Digital marketing and SEO have brought a revolution in business organizations and made market analysis easier. It has made market analysis easier and more accurate with low cost in comparison to traditional marketing methods.
Anyone can promote their business online with less manpower and low cost and with the help of analytics and a search console it gets easier to analyze your business and track your campaign. It eliminates all the hindrances and limitations that traditional marketing had and gives a new prospect to market analysis.
But there are a few things that you can’t keep track of such as sentiment, emotion analysis, and intent detection. Although, it is important to keep a track of what people’s emotions and feedbacks are to your business which can be done through text analysis tools.
Text Analysis: Edge over the traditional business practice
In traditional business, there is a lack of accuracy in knowing what your customer wants and accurate feedback. A customer won’t criticize your products in front of you but if you go through amazon’s feedback list you might find a lot of comments where people won’t hesitate to give their honest opinion.
The golden rule of market analysis is to know the demand, taste & preference, and feasibility of your business. Ultimately people will only buy your product if it has its potential and it is important to take feedback.
Text analysis tools help industries in various ways and give an edge over other businesses. Once you get to know about people’s sentiments and their feedback, you can strategize your content and campaigns and make improvements to your products.
Many large companies put the interest of their customers first, listen to their criticism, and plan their strategies accordingly. Text analysis gives you a better understanding of your customers and their wants. The analytics just won’t give you an idea about their interests which is the biggest limitation in online businesses.
So, which text analysis tool in the market is the best?
Bytesview is the best and cheaper tool with every text analysis feature such as
- text extraction
- sentiment analysis
- topic labeling
- name gender classifier
- keyword extraction
- entity extraction
- keyword extraction
- emotion analysis
- semantic similarity analysis.
Benefits of Text Analysis in Market Analysis
There are a lot of practical applications of text analysis in different sectors and not just limited to businesses. With the help of sentiment analysis, we can improve customer interaction through various social media platforms.
Text analytics is also helpful in academic research, Students often need data for research projects, thesis, and assignments for academic purposes. Researchers and students need to deal with vast volumes of unstructured data. Text analysis allows students to gather, analyze, and interpret complex text data from multiple sources.
Daily, businesses generate a large volume of unstructured text such as emails, social media posts, reviews, forum discussions, and customer support tickets. It gets difficult to analyze and make an outcome of it. That’s where topic labeling comes into play and makes the whole process easier by adding the topic to all those texts and making the data structured.
Keyword extraction, also known as keyword detection, is a text analysis technique that extracts keywords from the text. Analyzing client feedback is a typical use case for keyword extraction.
Although, keyword extraction can assist you in analyzing client feedback and extracting keywords that phrase from reviews. As a result, you can gain access to insights such as customer opinions or brand perception.
These are some of the benefits that we have discussed with text analysis in terms of market analysis. There are many more used cases and benefits such as it helps in reducing customer churn, gives an insight into current tastes & preferences of customers, and monitors your brand.
BytesView is an advanced NLP-based tool that is the most effective way to extract valuable insights from unstructured data. Moreover, it can help you to improve marketing, customer support, and human resources effectively and with accuracy.
There are a lot of solutions that the BytesView text analysis tool provides to the users related inside and outside of the firms which could be helpful for businesses to grow.
BytesView’s Text Analysis Solutions
1. Voice of Employees
Employees are the heart and soul of any organization without them any firm cease to exist. Without any workforce and labor, it won’t be possible to conduct day-to-day operations.
It is crucial for any organization to take suggestions, ideas, and feedback from employees in order to have harmony in the workplace. With the aid of the Bytesview tool, you can gather and analyze huge amounts of text data in the form of employee feedback, survey results, reviews, etc.
However, it is important to reduce employee turnover in any organization. A positive work environment can improve long-term revenue, improve employee retention, improve employee morale, and saves time and cost in the hiring process.
2. Voice of the customer
Listening to customers, and taking suggestions, feedback, and criticism is important for any business organization to grow and compete in the market. Bytesview’s voice of customers solution can help you collect and analyze large volumes of unstructured customer data from various platforms.
Numerous platforms, including emails, support tickets, live chats with customer service agents, automated chatbots, forums, etc., are used by businesses to receive a large volume of customer support requests. However, you can keep track of customer data at every stage with the proper customer support data analytics.
Your support teams can be better equipped for all unforeseen emergencies and customer interactions with the assistance of the BytesView customer support solution. In order to increase the effectiveness of your teams, they can collect and analyze data from a variety of sources.
It provides comprehensive insights that can help you transform customer feedback into sources of focused improvement for your business. It will increase customer satisfaction and lower customer churn.
Although, experience is something that a customer craves and better engagement with customers and quick responses to their queries will increase the retention rate by nearly 55%.
3. Market and Competitive Intelligence
Digital marketing is all about getting aware of market trends and market analysis and planning your strategy accordingly. Furthermore, one of the most impressive applications of BytesView is market research. It can be hard to analyze unstructured text data manually text analytics solutions can help you analyze large volumes of research data.
Improve efficiency by not having to manually analyze various types of unstructured marketing data with guaranteed accuracy. BytesView is a highly efficient text analytics tool that can make research easy and analyze data from multiple sources.
4. Social Media Monitoring
Social media is considered to be the golden goose that lays a golden egg. If your engagement and campaign are vigorous and engaging you can gain a lot of customers from there. It can increase sales and revenue by nearly 8% and the lifetime value of the customer by almost 14x. Whereas, poor customer experiences result in losses of over $83 billion in the US alone.
The BytesView social media monitoring tool can gather and organize text with bad grammar, slang, hashtags, and complicated abbreviations into structured data.
It is more effective for collecting data and reporting results to further analyze the complex social media data in order to gain insightful knowledge about your company, brands, organization, or services. Although, this is why it is preferable to respond to social media mentions for data collection and reporting.
CONCLUSION
Finally, we have discussed all the prospects of text analysis and how can it improve your market analysis.
BytesView is the best and cheapest and most user-friendly tool in the market you can learn more about its feature on its website and the solutions that we are providing. In short, text analysis is an important part of market analysis and research because it is directly linked to customer emotions and feedback.
Dushyant is an enthusiastic and quick learner in all fields who likes to gain experience, loves to write, and works on his creativity. He loves to explore new things and information and has the potential to spread knowledge across the world. He believes in teamwork and helping others and has a strong belief in learning from our own life experiences and exploring more through our mistakes as everyone has a story to create. His hobbies include sports, drawing, learning new things, and a deep interest in geopolitics.
