Why Sentiment Analysis is Key to Successful Brand Management
With around 2.5 quintillion bytes of data being generated daily, and a major part of it being human impressions and emotions regarding products and brand names, the success or failure of a company hinges on the word-of-mouth promotion and goodwill of customers.
Business owners can no longer afford to ignore this and must learn to value the influential nature of this data.
Modern business looks for ways to study this data and parse the human sentiments behind it. Sentiment Analysis (SA) becomes the logical solution to fill this need for insight.
Also known as opinion mining, SA is a technique that analyzes a large amount of online information regarding how customers react to a brand’s products and services. Through Natural Language Processing (NLP), the opinions, comments and emotions of customers are analyzed to provide an impression of the success or popularity of the brand.
This information is then presented in the form of visualizations and data.
Why Sentiment Analysis?
SA allows businesses to stay on top of feedback regarding topics such as their products, PR campaigns and other promotional efforts. It also lets businesses judge whether the topic in question is an asset or a liability to the goodwill of the company.
If your business has not yet jumped on the SA bandwagon, fret not!
There are many tools that provide you with custom-made reports, giving you a summary of both your products’ “health” and brand name across social media and traditional media.
Some tools offer more for your money, with the added element of human insight that goes into making the data more effective and intuitive.
For example: A tweet may read, “I got put on hold by customer service of (phone company X) again! Great! Just what I need to make my day!” The automated SA software may not pick up the element of sarcasm in this tweet, whereas the human eye will correctly quantify it under negative impressions, thus providing more accuracy in opinion monitoring and mining.
Here are a few more reasons why SA is imperative to the success of your business:
- Engineering campaigns that will resonate: SA and insights gained through a social media monitoring solution can be guidelines for tailor-made marketing and public relations campaigns focused on a specific target audience. This ensures that messaging and tone matches an audience’s voice, giving your campaign legs.
- Customer interaction: Studying the sentiments of customers can give businesses new ideas on how to better engage with their target audience. By taking note of previous negative experiences, customer support and other services can be made more efficient and useful. This is especially true for businesses in the service industry, such as hospitality and healthcare.
- Damage control and resolution: Daily reports on SA offer companies regular insights into customer feedback. It also highlights any crises that may have risen and allows businesses to tackle issues, even if it’s simply reaching out to a disgruntled customer. This helps customers feel that they’re being heard and that their feedback is being taken seriously.
- Lead generation and business opportunities: Engaging in SA also provides companies with more insight into market trends, helping them zero in on new opportunities for business growth and product development.
- Analysis of competitor performance: SA reports also help companies compare products and brands against top competitors. This kind of analysis enables a better understanding of what works best in the current market, helping companies anticipate movements before they happen.
Do you know what people are saying about your business?
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