Big Data is discussed everywhere today. Big data IS everywhere today. The idea of big data is compelling. In many cases big data is overkill. Although big data can help in identifying WHAT trends exist, the main question will always remain- WHY. Small data enters the picture here. What’s small data? Small data connects people with timely, meaningful insights (derived from big data and/or “local” sources) . Often visually organized and packaged, small data is accessible, understandable, and actionable for everyday tasks.
Data-driven segmentation derives small data from big data by relying on the ability to create and identify actionable data. This data demonstrates the worth of a customer/prospect to a company, how often they interact with the brand, their purchasing habits and preferences, their possessions and, most importantly, their feedback. Organizations armed with this information can drive the message more acutely and create an exponential effect on marketing efforts as well as improve their customer experience tremendously.
Segmenting the data by any number of factors and parameters allows you to listen to your customers effectively. When you regularly review your VOC program in a way that incorporates data segmentation according to customer journey topics, you give yourself the ability to refine and optimize the strategies.
Restaurants and Text Analytics
We recently carried out a research on the restaurant industry using twitter data. We employed the following methodology:
- Gather twitter data of the restaurants (TGI Fridays and Chili’s) for a period of 90 days (Q1, 2015).
- Apply Voziq’s unique categorization technique to filter out noise and segments data into useful categories – Data Segmentation
- Use Voziq’s visualization techniques to correlate these categories (data segments)
- Also Using Voziq’s sentiment analytics engine to get sentiments for user comments.
- Compare and spot the trends.
What did we observe?
- Through Sentiment Analysis:
- In general, people like the quality and taste of food in both the restaurants
- Customer service has not fared well.
- Through Category Correlation:
- Customer Service issues center around wait time and staff behavior in both the restaurants.
Now these are pretty specific and targeted problem definitions. The purpose of data analysis in business is to hunt for the correlations that identify issues and drive sales. Once you find these correlations, you can determine what to emphasize in the future for each segment. The more you segment your data, the more opportunities you have for correlating segments with better accuracy, timing, format and content.
Text Analytics-Driven Segmentation Drives ROI
To compete in today’s digitally-driven world, businesses across all industries must achieve a 360° view of the customer in order to successfully market to their specific needs. This in turn drives revenue growth. Such a comprehensive vantage point rises out of integrating data across all platforms and from all available sources to realize true data-driven segmentation. Investing in data unification solutions to achieve data-driven segmentation and a superior customer experience, regardless of the device used to access information, is the next step toward building a better VOC engine and achieving the ROI.
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