Are you hoping to analyze data for your company? Maybe you specifically are interested in text analytics in social media for your company. If that?s the case, you probably want to learn all you can about your consumer base, who they are, and what they want to buy. So far, you probably have not been able to use much from text analytics to learn about your consumer base. It may be holding your company back from really finding success. With just a little more information about who you are trying to target with your product or service, you?ll be able to break down that wall and turn profit.
Interested in learning more about text analytics in social media and text mining software for your company? Keep reading to find out why this is such a useful tool for a company hoping to find and analyze their data for more information.
What Exactly is Text Mining and Text Analytics
Let?s start at the beginning. Out of all the information that exists, not much of it is ever gathered and analyzed to pull information from. In fact, less than 1% is analyzed according to the International Data Corporation. If that statistic is regarding a plethora of data, think about how much data your company alone isn?t gathering and analyzing that it should be.
That?s where text mining comes in handy. As a business, text mining can really help you in a variety of ways. The first way text mining is useful is that is can look at a broad range of documents and sources to provide you more accurate insights than ever before. Secondly, text mining can observe things like risk, compliance, and threat detection to provide you more accurate results. Lastly, text mining can help when it comes to customer engagement. This is one of the most useful aspects because it can really dive into what your customers are thinking. Therefore, you can learn more about them, their needs, and their wants.
When it comes to text mining, it?s a four part process. You start with retrieving information and the move on to processing the natural language. Next in the process comes the extraction of information. Lastly, you can actually mine the data. Once you have the data, that?s when text analytics can begin to happen. Once the information has been thoroughly looked over and gathered, you can use text analytics so do social media data analysis. You could always branch out into entity extraction and entity analytics if needed, too.
Why Text Analytics in Social Media Matters
In this day-and-age, if your company isn?t using social media to reach out to your consumer base, then you?re missing out on a large portion of consumers. On Facebook alone there are 1.97 billion active users per month throughout the world. Twitter has around 319 million users every month that are active across the globe.
With all of the data being created on those two social media platforms alone, it?s understandable why so much of it goes without ever being extracted or analyzed. Your company has a chance to make a turn and change things up, though. Now that you know that text analytics in social media is an option, you can start using this to increase your consumer base, learn more about them, and hopefully engage them better based on what you learn.
Once you know who your consumer base is, what they do, what their age is, what they want, and what they need, you can target your marketing to that specific consumer rather than to a broad range of identities who may not actually be your consumer.