The art of business is an exercise in understanding how to sell products and services. Beyond this primary goal, everything else a business does is virtually secondary in importance. This is why text analytics is such an integral part of understanding the marketplace in which a company does business. In fact, the ability to utilize current business and market data to discover customer insights and trends can significantly increase sales volume and revenue for any business in operation, and here is why.
Consumer Demand
Imagine if a product was about to explode in sales in the consumer marketplace. If a business-owner had this insight ahead of time, they could make certain that all their stores are stocked with the very item that consumers are demanding. In many cases, their stores might be the only stores carrying sufficient quantities of such a product for meeting market demand. Such a win could be a huge boost in revenue. Text analytics becomes a porthole to this kind of information, and the rewards for leveraging such insights could potentially spell huge profits over-and-over again.
Know Your Weakest Link
It is usually long after a business has failed that the reasons become apparent to a business-owner. Often this insight comes as a result of pouring over the data related to their business to discover what went so terribly wrong. Imagine if they had done this investigation before their company tanked. Text analytics plays a significant role in helping savvy business-owners identify and eliminate the weakest links in their companies; thus, helping to ensure that their business is not taken out by something that was completely preventable.
Know Your Customer’s Needs
It is common for business-owners to operate with little to know true grasp of customer sentiment and needs. As they guess which products and services to provide, there is little hard science backing up such decisions. To avoid this problem, utilizing the power of text analytics makes it possible to more accurately identify where consumer demand resides. This is not simply only good for discerning spikes in product trends, but it is also important in discerning the broader spectrum of products the business relies on as staples driving a healthy and consistent sales volume from one month to the next.
Name Matching
You may not realize it yet, but the name of your customer matters. It matters when you are communicating with them face to face, and it often matters just as much when you are contacting them via email and through other forms of written correspondence. For this reason, name matching software, like that available from NetOwl, can help with this. It’s always smart to get names and emails correct. This is especially important when determining full names from nicknames, multi-ethnic transliterations and carrying out other text analytic methods on names.
When you take hold of text analytics, your company will start to discover ways to get a leg up on the competition. You will market better, maintain better customer relations and better understand customer needs too. These enhancements to how your company does business will cause clients and customers to view your company as being more competent and better suited to continue doing business with than other companies who lack these key advantages.