Sentiment analysis, also commonly known as opinion mining is a crucial channel for brands to track what people are saying from a sentiment analysis perspective. Sentiment analysis is a process of determining the emotional tone behind words, through which you can gauge attitude, emotion or opinion of the consumer. Uses of sentiment analysis come mostly from social media where you can analyse on a broader perspective about what people are thinking or saying about certain topics. There are specific social media sentiment analysis tools which work to make the process less cumbersome, also allowing real-time monitoring capabilities. This is truly exciting, especially at times when social data is so widely available, sentiment analysis can prove to be very powerful. And this practice of extracting insights from social data is getting popular and widely used by many organisations across the world, from influencing stock markets to voter banks at the time of elections.
Automated sentiment analysis is a process through which you train the computer to identify the sentiment behind the words expressed automatically with the use of Natural Language Processing. Sentiment analysis measurement platforms apply various techniques and statistical methodologies to examine sentiments over the web. Some rely completely on automated sentiment, while others rely on statistical methodologies, there are also some which use a hybrid method.
Decisions made using sentiment analysis as a metric are very useful, more so when they are used in combination with other techniques, using it in isolation might not be a very good idea. So in an example, American Idol’s voting results for each candidate were predicted using sentiment analysis. At the base of this project, the company was not only analysing the social sentiment towards each contestant but also the volumes of social media mentions, so they were analysing the volumes and the sentiment along with the trends over the past few weeks, they found that the result was more accurate with the actual voting results, when they used a combination of the variable rather than the sentiment alone.
With the same philosophy, sentiment analysis along with other techniques will be of great use, to not only tell you about what people are thinking but to also analyse what people are thinking about your product in comparison with competitors. Based on these findings an organisation can,
- Tweak Marketing Strategies
- Accurately Evaluate Return On Investment
- Make Possible Product Modifications
- Better Serve Customers
- Be Better Equipped to Manage Situation of Crisis
- Build Positive Company Image and Thus Increase Customer Base
- Increase Revenue
Companies on a whole recognise the impact of sentiment analysis and are building insights to, enhance their brand image, attract new customers, they also use sentiment analysis for problem-solving.
To be more precise, wise organisations are strongly using sentiment analysis to be innovative in understanding the consumers and subsequently powering their brands.
Companies are using Predictive analysis to observe early trends in customer behaviour and thus track product feedback in the infant stage, insights from which can be used to drive the evolution of products or service development.
Companies are also using sentiment analysis for Brand Management, where they try to notice the trend between their own product or service with that of the competitors, by doing so it unleashes massive potential to get real-time feedback, to help drive strategies and evaluate its impact.
Another exciting anecdote from the world of Data Science, attesting the power of analytics and the evolution of it, which can impact our lives in so many ways. Sentiment analysis is very exciting and beneficial when applied sensibly with other variables.
Watch this space until next week for the big news!