Do you pay attention to the countless typed data available to your business? Social media comments, reviews, text messages, surveys, emails, loyalty program data, call center logs and so on. Text data is everywhere and it is unutilized by most businesses as it is seemingly impossible to extract its true potential. It is reported that unstructured data forms 80% of all data that is available to a business and it is the bonafide data treasure trove. Text analytics allows businesses to analyze large amounts of text-based data in a swift, consistent and scalable manner without any excessive resources or sophisticated tools.
By definition, Text Analysis (TA) is a process by which unstructured text is converted into machine-readable data pieces from which valuable insights can be derived. Businesses have to deal with heaps of unstructured data which is predominantly text data. Text from sources like product reviews on eCommerce sites, social media, emails, etc bears worthwhile information that reveals meaningful patterns and trends when advanced data analytics solutions are applied to it. Various methods of text analytics like sentiment analysis or linguistic analysis help businesses to make use of their unintelligible data which is squandered otherwise.
1. Better client management
The data from emails, chatbots, social media, support tickets are loaded with advantageous customer information. Text analysis of such data can enlighten the businesses owners about customers’ general expectations from the company and understand the sentiment towards the brand. It also reveals potential opportunities before it is too late and discovers issues before they go out of hand. For example, marketing departments can constantly monitor customer reactions to marketing campaigns on social media, and analyze text content and sentiment trends in real-time.
2. Public Relations
The possibilities of using text analysis extend beyond measuring customer sentiment. Nowadays brand image is shaped more by what customers speak about the brand than what the brand speaks for itself through marketing. A string of bad reviews or poor ratings can be fatal to a business. Text analysis and similar data analytic solutions allow businesses to gauge whether social media posts, reviews, articles, blogs and articles are positive, negative or neutral. Text analytic tools can cut through many forms of media across various platforms and provide results quickly and effectively.
Positive sentiment proves that the efforts, products and services of the brand are well received by the customers and too many neutral responses imply missed opportunities.
3. Lead Generation
Text analytics not only fosters existing customer relations but it also identifies and builds entirely new ones. The DNA of what a customer is looking for is encoded in pieces of online dialogues. With the right data analytics solutions and tools, businesses can sift through stacks of unstructured data and discover potential customers. For example, when someone solicits recommendations for a particular product or service on a social media platform, text analysis can identify if it matches your business and notifies you promptly.
4. Enhancing cyber security
The world witnessed an alarming increase in the number of cyberattacks in 2021. According to a research by Check Point, there was a 50% increase in cyber attacks when compared to the previous year and it amounted to 925 attacks per organization every week. When large companies with high-end security systems struggle to intercept attacks and leaks, smaller companies with limited resources become more vulnerable. Cyber attack information and tools are often shared by criminals through social media forums and dark networks using bots. By using syntactic analytics on such data, verb phrases, noun phrases and adjective phrases can be identified. For example, words such as hacking, hacked can be collapsed to their root word ‘hack’ and potential threats can be identified.
The volume of communication between businesses and customers via text is inevitably increasing. To succeed in such a scenario, businesses should be able to manage the influx of information and derive data-driven insights from it. Therefore, text analysis and the advantages of data analytic solutions have become a necessary tool for business development. Visit Site Lantern and find more about the futuristic and feasible data analytic solutions that can accelerate your business’ journey to success.