At Chatterbox Labs we have been fascinated by this infograph published widely online in the past month. The interesting thing is it only references 2012-2014; so what is happening now? A quick check right now shows an incredible 9,367 tweets a second or 562k a minute demonstrating a 62% increase over the Twitter stat shown!!
Social data is increasing worldwide as consumers use their mobiles to communicate in short form bursts; and critically we know consumers are using Twitter and other social networks to find reviews, recommendations and to demonstrate their intent to make a purchase. In our experience only 3-5% of the Tweets globally relate to this pre-purchase intent and post purchase chatter.
We are really excited about the latest release of our product ‘Path to Purchase’. We have spent 5+ years building our NLP Framework in academia; we used the framework to create this first product in our range. We aimed to be as disruptive as possible, to really stretch ourselves to the limits – and to be honest from early feedback we realise we are 2+ years ahead of other companies in our space.
When we baselined the performance of ‘Path to Purchase’ we were classifying messages at a rate of 146k per second in real time!! We use NLP and Machine Learning to cut through the noise and identify and classify pre-purchase intent in real time with a breathtaking accuracy of over 70%!! We take short form social data and classify it using advanced NLP and present the data for our partners to action. Pre-purchase intent is identified as -
In 60 seconds today we can find the almost 20k messages that relate to real people thinking about buying something NOW – we find this information so our partners can take action and help drive new sales and revenue. We even classify post purchase chatter – reviews, recommendations, disappointment – partners can use this information to engage with real customers; amplify them as brand champions or neutralise dissatisfaction.
Our NLP Framework can be utilised to address any real time interrogation of social data; identifying what you need and cutting through irrelevant information. It took us 5+ years of research and development but we think the world’s leading technology businesses will appreciate we took our time as they drive millions to the bottom line.
For more information or a demonstration feel free to reach out to Andrew Watson, VP Strategic Alliances at Chatterbox Labs (Andrew@chatterbox.co) or visit our web site for more information www.chatterbox.co