Is Your Company Using Entity Resolution Software to Reach Its Marketing Goals?

August 11, 2017 by - Content analysis software, Entity resolution software, Named entity extraction

Social media data analysis

How do they do that?
How do the advertisers representing the companies that you frequently shop find their way into your social media sites?
You know the routine. You spend a few brief seconds looking at a particular item online and within an hour that exact item, as well as other related items, starts to show up in your news feed. These sponsored posts serve as a reminder, a recommendation, and an incentive to follow through on a purchase that you showed an interest in.
Sometimes these sponsored posts work, sometimes they do not. Either way, however, it is difficult to not be impressed with the method.
It should come as no surprise that advertisers and marketers continue to improve the way that they reach their potential clients in today’s digital world. Through the use of name matching and identity resolution software, marketers are able to personally target the customers who are most likely to buy their product. With advanced methods like aspect based sentiment analysis and identity resolution software, in fact, the world is moving closer and closer to completely personalized marketing strategies that can help companies focus their efforts to those individuals who will purchase a product or a service.
Consider this information about the ways that today’s marketing strategies continue to evolve:

  • 319 million worldwide users are active every month on Twitter.
  • Facebook has 1.97 billion monthly active users worldwide. Both Twitter and Facebook generate an enormous amount of data every second.
  • By 2018, it is estimated that there will be 2.67 billion social media users worldwide. This is an increase from the 2.34 billion users in 2016.
  • Information retrieval, natural language processing, information extraction, and data mining are the four steps in the text mining process.
  • Even with all of the technology available, less than 1% of data is ever analyzed, according to the International Data Corporation (IDC) Text mining is the process that can bridge the gap to the missing 99%.
  • $3 billion is the current value of the text analytic market. This number is forecasted to double and reach almost $6 billion by the year 2020.
  • The three primary tasks involved in entity resolution are deduplication, record linkage, and canonicalization. The process of entity resolution is the practice of finding and linking mentions of the same entity across and within different data sets.

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