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DEMAND FOR TEXT ANALYTICS

2016 Predictions: Demand for Text Analytics 

Posted on: January 26th, 2016 by:
Blog Categories: Text Analytics Industry Insights & Innovation

2016 Predictions Reveal Undercurrent of Demand for Text Analytics 

January is the month for prediction, and there is no shortage of future gazing in the Market Research and Customer Insights industry.  Like you, we’ve been reading and reviewing, and we noticed an interesting trend within the predictions – demand for text analytics.

Let’s take a look together at two recent posts from Leonard Murphy’s GreenBook Blog.  At the turn of the year, Lenny posted a two part series: 55 Predictions for 2016 by Research Industry Thought Leaders, and 61 More Predictions for 2016 by Research Industry Thought Leaders.

There are a few outright predictions surrounding the increased demand for text analytics and actionable insights, but even more interesting is that approximately a third of the predictions across the full set of 116 imply the critical role of technologies and practices surrounding data mining and analysis of unstructured customer feedback.

We’ll let you read and count for yourself, but in prediction after prediction by thought leaders across the industry, we see increasing focus on understanding the “why,” connecting to stories, adopting an integrated multi-technology and multi-source approach, increased automation, social listening, real-time research, insights for decision making, qualitative-informed quantitative research, and it goes on.

All of the above are either made possible or significantly improved in quality and/or efficiency with the application of integrated, optimized text analytics technologies.

Customer Demand to be Heard and Understood is Evolving Quickly Too

It’s not just that the industry is advancing.  Omni-present, multi-channel, multi-tasked, real-time technologies continue to draw out unsolicited consumer feedback like never before.  In prediction #4 in the “61 More Predictions” post, JD Deitch, Chief Operating Officer of Ask Your Target Market (AYTM) suggested:

“Legacy sample and panel companies, namely those who still think people… [are] willing to do long boring non-mobile-friendly surveys start to lose massive market share as exchanges and other sources take their place.”

Consumers prove daily that they are willing to tell companies what they need and want, but they are less and less likely to wait to be asked.  They simply pick their channel, speak their minds, and then expect companies to listen and respond – quickly.

From consumer trends to market research trends, we see demand for text analytics increasing dramatically.  In prediction #21 of the “61 More Predictions” post, Seth Grimes, President & Principal Consultant, Alta Plana Corporation, forecasted:

“While I’ve been all about text analytics for years, research & insights folks have remained skeptical. But given all-in adoption at organizations such as Ipsos — see my interview with researcher Jean-François Damais. With that said, 2016 should be the year that the mainstream’s aspirations will turn into adoption.”

Read more about how text analytics can make the difference, and contact us with your thoughts, responses and questions.

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