Why Text Mining Is More Important Than You Think

Written by Common Computer Problems on August 14, 2017. Posted in Named entity recognition software, Sentiment analysis software, Text analytics tools

Name matching software

If you own your own business, then your days are likely filled with the need to understand how to improve customer experiences and what you need to do to increase sales. In fact, in recent years, technological advances have led to an astounding increase of information. By 2020, it is expected that the digital universe will reach a size of 40 ZB. And with so much information being added every single day, there’s bound to be data that can help you improve your business.

Take text analytics in social media, for example. Text mining software, such as name matching software and others, is capable of extracting data from users on sites like Facebook and Twitter. With Facebook’s near two billion monthly users and Twitter’s average 319 million monthly users, huge amounts of data in the form of opinions, reviews, and even preferences are created every single day. With the use of name matching software and text mining techniques, you can use this data to your benefit!

3 Ways Text Mining Can Benefit Your Business

  1. Offering Personalized Discounts.
    Companies can use text mining software to determine what consumers search for on their website, or even what products consumers look at on the site, but tend to choose not to purchase. Using this information in the latter case, the company can determine how to make the product more appealing. Another example is that companies can gain knowledge in what customers are talking about on social media.
    With this information, your business can personalize discounts to each consumer, based on previous purchases and social media mentions. And consumers love these personalized sales, allowing them to feel special and important to the company, while enjoying a seemingly exclusive sale. Your business is not only likely to increase sales through this method, but also an increase in profit on specific products.
  2. Find the Most Effective Medium for Communication with Customers.
    When planning your personalized discount strategy, it is important to understand how consumers prefer to receive such communication. With name matching software and text mining analytics you can make sure that you are using the best method to reach out to your consumers. Find out if they prefer receiving emails, text messages, or phone calls. And then tailor your strategy towards that!
    For example, should a customer visit a company’s website and look at a product, but then not purchase it, this could be an indicator that they are not ready to make the purchase. However, with data and entity analytics, the company can send an email a day or two later, if that is the preferred method of communication. Offering a personalized discount in this way, with personalized methods of communication allows the company to experience a greater chance in making sales!
  3. Efficiently Target Demographics.
    The theme here is personalized and targeted marketing. With these techniques, you can see the benefits by providing exactly what your customers want. By continuing to use name matching software, you can tailor your business to your customers and more efficiently target your demographics. With these strategies, you will have more information about the demographics of individuals attracted to your products or services, and will be able to make informed business decisions.

As you know, owning your own business can be difficult. There is much to consider when making decisions and determining the best way to increase sales and profits, while also improving customer satisfaction. And in today’s technology world filled with data and information, it’s important to find new ways to use this data to your advantage. With name matching software, you can find the best marketing techniques and new ways to connect with your customers!

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