The marketing world is a hot topic gaining traction in recent years because it provides so much information about consumers and their behaviors. It is the use of software or a computer program to store, access, and analyze text to gain important information about a target audience.
What is Text Analytics?
Text analytics is the computer-aided processing and analysis of textual data to extract meaningful insights. The concept involves a wide range of tools that you can use to analyze large volumes of text data to identify patterns, trends, and correlations in data.
5 Benefits of Using This Method
Noise Elimination In The Data
In this analysis, noise is defined as non-relevant textual signals. Reducing the noise in data must be done carefully because those without relevant signals should be eliminated to prevent over-processing or misinterpretation.
This is considered to be the first benefit. By eliminating the noise or non-relevant information from the data, this method helps avoid giving those unnecessary signals a significant role in analyzing the statements.
You can use it for changing trends by analyzing trending topics and differentiating between current and past events. You can also use it to measure consumer responses. For example, at Verint, they have used a method to measure customer sentiment after the XM outage in New York. Their goal was to measure customer boredom levels, perception of service quality, and overall satisfaction to determine if the media campaign run by XM after the outage was successful.
Monitoring the Subject’s Behavior
Text analytics can be used for monitoring the subject’s behavior. For example, customer service companies can monitor and analyze social media comments to improve their customer service representatives. You can also use the system for analyzing sales volume to determine the best days to run promotions.
Every company has different goals. A business goal may be to increase sales. In this case, the company may run a promotion on Wednesday, a slow sales day, and check the data before and after the promotion to find a pattern.
Online fraud is a serious problem that affects millions of users every day. Most of the frauds are committed by hackers who try to commit identity theft and steal confidential information. You can detect and prevent such crimes in the digital world.
Governments are increasingly turning to this analytics for making better decisions. For example, using this method to predict crime trends, one can catch criminals before committing crimes or find out which areas need more police presence. This can be useful in securing our borders. Their use in government and military is mostly focused on the analysis of public sources of text data. You can use the data to predict and prevent crime and terrorism.
Text analytics is a powerful tool that you can use to analyze large volumes of textual data and extract meaningful insights. It is important to choose the right software and processes for attaining the desired output. Companies should always remember these five benefits of using this in all their business activities.