2 Types of Analytic Tools That May Benefit Your Company

Is your company hoping to learn more about your consumer base through various forms of analysis? There are a plethora of ways to find out what works for your company and what might be working against it if you employ the right tools and research. All you need to do is learn how to apply these tools so that they can benefit your company in the long run. You can?t ignore your consumers and their desires if you want to continue to grow and succeed as a company. Turning toward analysis of their behaviors can be of extreme help in this area.

Interested in learning more about different types of analysis from sentiment analysis for brand reputation to text analytics in social media? Keep reading for more information about how everything from text mining software to entity resolution software could benefit your business.

2 Types of Analytic Tools That may Benefit Your Company

As a business, you should always look for ways to grow and expand. Even if you?ve had the best quarter yet or the best year to date, there is still room for improvement so that your company can continue to find success. One way to grow as a business is by turning toward your audience or consumer base and learning more about them through things like sentiment analysis of social media and text mining. Here?s two analytic tools to consider investing in for potential growth.

1. Text mining software

Text mining is one way to help analyze data that exists but has yet to be analyzed. Believe it or not, only around 1% of data that exists has ever been analyzed simply because there is so much data. The International Data Corporation found this to be true, and now it?s our responsibility to try and find new ways to analyze more data and quicker, such as text mining.

As a business, there are a variety of reasons to invest in something like text mining. Overall, the benefits of text mining software can be broken down into three main categories for companies. The first reason your company may benefit is that it can help a business gain more insight in regards to a larger range of documents and sources. The second benefit is related to helping protect the company. Text mining software can assist with issues like threat detection, compliance, and risk.

The third benefit that comes from text mining is directly related to the consumer. Through text mining, a business can actually learn more about what its customers are thinking. This can help a company learn about who their consumer base is and how to target more directly to its consumer base in the future.

For a little bit of overview as to what text mining is, here are the four main steps incorporated in this process. The first step is to retrieve the information for any of the abovementioned benefits. Next, natural language processing occurs. Then information is extracted from the data. Finally, the data mining takes place.

2. Sentiment analysis software

Sentiment analysis for brand reputation is one of the main reasons to use this type of software. When use the right way, it can be a great tool for analysis of various social media platforms. Since social media is so prevalent today, it is important not to ignore all the different types of platforms and how they could be used negatively or positively for your company.

For example, there are more than 1.97 million people who actively use Facebook. That is plenty of opportunity for any business to create their own social media profiles in order to create and foster a brand. Then, sentiment analysis for brand reputation can be used to help monitor how consumers are reacting to a brand and its products. At the end of the day, it?s one way to interact with your consumer base at a low cost. In addition, you can gather valuable information about their reaction to products and service and the brand that is being established.

Has your company considered using text mining software or sentiment analysis for brand reputation? Do you use any other tools that you find valuable to learning about your consumers? Let us know in the comments.