By looking at the brands that tend to be mentioned together, you can learn more about who your closest competitors are as well as potential partners for collaborative advertising.
Stamford, Conn. (PRWEB) January 05, 2016
Quick! Think of a brand name. Which one comes to mind? Does the brand you first think of say anything about you? And what, if anything, does it say about the brand? OdinText Inc., a company that develops Next Generation Text Analytics software, has set out to answer just this in Text Analytics Tips, a blog series focused on sharing insights from brand research and text analytics. The research and tips intend to educate social scientists and marketing researchers on the power of text mining.
OdinText surveyed more than 1,000 Americans asking several ‘unstructured’ (text-based) questions, rarely used in research due to the high level of complexity when analyzing results. Next Generation Text Analytics can easily analyze and interpret complex text questions. Additionally, the software understands how various data are related to each other, yielding much deeper insights for researchers trying to understand human behavior.
“There’s a lot more information in even simple unstructured data if you know how to look, “said Tom H. C. Anderson, founder of OdinText. “By looking at the brands that tend to be mentioned together, you can learn more about who your closest competitors are as well as potential partners for collaborative advertising.”
According to the research, if a person is asked which brand of coffee he or she prefers and he or she says Maxwell House versus Folgers (for example), OdinText’s analytics can predict that the person is about six years older than if the person would have responded with Folgers.
Brand awareness and text analytics can discern much more about a person than how old he or she is. OdinText can analyze results according to gender, age, satisfaction and even political differences.
According to OdinText’s research, the brand Dawn is 10 times more likely to be mentioned by Republicans than Democrats (3% vs. 0.3%). The brands that surfaced the most with Democrats included Target (7% vs. 3%), Adidas (5% vs. 2%), Bose and Pizza Hut (both 1.4% vs. 0%), to name a few.
To learn more about the findings of the research, visit: http://odintext.com/blog/category/text-analytics-tips/.
Note to Editor: The U.S. nationally-representative sample was fielded to the CriticalMix consumer panel and yields statistics with a +/-2.91% confidence interval at the 95% confidence level.
About OdinText Inc.
OdinText’s Next Generation Text AnalyticsTM turns market researchers into data scientists. The powerful cloud-based software helps users discover patterns and trends in complex unstructured text data. Visit http://www.odintext.com to learn more or schedule a demo. Backed by Connecticut Innovations and private investors, OdinText is a privately-held company based in Stamford, Conn.