When you are communicating with your customers it seems as you are talking to some alien of other word. This is just a scientific compliment, customers and sellers come from the same world. But still they are aliens because a seller doesn’t know exactly what the customer wants and how he would react under a particular state of mind. And moreover you also don’t know as what the consumer wants or expects from a particular product. This brings us to the study of consumer behavior and intelligence.
Not all consumers are same and not all their wants can be satisfied with a single product. But here in opinion mining a set of consumers are evaluated and their demands and reaction to a particular product are analyzed. And on the whole an average is taken as the conclusion of whole evaluation.
In practical world, most of the companies don’t know about their consumers. Even those who try to get close to their clients struggle in getting reliable data and customer opinion. Who is the customer? What they want? Why they want? How they will get it? When they will get it? Is there a product or service available in the market that will complement their needs? Certainly these are the questions the answers to which all companies ought to know.
When today’s markets have got so much competition, it become quite essential for the companies to attract new customers and keep the existing ones inbound. The companies need to maximize the value of each customer and promote the most profitable ones. To accomplish that there is need of opinion mining or analyze all pieces of customer information. This allows the companies to understand customer’s profitability and his preferences.
Collection of data is just the half job done. And if a company is going to base their production based on data alone they are certainly going to be disappointed. Mere collection of data isn’t sufficient but there is need to evaluate the changing trends in the market and see how the consumer behavior has changed over time. Customers don’t just calculate what currently they are getting, but they are also interested to know as what they are going to get in coming years.
Here you need to conduct customer satisfaction analysis in the past, current market trends and expected future scenarios. And also this consumer analysis is going to be limited by a number of factors like particular product, segment, demographic or any variable that a business chooses to isolate. All these things are going to significantly alter the end results of your analysis. A little change in one will bring a huge difference in the comparable results.
The next step is determination of normal range of behavior as how a consumer reacts to a particular product for a specific period of time. And finally you are to evaluate the alarming signals from the market.