https://www.zencos.com/blog/text-mining-examples-advanced-analytics/

Market Research: Find What Consumers Value Most

There are plenty of stats that can tell you consumers are interested in other's opinions and experiences. These statistics reveal that at least 90% of us are influenced by what we read. Even more so if it's a negative review - the sentiment resonates. In recent years, multiple sites have collected reviews for local eateries, vacation destinations, and, of course, consumer products.

A positive review is a form of social proof.

If your company is considering entering a new market or needs to research product ideas, why not start with online reviews from real users? This was the very idea that drove a major Amazon case study on pricing by a young analyst team.

They wanted to understand the best speakers available to purchase at the $150 price point. They theorized that if you're going to develop and market a new product, it is useful to understand what features are most valued. What a great business use case and reasonable example of analytics!

The team extracted data for five speakers based on popular brands that Amazon customers had reviewed. The data contained consumer ranking, price, and all customer reviews.

This data was a mix of structured data (ratings, price) and unstructured data (review text).

Using the customer rating, these junior data scientists wanted to learn which product characteristics influenced scores. The following figure shows the products with the final text topic extraction analysis.

Product Average Price High Rated Features Low Rated Features Manufacturer Rating Beats 3.6 $170 portability, sound quality charge port, price Altec Lansing 3.9 $160 sound quality, battery life noise, outer material Ultimate Ears 4.0 $146 waterproof, sound quality, bass, charger, speaker material battery life Bose 4.4 $160 sound quality battery, Bluetooth JBL 4.5 $149 waterproof, sound quality, Bluetooth battery life