This is Part One of a three-part series that will discuss the advantages of unstructured data analysis and the impact it has on business decisions. This piece will focus on the science behind “listening” to the data that is available. The next step in the process, which will be discussed in Part Two, is the integration of unstructured data with other internal and external structured data. That can only be done once proper data listening has been accomplished. The series will conclude with a discussion of the implementation and continued tracking of these data sets. Now, let’s discuss how we can listen to the growing forms of unstructured data!
The foundation of market intelligence is evolving as technology advances and intersects with the “Age of the Consumer”. Traditionally, market researchers have been limited to using small sample size surveys and focus groups to extract organic behavior information from the minds of their consumers. However, we live in the age of unstructured Big Data generated by today’s empowered consumers. In addition, until recently, the technology & methodology to “listen” to unstructured Big Data sets simply did not exist due to its messy nature.
It is imperative to understand the unique channels that today’s empowered consumers leverage. Consumers today turn to social media to share their unsolicited experiences, ask and answer questions, and offer advice. We use our mobile phones to complete open-ended surveys, send emails with complaints and questions, and communicate with product contact centers. The enormous volume, incredible variety, and explosive velocity of the data sets associated with these activities provide a perfect opportunity for companies to “listen” to what their consumers are saying. Let’s look at three examples:
- Social Media
Social Media, the largest single source of publicly available data offers rich unbiased & unprompted insights into the market and brand perceptions. Understanding this data empowers your brand to respond to the rapidly changing marketplace with agility and authenticity.
For instance, a reported 102.3 million patients turn to the Internet for prescription drug information annually, a number that has doubled from five years ago. According to Manhattan Research, more than two-thirds of all patients now use social media to search for medical information. This avalanche of data has given pharmaceutical and healthcare companies the ability to gain a deeper understanding of their consumer so that they can better measure their mindset, needs, and decision drivers along their journey. This contextual analysis offers insights into the Who, What, When, Where, and Why.
2. Contact Centers
That’s right – the contact center! Similar to social media, contact centers are filled with unbiased organic content via the conversations being had every day between consumers and contact center liaisons. Embedded in these conversations are customer-level insights that contain signals, trends, and indicators that can help improve overall brand strategy and performance. Brands that harness the power of these conversations can:
- Discover drivers of customer attrition
- Identify emerging opportunities and threats
- Improve patient experience
- Gain competitive insights
- Enhance education and messaging
3. Open-Ended Survey Responses
Surveys are a tried-and-true tool in the market researcher’s toolkit. Does your company conduct open-ended surveys? If so, how are these responses being analyzed and integrated into your brand strategies?
Unstructured data analysis of open-ended survey responses provides deeper insight into the Key Performance Indicators (KPI’s) and metrics that the surveys are designed to address. The results from the unstructured data analysis can also be easily integrated with the Net Promoter Score analysis to find additional drivers of loyalty and attrition.
An increasing number of business stakeholders are “listening to” the large amount of organic data available about their businesses brands, services, markets, and competitors. To harness the wealth of understanding from this big messy data—ranging from consumer insights to competitive intelligence—business units are turning to next-generation processing technology and complex linguistic modeling to distill relevant information and discover actionable insight. Ultimately, they’re using these powerful insights to set strategy, answer critical business questions, and drive innovation.
Keep an eye out for Part Two of our series! We will examine how businesses can take their unstructured listening data sets and integrate them with structured data sets in order to discover holistic insights and implement solutions which impact their bottom line.
ListenLogic provides unstructured data analytics and insight discovery solutions to leading corporations. From real-time enterprise risk sensing to deep insight into consumers, markets, brands and competitors.