Businesses are struggling to keep up with the pace of change brought on by new technology. To begin with, these technologies can be a bit intimidating. However, firms that are re-inventing them can gain a significant competitive advantage by better understanding their clients and their demands. One such emerging technology is text analysis.
What’s more is that you don’t even have to invest resources to take advantage of text analysis. There are numerous SaaS solutions such as BytesView to get started. And obviously the powerful Feedier feature that lets you understand exactly what your customer’s feedback is.
In this article, we will discover how text analysis help businesses advance in a highly competitive environment.
What is Text Analysis?
Text analysis is a machine learning and Natural Language Processing (NLP) technique can be used to automate and extract insights from unstructured text. It can be emails, social media conversations, customer support tickets, reviews, and surveys among others from all over the internet.
While NLP helps in understanding human language, machine learning (training the algorithm with data) helps it further increase the accuracy of analyzing textual data and extracting business insights.
Why Do We Need Text Analysis?
Humans are prone to make mistakes when analyzing large volumes of data. There are often inconsistencies in data analysis due to cognitive biases which vary for everyone. Although, text analytics allows speedy and reasonable analysis of large amounts of text and the provision of trustworthy data.
Text analytics techniques organize and handle amounts of data from social networks, emails, chats, webpages, and paperwork without effort. In addition, it allows businesses to make informed decisions based on analytical insights.
Having access to real-time data is a game-changer in today’s highly competitive business environment. Using text analysis to analyze this data enables firms to quickly identify and respond to critical issues. When text analysis is employed, it detects posts containing negative language, like tweets, likes, shares that imply urgency or negativity.
How to Take Advantage of Text Analysis?
Let’s see how you can leverage it to grow your business and get a competitive edge over your competitors.
In addition to serving communication, social media has evolved into a tool for promoting one’s business and promoting one’s brand. Social media is a great place for customers to communicate about and express their thoughts on the businesses they love.
Using text analytics to do sentiment analysis on social media data helps brands better understand consumers’ attitudes toward products and services. In addition, it will effect the relationships their customers have with the brands they represent.
Businesses go to great lengths to achieve and maintain their position as market leaders. Fake or exaggerated reviews are now commonplace on the internet and social media. As a result, customers are more likely to post negative evaluations on a whim. A company’s reputation can be irreparably tarnished by a single negative review that spreads like wildfire on the web.
Positive reviews are more likely to bring in new clients.
When it comes to brand monitoring, understanding the evolution of your brand, and identifying the factors that influence your brand in real-time is now more important than ever.
Data analysis can tell organizations “What’s going on”, but it can’t tell them “Why this is occurring”. Text analytics tools aid businesses in setting numerical data into context and figuring out why or how something happened or might happen in the future.
When it comes to sales, there are a slew of variables at play. With text analysis, it is possible to discover why a company’s performance has decreased or increased.
Customer Support Tickets
Businesses are always looking for ways to improve their customer service. Client service failures account for the majority of reasons for customer attrition. Customers’ concerns and suggestions can be gathered and used to improve customer service using text analysis tools.
Automatic ticket routing not only improves timeliness but also reduces the amount of manual labor and the associated errors. As an example, a customer’s query, “My order hasn’t been shipped yet,” will be examined and linked with a Shipping Issues tag that is automatically generated using text analysis.
This will also make it easier to provide tailored customer care, find the best employees, and define clear priorities thanks to its text analysis capabilities.
Sales and Marketing
A sales team’s worst fear is finding new customers.
Text analytics tools enable automation of such laborious tasks while also delivering useful and relevant insights to develop the marketing funnels.
Analysis of this data helps the sales staff determine if a potential customer will buy a product. The same goes for target marketing and advertising.
Developing a new product is not that easy, the same goes for upgrading an existing product. But the best way to get started is analyzing the needs and expectations of your customers and your target audience. Doing so can help you get a clear picture of what the customers want.
Another thing you should absolutely look at is what customers have to say about the competing products in the market. For example, you can identify which features are important and those that are not useful to the customers. It can help pick the right combination of features to add to make it more appealing to the customers.
It’s nearly impossible to process this massive amount of data quickly enough to derive useful insights. This is bad news for time-sensitive industries like healthcare.
Businesses receive a ton of emails and it’s difficult for them to manage. Also, they are also often subject to fraud or cybersecurity threats using fake emails. Using text analysis businesses can filter the emails with ease and identify the ones that matter. It can help them identify unnecessary emails, spam, malicious, and fraud emails while also reducing the chances of a cyberattack.
Text analysis is an emerging technology that has already proven its worth. Industries like banking & finance, healthcare, social media marketing, and more are now witnessing wide-scale adoption of customized text analysis solutions. It helps them manage large volumes of data. In addition, it arms businesses with valuable insights helping in making data-driven business decisions backing the growth of the business.
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