The internet is flooded with information and opinions, and keeping track of it all manually is impossible, especially when you are running a business. As a business leader, customer feedback is very critical for you. And that is where these AI and data visualization tools come in. These tools help businesses make sense of customer feedback with the help of Sentiment Analysis. It’s like peeking into the collective mood online. This way, businesses not only get to know their customers’ nerves but can also improve how they respond to them. After all, who doesn’t like a happy and wholesome customer experience?
In this article, we will discuss Sentiment Analysis and its top applications in business. Dive into to know how it is shaking things up on the internet.
What Is Sentiment Analysis?
Sentiment Analysis, also known as opinion mining, is essentially a distinct form of data analytics. It analyses the vast ocean of online content about the company – be it comments, reviews, or posts – and figures out if the vibe on the internet is neutral, positive, or negative.
If you are thinking about the how – it uses Natural Language Processing techniques and advanced technologies like Artificial Intelligence and Machine Learning to make meaning out of all the content and decipher customers’ overall sentiment.
Why is this relevant for businesses, you might wonder? Well, think of sentiment analysis as a translator of customer feelings. It seamlessly converts emotions and opinions into tangible insights. And the cherry on top? It’s all automated, saving the time and effort required compared to a human doing the same task.
Let’s throw some numbers into the mix – in 2020, a staggering 54% of companies acknowledged adopting new technologies to understand customers’ sentiments. Fast forward to the present, and these numbers are escalating, projected to surpass 80% by 2023. But, as with any advancement, there’s a catch.
The catch lies in the fact that not every business enjoys a robust and widespread presence across various internet channels, be it social media or email campaigns. Consequently, various applications of Sentiment Analysis come into play, tailored to help businesses understand their customers better and, in turn, serve them more effectively. Win-win for the businesses!
Join us as we unravel these diverse applications.
Top Applications Of Sentiment Analysis In Business
Customers connect with businesses through various channels, and managing the influx of data can be challenging. Sentiment Analysis empowers businesses to filter and leverage incoming data for various applications. Let’s explore the key applications of Sentiment Analysis in businesses.
Social Media Monitoring
If you’ve ever tweeted about service issues with some or the other brands on Twitter, you’re not alone. Social media is a platform where people express their thoughts about companies. Sentiment Analysis helps sift through this information, providing insights into how people perceive your products or services across social media platforms.
What’s cool about sentiment analysis is its ability to go beyond basic meanings. It can identify sarcasm, understand popular chat abbreviations like “lol” or “rofl,” and even correct common mistakes such as misusing or misspelling words.
A positive customer review isn’t just a one-time deal because it sets the stage for repeat business. Businesses have realized that it’s not just about ‘what’ they provide but also ‘how’ they provide. Therefore, businesses monitor their brand for valuable insights into customer sentiments. On top of that, you can do the same analysis on surveys and customer service conversations as well. Now, knowing customers has never been easier.
Sentiment Analysis isn’t limited to understanding sentiments; it’s a powerful tool for exploring trends and diverse viewpoints. Applying this functionality to targeted campaigns can be game-changing, whether to market a product or introduce a new feature.
Companies can use sentiment analysis to increase audience engagement and customize KPIs. This, in turn, can help companies craft more creative and wholesome messages for marketing and advertising. Oh! So that is how companies are making those cute ads and messages.
Analyzing Market & Competitors
Knowing your competition is crucial when you’re in the market game. With Sentiment Analysis, you can check out the market and what your rivals are up to. You can also check out how they are interacting with their customers.
This also helps build your voice and tone of the brand, helping you communicate with your customers better and make your brand message.
Managers often roll out surveys and feedback forms to understand how employees feel about their work experience. This information helps address any issues and find ways to keep everyone motivated. The Sentiment Analysis helps you pay attention to the tone of what employees say so that you can boost productivity and keep your team happy.
For example, IBM looks at how employees express themselves on their internal social network to figure out what matters most to them. It’s like tuning in to what your team is saying to make things better.
To grow, businesses need to know what their customers want. Understanding people has always been complex because we’re all about complex feelings and connections. However, as new technologies are emerging, Artificial Intelligence has made it easier for businesses to understand their customers from their online presence.
As the saying goes, “Customer is king.” To successfully offer the products or services to this king, businesses must understand customers’ preferences and behaviors. How well do you know your customers?