One of the most effective ways to measure marketing and branding campaigns is to analyse consumer sentiment around them. Sentiment analysis of your brand gives you tangible data to review your strengths, weaknesses and business opportunities. Sentiment analysis is the process of identifying feelings and emotions expressed in words, through Artificial Intelligence.
Sentiment analysis in business empowers companies to spot negative or positive sentiments about their product or service with precision and take necessary steps to address those areas. Through the millions of comments and opinions that are posted in social media chatter, online surveys, reviews, and even videos, businesses can find insights and know exactly what’s expected of them and act in real-time.!
Sentiment analysis can benefit almost any area of business. Whether it’s in politics where political parties try to better gauge electoral outcomes for the future or finding out which hotel offers the best value for a budget vacation, sentiment analysis in the real world is becoming increasingly pivotal.
Sentiment analysis turns unstructured data into meaningful information. It is powered by Machine Learning - a part of AI that runs on algorithms that propel the software to keep learning and improving itself automatically through experience. Unstructured data gathered from social media listening, chatbots, medical and call center transcripts, survey responses, and the like can be powerful reservoirs of intelligence. They can guide focused, strategic change for overall improvement in a brand’s value proposition, brand experience, and value delivery.
The insights gained from sentiment analysis can help a company bring accurate change and transformation of their business. It can be in areas that are either creating the most negative sentiment such as product features, price, return policies, customer service, or prices, or areas that stakeholders are most positive about such as net banking, price match, and such. Overall, these strategic measures help businesses:
- Become more competitive
- Attract new customers
- Retain present customers
- Sell more products and services
- Reduce customer servicing
- Make customers more profitable
- Improve marketing messages and campaigns
Ronan Analytics has helped businesses extract insights from their customer data. Contact us to find out how sentiment analysis can help you.