How Understanding Opinion Mining Can Help Your Bottom Line

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There is so much information that is available to companies today that it is hard to really understand it all. It has been estimated that less than 1% of data that is collected is actually analyzed. This is according to the International Data Corporation (IDC). Proper opinion mining can help businesses harness the information from the other 99%.

To really get the most from opinion mining plans, it is important to fist make sure you understand what it is. The process of using text analysis to get a better idea of what motivates public opinion. Any text can be mined. When people think of finding what causes changes in public opinion, the first place they look is text analytics in social media but there is a lot more out there that can be used for opinion mining. When you look at calls to help desks, what web pages are looked at, forums on various topics and poll information, you can get a much better idea of what factors drive public opinion. Social media data analysis is important but is just the start to the data that can be mined.

Opinion mining is connected to its predecessor, sentiment analysis but takes the review several steps further. Whereas the latter only looks to understand how people may feel about something, the former looks to understand what makes them feel the way that they do.

Companies may not really understand what the point of doing opinion mining. It may be hard to see it but there is often a real connection between what one person thinks about something and what the general population thinks of it. A business may only hear about issues with a product or service but there are usually a lot of others who are silent but think the same thing. If you are able to take in a large sample of opinions, you can get a sense of what the public as a whole thinks.

Knowing how people feel about something is a good start but it is just that, a start. To get a full understanding of public opinion requires diving deeper into the data to see what makes them feel that way. When that kind of information is uncovered, businesses are able to get a better idea of where they strengths and weaknesses are. That can lead to the development of better services and products and will improve the bottom line.

When companies have a better understanding of what drives public opinion, they are in a better position to develop strategies that will work better with their customers and clients. This is helpful for businesses but also for political campaigns, where understanding what makes a voter have a particular opinion can help people working on campaigns tailor messaging that will resonate with more voters.

Another way to look at this is to see if from the perspective of a business. A hair salon may want to know what current and potential customers think about the service they get where they have their hair done. If they see that common problems people have are with the wait time or how friendly the stylist is, they can adjust their plans to address those concerns.

Even here, companies are able to go even deeper into the weeds with the data they are looking at. A business can break the data analysis to showcase how people feel about time for delivery, how well orders are handled (do people get the right products?) and how quickly people’s concerns are addressed. A retail company may learn that within their customer service department, people are happy with the response time but have problems with the delivery time for products they order.

There is so much data that getting to helpful opinion mining processes may seem impossible. Facebook alone produces a mind numbing amount of data. This company boasts about 1.97 billion active users every month from around the globe. The amount of data produced every second is staggering. For that reason text mining software has been developed to help companies better understand the needs and opinions of their customers and clients. Information really is power and using opinion mining techniques helps companies get the most from it.

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