of text analytics across different enterprise applications to ensure an improved business mechanism.
Author: Muthamilselvan is a passionate Content Marketer and SEO Analyst. He has 5 years of hands-on experience in Digital Marketing with IT and Service sectors.