The Power Of Text Mining Techniques for Consumer Insights Teams PART 2

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The Power Of Text Mining Techniques for Consumer Insights Teams PART 2

The Power Of Text Mining Techniques for Consumer Insights Teams PART 2


If you are watching this video you have probably
watched the first part, where I explained the first 3 techniques to make sense of customer
feedback. If you didn’t, you will find the link in
the description. Don’t forget to subscribe to the channel
if you haven’t done it yet. But let’s get back to our list now Hello everyone, I am Riccardo Osti, and on a daily basis I help the world’s best brands become more successful by investing in the consumer experience. The next another topic I need to talk about
is understand what customers like and dislike about your product Running in the same vein, text mining also allows you to uncover what your consumers
like and dislike about your product. You’ll likely find some conflicting information
here — Consumer A might state that they like Feature A, but Consumer B might assert that Feature A is useless and doesn’t do much for them. Bearing this in mind, look at what the data
says as a whole instead of getting swayed by outliers and anomalies. If you have more data (such as data on your
customers’ Lifetime Value) and you have it by hand, think about analyzing your text
in conjunction with this additional data. You might find that: The majority of consumers who don’t like
Feature A tend to have a low lifetime value and won’t stick around long, and that Your customers who make repeated purchases have no issue with Feature A. If that’s the case, there’s obviously
no need to tweak your product to satisfy your once-off customers. That was just an example. Another key point is understand how customers
use your product You can discover surprising insights about
how your customers use your product via text mining and text analysis. For example, if you sell a travel kettle and
you find that several of your customers are talking about how they used their kettle to
cook pasta while they were on the road, then you’ve just discovered a whole new use case
for your product. Depending on your overall strategy, you might
decide to play up this use case and showcase it as an additional product feature. Lastly, but still importantly, you should
Narrow in on safety issues and other concerns Consumer insight teams can also rely on text
mining to flag out safety issues and other concerns that are important for the company
to note. For instance, if teams conduct a text analysis
and find that many customers are talking about how their product was dangerous to use or
malfunctioned in some way, then it’d be a wise move for the company to do some investigating
and find out if there were problems that arose in manufacturing. If that’s the case, the company might then
do a product recall and compensate their customers. This might not be an ideal situation, but
it’s preferable to dealing with scathing, reputation-tarnishing reviews on social media,
or worse, having a customer take you to court. Once again, I really hope you liked the video. If so, please subscribe to the channel by
hitting the subscribe button All the best and see you soon

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