Sentiment analysis in simple terms refers to the process of determining the emotional intent behind a statement. It is basically reading between the lines and deriving the emotional tone behind a statement, that allows you to understand the opinions and attitudes conveyed within a mention.
- Customer experience: Getting customer experience regarding their product or service is what brands value the most. In a recent study, it was found that 45% of people share bad customer service experiences and 30% share good customer service experiences via social media or review platforms, which highlights the necessity for brands to mine this information to gain valuable insights. This is where sentiment analysis comes into play. It does a thorough text analysis using natural language processing, understanding the attitude or opinion of a customer behind a statement and presents it to you segregated as positive, negative or neutral. This also gives you a chance to convert a poor customer experience into an amazing one. After all, today's loyal customers are tomorrow's influencers.
- Machine learning and Artificial Intelligence: Well, everyone is aware of the fact that we are living in the age of artificial intelligence. The uses of AI is quite prominent in today’s world. AI and machine learning are just taking the game to the next level. Earlier analyzing an individual’s viewpoint or mood from a piece of text was not an easy task and that too mining them out from this huge clutter of data available online added to the constraints. Apart from it traditionally brands were dependent on focus groups, surveys, workshops to gain insights into their customer opinions and feedbacks. But today with advanced technology, businesses are able to harness the power of AI and machine learning to derive the exact meaning from text and dive into opinions and feedbacks of customers, driving actionable insights from them, identify trends, pinpoint problems and potentially bring more business.
- Measure the ROI of your marketing campaigns: Increase in the number of followers, likes, comments or shares are not the only criteria that measure the success of every marketing campaign you undertake. The number of positive discussions and mentions that you are being able to develop among your customers also acts as a vital factor in measuring the success equation of your marketing campaign.
With sentiment analysis into action, you can see the actual number of positive, negative or neutral mentions that took place amongst your audience. Hence, by combining the qualitative and quantitative measurements, you can calculate the exact ROI of your marketing campaign.
- Strengthens good PR practices: Brand perception is something which every public relation and corporate communication professional must pay attention to. It is the responsibility of a PR personnel to guarantee that the message they share to the public is targeted and relevant. And that can be done more easily by knowing what their target audience exactly feels about specific topics, which is exactly what sentiment analysis does.
Sentiment analysis also facilitates keyword monitoring for PR professionals, which allows them to discover thought leaders and influencers that are already talking positively about their brand, apart from hearing what their audience has to say.
- Higher rate of conversions: Improved customer experience, better product quality and catering to the needs and wants of your target audience results in successful marketing campaigns which in turn boosts the sales revenue and it's only possible with accurate sentiment analysis. So, if you are experiencing dropping leads and lack in sales, sentiment analysis is what you should go for.
Now, as you know what sentiment analysis is and how it is helpful for businesses; let me explain to you how does it exactly works.
Here, the review given by a customer on a review platform after visiting a restaurant, states that-
“Mocktail is good..but service is not that good”, which means that the quality of mocktail was satisfying for the customer but the service was not good at all. Now, the occurrence of the word “good” two times in the statement does not mean that you need to be happy about it!! Sounds confusing? Don't be. Here, our natural language processing comes into effect. It determines the emotional tone behind the statement and segregates it as positive, negative or neutral.
However, this particular statement comes out to be a “neutral” one.
- Sentiment Analysis in Customer Experience:
Receiving consumer opinion has always been very valuable to brands and in today's digital era, a major part of those talks are happening online. Our customized AI algorithm analyzes qualitative reviews with natural language processing to help you understand the digital perception of your brand.
- Sentiment Analysis in Brand Monitoring:
Be it social media monitoring or web monitoring, you get to know what your customers are talking about you and your competitors over various online platforms such as blogs, review websites, news articles, social media etc, with that extra dose of sentiment analysis that segregates the given statements as positive, negative or neutral.
- Sentiment Analysis in Competitor monitoring:
You can monitor your competitor's position among the audience, track their voices and ultimately convert their negatives into your opportunity. This is how you can capitalize it. Amazing, isn't it!!
- Sentiment Analysis in Online Reputation Management:
By sorting out the negative statements, especially the critical ones and responding to them as soon as possible, you can prevent a full-scale PR crisis.
- Sentiment Analysis in Campaign Analysis:
Once you are done with the sentiment analysis and have complete know-how about the positives and the negatives of your brand that's been going around over the internet, you can make further strategic decisions or run marketing campaigns depending on the valuable insights from the analysis.
You may also have a look at our Limeroad’s case study and see what sentiment analysis actually mean for a brand.