Extract structured information from unstructured text!
Market research is an important instrument to obtain valuable information as the basis for decision-making and strategy of the firm.
For all its usefulness, conventional market research also has an essential disadvantage. In order to gain information quickly and efficiently only a small sample of participants is used as a data source, which is comparatively costly. Social Media Data, which is used for innovative market research, delivers up-to-date results from a large number of consumers, but has the disadvantage of being so voluminous and unstructured that the needed quality of results is not immediately forthcoming. STRATEO CEA and the deployment of Text Analytics, is able to evaluate all written customer communications and is especially suited for interpreting the data obtained from Social Networks.
A predefined dynamic analytical model, which is fitted to the requirements and challenges of the firm, makes it possible, analogous to conventional interview and questionnaire based market research, to gather all relevant information and to interpret it in all directions in real time at a fraction of the costs of focus groups and at the same time includes all channels of communication. In addition the system reports new trends and critical factors, in order to interpret unanticipated answers to questions.
Deployment possibilities for Text Analytics
- Campaign evaluation – All channels can be assessed in terms of satisfaction and effectiveness of marketing campaigns; at the same time they make optimization possible, since context of negative feedback is uniformly interpretable and thereby is measurable
- Product design – Answers to open questions are just as easily interpreted as answers to closed questions; however, they allow customers more freedom in responding and often reveal deeper insights
- Diagnostic tool – All functional divisions of the firm and all lines of business are represented in the model; if something is not running as it should be, CEA notifies immediately and in detail where the problem lies
- Process optimization – Defective processes are corrected or restarted; CEA provides immediate feedback about the success or failure status of the changes
Example:
Market Research Project
In contrast to conventional market research, the CEA concept is dynamic. Each round of results obtained from inquiries generates new data requirements and types of questions that trigger new results.
A customer survey regarding the satisfaction following the purchase of a new product can easily be utilized to follow up with a search for specific deficiencies which cause possible dissatisfaction. In addition these new, enriched results can be generated by pressing a button to obtain Information from each of the other communications channels.
