Social Listening Helps a Leading Banking Firm Analyze Unstructured Data
The present world is encircled within the boundaries of social media, where organizations are using it to reach out to the right people at the right time with the most insightful content. To leverage the benefits of social media, organizations across the globe are opting for social listening tools to effectively monitor conversations about the company, […]READ MORE >>
The present world is encircled within the boundaries of social media, where organizations are using it to reach out to the right people at the right time with the most insightful content. To leverage the benefits of social media, organizations across the globe are opting for social listening tools to effectively monitor conversations about the company, competitors, and other topics of interest. Also, beyond the conventional monitoring process, social listening allows the businesses to enhance content marketing campaigns, human resources, product management, business development, and customer support. With the help of special tools, social listening can help the company to implement an effective social listening strategy to track, analyze, and respond to conversations. Consequently, organizations should deploy the right tool such as Google Alerts or expensive suite software to monitor online customer support forums and further encourage customers to support new product features.
Quantzig’s social listening solution helps the client to adequately mine texts from social networking websites, blogs, and discussion forums. The client can further glance at the volume, context, and sentiment of online conversations and make real-time strategic decisions.
The Business Challenge
With evolving customer expectations and increasing emphasis on ‘personalization,’ a leading bank in the US had to depend on cold-calling to gain insights into customers’ needs. The client could no longer rely on relationship managers to satisfy and retain potential customers. Also, the client was facing challenges with the cold-calling success rates, which was less than 5%. They wanted to shift from a ‘one-size-fits-all’ model to a model that focuses on enhancing customer relationships by segmenting customers and mining their conversations on social media using machine learning approaches.
Key Objectives of the Social Listening Engagement:
- Analyze the web and social interactions to personalize customer services
- Understand the conversion themes around a particular area of interest such as auto loan, mortgage, and investment
- Understand primary concerns around the bank, policies, and primary reasons for switching to competitor brands
- Sentiment about the bank’s products and services
- Offer products as per the customer’s requirements and through their preferred channels
To gain actionable insights into the social listening landscape, Quantzig’s team of experts applied forward and backward listening approaches. Also, the team monitored relevant conversations both for current data (forward listening) and historical data (backward listening). Tracking topics for the previous year helped create a baseline of social media sentiment for specific events in customers life. To validate the obtained information, the experts also collated data from various sources such as Facebook, Twitter, and web portals for storing in a central repository.
For robust entity extraction, Quantzig’s social listening team applied natural language processing techniques and derived insights into names, locations, and life events such as graduation, marriage, and childbirth. In addition, we also leveraged the use of taxonomical term recognition dictionary to categorize and classify information based on the client’s business objectives.
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Social Listening Solution Benefits:
- Analyzed comments related to internal and external events as well as larger demographic changes
- Auto-classification of comments related to drug effects into categories such as auto loan, home loan, mortgage, and investment,
- Identify the locations and regions that were important in terms of volume of comments and interest rate comparisons
- Create a tag cloud for issues
- Leverage the use of top modeling to classify comments, phrases into major categories automatically
- Use algorithms to automate classification of comments into various categories
Social Listening Solution Predictive Insights:
- Create interactive dashboards to ease decision making
- Create network graphs to visualize the relationships between various terms and concepts as well as identifying influencers
- Identified important issues that various customers were discussing in terms of pricing, interest rates, and policies.
- Visualize positive, negative, and neutral sentiments for various products and services using pie-charts and word cloud
- Visually represent the locations on a map to identify locations of interest in terms of frequency and volume of comments
Want to know more about social listening?
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