Text Mining: Magic Market Prescience and Machine Learning
When it comes to data, the world is in no short supply. Every link you click is recorded on a server somewhere. Posts on social media, messages, pictures, advertisements, and reactions that you see and participate in are all recorded somewhere. The problem is, it’s all disorganized. Gathering instances of like data together is an important and often complicated task, but the rewards show potential. For example, if you could gather strings of random, unstructured text and structure it, you would be on your way to understanding where individual data points come together.
The method by which you come to have useful, meaningful and leverageable structured text is called text mining. Algorithms hard at work will perform lexical analysis, pattern recognition, information extraction, predictive analysis, semantic extraction, and many other functions. Structured text categorization and structured data can ultimately help you understand your customer base better in three different ways.
- Accurate Insights
The broader scope of this mechanization of text sorting allows for more documents and sources to be explored and analysed. It can take away the stress of learning laboriously about your customers.
- Risk Mitigation
If there is any risk to your company, be it in the form of a competitor or shifting market sentiment, text mining and sentiment extraction are a quick and efficient way to find out. Monitoring competitors blogs for signs of a market threat to your company, or monitoring your own blog or feedback for signs of lost compliance are great ways to utilize this technology.
- Customer Engagement
You can discover what is effective at generating interest in your brand, learn what people find unlikable, and how to direct the conversation toward what people are more likely to engage with. All of this is presented to you in plain English early on in customers’ initial reactions.
Text mining is a mind-bending idea that shows just how powerful machine learning could someday become. Even now, the effects of understanding large chunks of consumer data on a more intimate level than your competitors could give you a monumental competitive edge. If you think your business is ready for better customer interactions, more knowledge about the market than one person can ever have, and the ability to casually sidestep risk, then get in contact with us today.