It's staggering: 450,000 tweets, 3.5 million Google searches, 16 million text messages, 150 million emails - this is just a small part of what happens every 60 seconds on the Internet.
Despite these huge numbers, they're just a small portion of all the words that flood the net! Text, in general, has always played an essential role in communication. Now that customer interaction has shifted from the shop counter to the virtual shelves of e-commerce sites, the explosion of text data translates into several opportunities for retail as well as new challenges for analysts and communication experts.
Business Intelligence for retail, there's a lot of opportunities and things you can do here. One of these is helping you manage your corporate image on social media and online. It helps analyze texts, words and even emotions associated with your business and your products.
What allows Business Intelligence to do this is Sentiment Analysis, which studies published text content about companies and products written by others as well as text content they produced themselves. To further highlight the point, I'd like to show you three familiar scenarios for those who run a brand, store, e-commerce or digital communication business.
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Scenario I: Creating the perfect product description
Write. Delete. Rewrite. Publish. Edit. Your e-commerce platform manager or copywriter constantly tries to find the right words to communicate your products' quality and features to customers. The text must be short but appealing.
On the other hand, it must also be detailed enough to provide all the important information and features necessary. A Sentiment Analysis tool can be a big help in these cases. After writing a first draft, you can use the Sentiment Analysis tool to evaluate the text's effectiveness while also giving some suggestions on what words to replace to get the product or service description to an optimum level. Your copywriter will be able to work better when tasked with coming up with the perfect description.
Scenario II: Negative reviews
Once the article description is published, the next area of focus is user reviews. If they're positive, no problem. However, as soon as negative reviews appear, it's necessary to intervene appropriately. Even in this case, Sentiment Analysis is an invaluable tool. First of all, it draws its strength from a very important factor: timeliness. A monitoring tool that implements Sentiment Analysis can report a negative review to your employees in real time, thus gaining the time to avoid damages to your reputation.
Another challenge is identifying the most sensitive topics. Sentiment Analysis is able to identify the most "dangerous" words to associate your brand, product or company with.
Finally spam. For your employees, it's important to understand if the negative comment that is being handled has been written by a real or fake user. Sentiment Analysis is also useful as a spam detector.
Scenario III: Not just text
Now, you want to advertise your article. The ball is now in the hands of your social media manager who will try to make the your ad and content package even more appealing through the use of photos, gifs, videos and of course text.
All of this is then adapted to the best practices for each social network platform: Facebook, Twitter, Instagram, etc. Unlike most text reviews, your social media manager must also deal with different ways people can express appreciation or criticism. Aside from the classic "Like", Facebook has recently implemented a series of emojis that can express the different moods of users.
As you can see, we can classify content and predict those that will generate the most approval or those that will receive more negative emotions. Your social media managers can therefore have a tool that will enable them to build their post and achieve success and virality.
To find out more about Sentiment Analysis and Business Intelligence for Retail (methods, tools, KPIs to track etc.) you can download my free guide. Just click the button below: