Learn what you need to know about luxury social listening, data mining and customer sentiment analysis.

What it is, the way it works and what it can do for your business as a luxury leader and investor.

This will help you:

• Understand Brand Perception

• Define Business and Marketing Strategy

• Acquire and Keep Customers

• Create New Products and Services

• De-risk and Protect Investments

Luxury social listening and data mining is the process of collecting customer data and conversations from:

• Social Media Sites

• Customer Service Centres

• Review Sites

• Surveys

• Forums and News Sites

• Customer Chatbots and More

Often referred to as opinion mining; social listening and data mining allows you to understand what customers are saying about your brand and products and services.

Once you understand what your customers are saying. You will want to know how they feel about your brand and products.

Luxury leaders and fund managers, who invest in company stocks, want to know what customers think about their brands and it’s product and services.

Luxury customer sentiment analysis is the use of artificial intelligence to understand the opinions and feelings of customers.

Sentiment analysis is an artificial intelligence language model which is referred to as natural language processing.

Natural language processing or NLP is able to understand the sentiment or feeling of a customer review or comment.

So for example if a customer leaves a review saying a luxury product is ‘remarkable’ the sentiment analysis code will categorise this as a positive or joyful feeling by the customer towards the product.

If a customer leaves a comment on a brands social media page saying “Awful delivery experience” the code will categorise this a negative feeling.

The code can be used to also categorise comments into joyful, angry and other specific emotion categories.

Also over time it trains itself and builds on it’s intelligence to understand words often used by certain types of customers.

For example young ‘luxury sneaker head customers’ use words like ‘cop that drop’ which is a coloquial term for ‘I’m going to purchase that product’.

AI can also be used to understand brand perception.

I recently used my bespoke code and luxury sentiment analysis ai model to understand what luxury customers felt about Farfetch’s brand.

Interestingly this business intelligence and customer analysis shows that despite the well documented problems of the farfetch business luxury customers still love the brand.

These are insights that can be actioned by Farfetch’s competitors and investors to enhance their ecommerce offering and de-risk and protect investment.

I also discovered what luxury customers feel about Farfetch’s products and services.

Farfetch has developed over 15 years ,as the world’s largest luxury ecommerce company, a strong ecommerce offering.

Fast Shipping and easy returns are amongst the top reasons luxury customers customers purchase from them.

By understanding why luxury customers like your products and services you can increase sales and profit. You can fix the challenges revealed in negative comments.

You can also look at all the positive feelings of customers of your competitors and use that to enhance your products and service.