Analyzing sentiment in the comments and opinions that swarm social media helps uncover what is essential for marketing departments and beyond. It helps track business performance based on customer and product satisfaction information and manage brand reputation online.
Sentiment. Do online comments matter?
The skill is in knowing how to take advantage of customer reviews and comments, which are abundant online. However, it is difficult to extract the ones that are relevant from all the online chatter. Every day there is a whole lot of conversation on social media about services, companies and products.
Social media is a very important space in business development today. It is one of the most cost-effective ways to conduct market research by analyzing customer opinions, and on top of that, it is time-efficient. It allows you to engage with customers – both current and potential – in a valuable way.
This is essential in the process of branding and resolving any negative or sensitive issues as quickly as possible. When we analyze sentiment in social media comments, we get express insights into various aspects of the business that ultimately affect profits.
These include the pros and cons of a product or service, changing market preferences, after-sales service and many other parameters. Today, up to 70% of companies use insights and knowledge from social media reviews to formulate brand strategy, and more than 60% find sentiment analysis data in reviews extremely useful for effective ongoing customer service and sales.
Sentiment analysis is a stepping stone to customer experience analysis and is done through machine learning (ML) models. These include neural networks, natural language processing (NLP), thematic categorization and finally sentiment and emotion analysis.
What does the knowledge coming from the network allow?
Here are some of the most important ways for companies to use sentiment analysis on comments. These include extracting in-depth information about customers and products, discovering emerging market trends, making sales or increasing market share. These include:
- Monitoring overall customer satisfaction;
- Improving the customer experience;
- Getting real-time consumer insights;
- Identifying emotional triggers in customers;
- Improving products and services;
- Building brand loyalty;
- Reducing customer churn;
- Training customer service employees;
- Training chatbots;
- Managing brand reputation;
- Monitoring changes in sentiment over time;
- Improving marketing content published on social media;
- Gaining competitive intelligence;
- Preparing for changes in market trends.
Branding is the focal point of all marketing efforts when it comes to products and services, so studying its image is about understanding how it is perceived by those who use those products or services. It’s also a way to learn the opinions of those who value the competition more.
Branding is basically a psychological phenomena created and designed by marketing to influence consumer preferences and buying behavior. It is the face of a company and the outer shell that the world sees.
Sentiment analysis. Examine your image!
Sentiment analysis helps companies capture what their customers are really saying about them by analyzing the feedback consumers use to express their feelings and emotions in published reviews. Whether these sentiments are positive, neutral, or negative, in the digital age it is important to use this to align your business with market trends
Consumer opinions are essential to understanding a brand. Companies can learn from consumer opinions to improve customer experience and create or change operating strategies.
Sentiment analysis can help a company examine its brand by:
- Discovering what motivates customers and stimulates purchase intentions, or fosters dissatisfaction;
- assessing the impact of marketing campaigns and creative strategies on consumer perception;
- understanding consumer opinions on product price, quality, reliability, user experience, etc.; and
- benchmarking against competing products, services, and brands;
- analyzing and comparing different consumer segments and share of voice.
The three main ways consumers express their feelings and opinions about a brand? They are product reviews, consumer surveys and social media posts.
The challenge for marketers is to collect, analyze and summarize these myriad opinions. This must be done in such a way that their results are understandable and actionable.
Using both topic-based sentiment analysis and machine learning and artificial intelligence, Sentimenti can help analyze customer sentiment and opinions.
It doesn’t matter if it’s qualitative or quantitative research. An important part of branding is understanding what’s behind the content of comments. By doing so, you can gain deeper insights into the minds of consumers or prospective customers, and that’s another step to improving your offerings.