Why your Business Should Take Sentiment Analysis Seriously

Sentiment Analysis
Brands are expanding the horizon in a never ending endeavour to understand customer behaviour,and consequently bridge the gap. With the burgeoning of social media channels, app feedbacks, chats and messaging, Millennials are becoming pretty persistent in portraying their emotions honestly. Realization has ultimately dawned to companies that they can no longer ignore the voice of customers, and on the contrary, they need to closely observe them and channel their offerings accordingly.

However, brands are certainly not at the receiving end of things, and they can easily tilt customers in their favour with the help of Sentiment and Emoticon Analysis. In India, this process is slow to be truthful, but we can surely draw inspiration from the west, as they are doing an incredible job in this aspect. Most firms in developed countries have a dedicated media center which listens to customer behaviour by closely monitoring the opinions on products and services. What more? They have tasted success!

Before, we move further on this topic, let us make an earnest attempt to understand –

What Sentiment Analysis is?

It is a process in understanding customer sentiments that necessarily encapsulates their feelings, emotions, and opinions. Therefore, Sentiment Analysis is a method to extract key information from textual data with the application of analytics and language processing.

Essentially, deciphering the mood from textual data can be a cumbersome task. To make things easier, the process of sentiment and emoticon analysis aims to identify the polarity of the text – whether it is positive, negative, or neutral.

What Brands stand to Gain?

Customers were always opinionated. The only difference between now and few years back is that customers have multiple mediums to express their opinion. What used to be mere word of mouth has turned rather prominent with the proliferation of social networks. Nowadays, a simple tweet has the power to wreck havoc for any brand and also eat away a major chunk of the business.

By understanding the pain points of customers with the help of sentiment analysis, brands can steer their campaigns and offerings to better suit customer preferences. Moreover, customers are more susceptible to share bad experiences online rather than good experiences. Businesses thereby can mine this massive pool of information to gain insight and create customized strategies.

This means we can analyze social media mentions, app feedbacks, comments, emails, tweets, form submissions, posts, blogs and other sources of information. Furthermore, you can always look for the emoticon associated with the text, which will give you a fair idea about appropriate customer emotions.

Ameyo Emerge team conducted a similar sentiment analysis for a leading online grocery brand, by tapping into their Twitter mentions for around 10 days. What we found was exactly what we had suspected – customers being more open with negative comments compared to positives ones.

Twitter_Sentiment_Anaylsis_Grocery_Brand

Once you have indentified that there is an inclination towards negative comments and feedbacks among your customer base, you can choose to respond to them in a timely manner and thereafter ensuring that you take necessary steps to rectify fallacies. This will provide more business value than what you had originally hoped for. Some of the key components for Sentiment Analysis that are broadly used are – Amplification Rate, Applause Rate, Audience Growth Rate, Average Engagement Rate, and Visitor Frequency Rate.

So, if you are convinced that Sentiment and Emoticon Analysis can take your business to greater heights and play an imperative part to enhance customer engagement, shout out to us at Ameyo Emerge and you’ll be a step closer to your endeavour.

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