Would you be concerned about what people are saying about you? Most probably your answer will be, well maybe, it depends on what they are talking about and so on. But, if you are a business, your answer will be a resounding “yes”, because you know that what your customers are talking about which can make or break your business
But how do you know what your customers are talking about you? Thanks to technology now, you can easily monitor the chatter about your brand. Using the power of sentiment analysis, a big data analytic company helps the businesses to know what their users are thinking about them.
What is the Sentiment Analysis?
Sentiment analysis is also known in data analytics lingo as mining opinions. Sentiment analysis is essentially the process of aggregating, understanding, and analyzing the views of people about a particular brand. The term is also known as mining opinions in data analytics lingo.
Sentiment analysis as a process helps the businesses in understanding whether the underlying emotion about their brand is neutral, positive, or negative.
We are producing 2.5 quintillion bytes of data daily. Sentiment analysis can help your brand in gaining vital insights about your company. The insights gained through sentiment analysis can enable your brand to create positive sentiment about your brand by designing public relations tools.
Benefits of Sentiment Analysis
Optimize your marketing strategy
Conducting functional sentimental analysis helps brands in optimizing their marketing strategy as they can know if their marketing strategy is proceeding in the correct direction or not.
Evaluating the ROI of your marketing campaign
Sentiment analysis helps in evaluating the ROI of your marketing campaign. The ROI should be measured in terms of the number of likes generated and the quality of comments that the followers have made about the brand. Using sentiment analysis, the marketers can infer that which demographic segment is reacting favorably to the marketing campaign.
Improve the quality of your product
Sentimental analysis can also help you to increase the quality of your products. By analyzing the sentiments and opinions of people about your brand, you can understand the needs of the customer in a much better manner. Thus, it will help you in designing the perfect product, one that will satisfy the needs of the customer.
Sense negative perception quickly
By doing a robust sentiment analysis, the brands can identify on-time about the customer satisfaction level. It helps them in mitigating the ill-effects of the wrong customer satisfaction level. Sentiment analysis picks out the negative discussions about your product and lets your customer service representatives know about it. Thus giving you ample time to respond to these negative discussions as the earlier you react, the better it is.
By adjusting your marketing campaign according to the preferences of your customers, by improving the product quality substantially and by extending excellent customer support, you will increase the chances of gaining better leads.
As they say, in business, perception is more important than the actual thing. That’s why sentiment analysis is critical as it gauges the knowledge of your customers accurately. It allows you to take corrective measures quickly in case the perception is found to be negative.
Identifying underlying emotions
Sentiment analysis also helps in providing excellent audience insight. Sometimes it happens that the loudest members of the audience tend to mislead the brand in believing that the sentiment is negative. A classic case of an underlying positive emotion under a negative sentiment would be the Kaepernick ad of Nike. When Nike announced that it was taking the controversial NFL quarterback in its latest announcement, the customer sentiment was overwhelmingly negative. But once Nike released the ad, the sales of Nike rose by 31%.
Take Proactive actions
Sentiment analysis helps in deriving invaluable insights, which in-turn help in taking proactive action to eliminate any negative sentiment amongst customers. Sentiment analysis solutions provide you with automatic reports, event analysis, and support in making effective business decisions.
It helps in benchmarking the competitors and markets effectively by allowing the business leaders to gain in-depth information from various blogs, customer reviews, and social media posts.
The analysis not only tells what the perception of customers is towards your product/service but also lets you know why do the customers think what they think about your product/service. By providing you with the real reason why customers like or dislike a particular product/service, sentiment analysis helps you in identifying the root cause of the problem.
Enables to craft good PR strategy
Every PR professional needs to pay rapt attention to brand perception. By understanding the sentiment of the public, the PR professionals can deliver highly targeted and relevant content to the audiences. Sentiment analysis also helps the PR professionals in knowing what the thought leaders and influencers are thinking about their brand.
Understand the sentiment of your employees
Many companies overlook the feelings of their employees and pay the price in the long-term. It is essential to ask about the warmth of your employees as they are the people who live and breathe your brand. Treat them as your first customers, as they are the ones who have the first contact with any new initiative taken by your brand.
By conducting a detailed sentimental analysis of the sentiments of your employees, you will dig up a potential gold mine of data. You can identify critical issues in your marketing strategy or other areas of your company by conducting a sentimental analysis of your employees. By performing regular sentimental analysis of your employees, you will also identify potential employee satisfaction issues before they raise their heads.
Various approaches to sentiment analysis
In this type of sentiment analysis, we will create rules and then analyze the responses based on these rules. For example- using the phrase, “The service was GREAT”, will have more importance than “The service was great.”
The major drawback of this type of sentiment analysis is that you need to invest a lot of time and effort to set up and maintain the system. In contrast, the major positive is that it is entirely customizable, and you can craft the method according to your requirements.
In this approach, we utilize machine learning and create a fully automated system that is easy to manage and set up. The main issue with automatic sentiment analysis is that you cannot update the policy quickly as inserting new cues proves to be challenging.
In the hybrid approach, we use a combination of both, the Rules-based and Automatic approaches, that are mentioned above.
The final sentiment
You can apply sentiment analysis to many aspects of the business right from employee satisfaction, brand monitoring, enhancing product quality, and customer satisfaction.
Many brands have leveraged the power of sentiment analytics to make fantastic products, work faster, and improve the overall efficiency of the system. Sentimental analytics has evolved from being a high-tech fancy tool into an indispensable tool that will help in gleaning new insights from customer chatter into a much-needed tool for the businesses to scale their growth by multiple folds.