Do you remember the old Faberge shampoo marketing campaign? "I told two friends about Faberge shampoo and they told two friends and so on and so on and so on ... " The one with the great visual to highlight viral marketing?
The onslaught of blogs and social media sites has initiated a huge power shift INTO the hands of customers. This can be good (if your customer is singing your praises), bad (if they are not), or more likely both.
The reality is that this represents a huge opportunity for businesses to use all available data in decision making to help you understand not only what your customers look like, but what they think. During a downturn in any economy, the customer is the last bastion, THE touch point to help you better understand what they think about your products and services.
Text mining is the technology that integrates structured and unstructured data to help you better understand your customers, enabling you to surpass the competition, save time and save money. While blogs and social media sites put power into customers’ hands, they also can empower businesses. Consider the JetBlue fiasco, which generated outrage across the Internet . The JetBlue CEO publicly apologized via YouTube! Since then, some 338,000 YouTube users have viewed the apology. They gave David Neeleman four stars for his performance. What also came out of this media was the opportunity to mine additional information – customer comments in response to the YouTube apology about the flight cancellations and peer ratings about those comments. All the makings of a “goldmine” for text and data mining for decision making. Current manual processes are inconsistent, costly and time-consuming, with information typically organized by functional area, not across the enterprise. Decisions get made in isolation. It's clear that companies must have automated processes to mine data to consistently to identify and quantify customer/product issues. Text mining is that technology. Businesses are rapidly embracing this technology. Are you one of them?