Using Unstructured Text Data to Stay Ahead of Market Trends and Quantify Customer Perception
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With the exponential growth of social media and new touchpoints, customers are interacting with brands and organizations at a much faster pace, generating volumes of unstructured data in the form of customer reviews, feedback, preferences, trends, etc. Other metadata such as demographic data, transaction data or point of sale data, when combined with unstructured data can help organizations better understand consumer behavior and market forces, at a much more granular and deeper level. This enables brands to make effective business decisions for profitable growth. This presentation explains how unstructured data analytics can help in building a digital library of news, blogs, and research papers to keep track of changing trends and news, as well as creating a digital summary to ensure information from various online resources are used to ensure technology, product development, and customer experience teams stay updated about the latest trends. The presentation also covered and introduced our Unstructured Text Analytics Platform ("UTAP") which allows the automation of classification of unstructured text data to categories, enabling organizations to track customer categories/issues over a stipulated period of time, with faster and more efficient analysis of unstructured text data.
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Using Unstructured Text Data to Stay Ahead of Market Trends and Quantify Customer Perception
- 1. Using Unstructured Text Data to Stay Ahead of Market Trends and Quantify Customer Perception Presented by: Swaroop Johnson, Consultant (Analytics) July 13, 2016
- 2. of data generated is unstructured in nature, and growing exponentially of business executives complain that they have too much unstructured text data and are unable to interpret them There are incremental insights to be generated from the text data given willingly by your customers Our text analytics services cover all phases of the product life cycle, and the customer journey Imagine being able to predict future trends before it actually happens And then design a product based on customer feedback, and product reviews And track each customer touchpoint to identify customer queries and evaluate your customer experience program To evaluate net sentiment of your customer base with deeper analysis and insights than ever before Discover a new side of story telling by discovering hidden insights from unused sources of data 80% 40% © 2016 Blueocean Market Intelligence
- 3. Enabling incremental insight generation through comprehensive coverage of data sources © 2016 Blueocean Market Intelligence New Product Development • Key opinion leader blogs • Feedback/comments • Product reviews Customer Interaction Analysis • Call centre data • Feedback/comments • Call logs Digital Research • Technology blogs and forums • Technical papers • Journals and magazines Customer Experience Management • Microblogging sites/social media data • Feedback/user comments • Product reviews Brand Monitoring • Customer feedback • Survey Data • Social media/Twitter data Fraud Detection • Emails • Historical claims documents • Financial statements
- 4. Some Practical Applications of Text Analytics © 2016 Blueocean Market Intelligence 4 Aspect Extraction Text Classification Sentiment Analysis Summarization Article Extraction Topic Modelling Our Solutions T Customer Experience Management Time and cost for identification of customer and employee issues will be reduced Brand Monitoring Help companies to keep a tab of the health of their companies brand image by analyzing trends over a period of time Digital Research Reduces time related to topics and document searches by grouping documents
- 5. Examples
- 6. • Extract interesting and non-trivial patterns or knowledge from unstructured text documents • Identify different aspects /components of a single problem • Overall sentiments for a specific aspect under the business scenario can be extracted • Determine the underlying conditions that give rise to the reasons for the problem/phenomenon “the restaurant is situated at an excellent location and the food is very delicious. there are fresh barbeques served over the table as starters including vegetables mutton chicken fish and prawns. all too good to enjoy. the main course and desserts are available over the buffet table and the food variety is quite a lot to choose from both between veg and non-veg. well maintained and good seating arrangement ideal for business parties or with friends. the only drawback was that the seats are limited and during rush hours the guests need to wait until they get their turn. however it was a very good eating experience along with work mates.” Information extraction for deeper analysis of the business problem Net Sentiment 0.489 (indicates positive sentiment) Different aspects of the user review Location Excellent Food Delicious Reservation Bad Experience Good Service Good Entities Variety Excellent Non veg Good Main course Bad Barbeque Fresh* Desserts Good © 2016 Blueocean Market Intelligence
- 7. Topic Modelling to Understand Customer Perception Based on the article that we identified we were able to extract insights relevant to the marketing, and competition for XXX’s new YYY range of processors Topic modelling and article extraction solutions were deployed to create a story that divided the entire 384 comments into 20 topics These insights can be used to understand what customers are speaking and how they perceive Intel’s new range of processors, as well as evaluate the marketing and branding strategy Customers have expressed that YYY processors enable power savings Marketing Insights Customers feel YYY X86 provides high performance with low power consumption End users feel YYY processors are worth upgrading to as it a good improvement over previous generations Oracle’s AAA solves the heartbleed issue End users consider AAA to be a bit expensive Customers have rated XXX’s X86 processors as the most efficient out there beating AAA Competitive Insights © 2016 Blueocean Market Intelligence
- 8. Breaking down consumer reviews to aspects so as to understand purchase drivers, and drivers of positive, and negative sentiments (1 of 3) Client: Technology Approach Industry: Technology/Product/Smart Watch Business Challenge The client, one of the leading chipset manufacturers wanted to understand the fall in demand for its in-house smart watch product by studying consumer reviews from two most popular online retail channels amazon.com, and bestbuy.com The partner wanted to identify top purchase drivers, and identify the reasons behind negative sentiments, and the top activities the fitness tracker was used for Aspect Extraction • Identifying the key purchase drivers • Understand drivers of positive, and negative sentiments • Top use cases of the product were identified • Time wise trends with drill down abilities to identify reasons for declining trend Business Impact: Lexicon Based POS Tagging Tools used: UTAP, R, Python, KWIQVIS, SQL Server 2014, 14© 2016 Blueocean Market Intelligence
- 9. Breaking down consumer reviews to aspects so as to understand purchase drivers, and drivers of positive, and negative sentiments (2 of 3) Results Identifying the key purchase drivers Understand drivers of positive, and negative sentiments Top use cases of the product were identified Business Impact: Wrist Band Painful, Wears, Complaint, Flawed, Issues, Irritation, Return, Burn Sync Crashed, Restart, Fiasco, iPhone, Unstable, Sadly REM Validity, Quality, Incorrect, Poor Bluetooth App, Phone, Unpair, Mediocre, Worst Fitbit Versus, Comparison, Awesome, Biking Firmware iPhone, Confusion, Pathetic, Miserable, Fix, Crappy, Unresponsive Top Aspects across Star Ratings And Their Associations 1 and 2 star rating 3 and 4 star ratings 5 star rating Battery Life Phenomenal, Fantastic, Charge, Reliable, Activities, Great Screen Impressive, Suit, Pretty, Customize, Perfect App Phone, iPhone, Mapmyrun, Pair, Update, Comfortable, Great, Personalized Heart rate Accuracy, Appreciate, Run, Reliable, Fantastic, Customizable, Notifications, Swimming Waterproof Shower, Heart rate, Notification, Appreciate, Traveling, Reliable, Swimming Notification Text, Voicemail, Smart, Calendar, Reminders, Customizable App Phone, Update, Watch, Interface, Sync, Good, Annoy, Reconnect Heart Rate Sleep, Aerobic, Dancing, Positives, Runners, Comfort, Stylish, Accurate 4% 8% 19% 4% 26% 32% 7% Highly Negative Negative Slightly Negative Neutral Slightly Positive Positive Highly Positive Aspect Extraction 15© 2016 Blueocean Market Intelligence
- 10. Breaking down consumer reviews to aspects so as to understand purchase drivers, and drivers of positive, and negative sentiments (3 of 3) Output An interactive dashboard to enable understanding of customer perceptions, enabling the partner to identify drivers of positive, and negative sentiments, based on time wise trends. Consumer reviews are color coded with star ratings distributions, with drill downs available, for each individual sentiment, and particular aspect Aspect Extraction 16© 2016 Blueocean Market Intelligence
- 11. Introducing
- 12. • User friendly, flexible user interface: One touch data pre- processing (removal of junk/stop words/URLs, lemmatization etc...) • Automated text classification: Query classification for deeper and better understanding of customer queries • Makes text classification 60% faster than traditional methods • Preview screens for data extraction, and data cleansing • Sliders and input boxes for easy definition of parameters and data split • Pre-defined classification and sampling performed with the click of a button • Get Accuracy Score, Confusion Matrix Score and Classification Report to be downloaded in .pdf/.doc format Unstructured Text Analytics Platform (UTAP) © 2016 Blueocean Market Intelligence WINNER Innovative Technology of the Year 2016 Big Data and Analytics Awards
- 13. Low cost per comment, making it economic for large data volumes Economic Ability to handles millions of rows of textual data per day Scalability Each step of the unstructured text classification process is pre-built Automated Comprehensive coverage of data sources (structured and unstructured) Comprehensive Value add through innovative platforms © 2016 Blueocean Market Intelligence
- 14. Summary 80% of data generated today is unstructured in nature – CANNOT be ignored any more1 2 3 5 4 Call center data, social media comments/posts, open ended survey data etc. are some of the sources of unstructured data Incremental insights related to customer perception/trends/sentiments can be extracted by mining unstructured data Determine the underlying conditions that give rise to the reasons for the sentiment/perception/customer issue Unstructured Text Analytics Platform (UTAP) make the text classification exercise easier, faster, and efficient Digital Research help companies stay ahead in identifying upcoming trends6 © 2016 Blueocean Market Intelligence
- 15. Thank You For more information: Swaroop Johnson Consultant (Analytics) Blueocean Market Intelligence Email: [email protected] Website: www.blueoceanmi.com United States| United Kingdom | Dubai | India | Singapore