What is Sentiment Analysis?
Sentiment analysis is a popular NLP (Natural Language Processing) solution where one identifies feelings and emotions expressed in words. Emotions are usually divided into three categories: negative, neutral, or positive.
What Are the Benefits of Sentiment Analysis?
Sentiment analysis offers several significant business benefits. Here are six reasons we recommend every business considers using it.
Get Feedback about Products and Services
As we mentioned at the start of this article, 56% of consumers think businesses need to develop a deeper understanding of their needs. What’s the issue here? A lack of customer understanding will severely impact any business.
But you can avoid such problems using sentiment analysis, drawing valuable insights by learning about your customers’ responses to your products and services. You’ll see what they like and what annoys them, enabling you to adjust accordingly.
Save Time and Reduce Your Overheads
Sentiment analysis is a fully-automated process that offers time and cost optimizations. An algorithm analyzes the data, saving employees from reading thousands of customer reviews, categorizing them, and sharing the insights.
Reduce the Risk of Unsuccessful Products
Companies launch over 30,000 new products every year, and 95% of them fail. With sentiment analysis, you can predict your customers’ response to new products or services before they hit the market.
Improve the Overall User Experience
Algorithms can detect a customer’s emotional state in emails, live chat, and more. This enables businesses to prioritize specific messages and notify customer support when a disgrunted customer needs an immediate solution.
Measure the Impact of Marketing and Sales Campaigns
Marketers and sales professionals use many tools to measure the effectiveness of their campaigns by analyzing metrics and KPIs.
React to Complaints in Real-Time
Did you know that just 1-in-25 unsatisfied customers complain to your company directly? But not to worry. With sentiment analysis, you can check for complaints, no matter where they’re published online. Sentiment analysis can gather information from any online source by tracking keywords, allowing you to categorize mentions as positive, neutral, or negative.
How Can You Use Sentiment Analysis in Your Organization?
You already know the benefits of sentiment analysis. And you know how to build it. But have you decided if it’s something you want to use?
If you’re still on the fence, here are a few ways you could deploy it in your organization. Bear in mind that sentiment analysis has near-limitless applications. Whether you run a business, NGO, political party, or otherwise, we bet you can find a use for it.
Popular Ways to Use Sentiment Analysis
Customer Support Analysis: Sentiment analysis combined with Speech-to-Text can convert spoken language into text, allowing you to analyze customer service conversations in real-time.
Social Media Monitoring: This is one of the most popular applications of sentiment analysis, enabling businesses to surface the mentions of their company and categorize statements as positive, neutral, or negative.
Market Research: Sentiment analysis is a must if you’re releasing a new product or just coming to market. It will show how your target audience perceives your product in the early days.
Customer Feedback Analysis: Sentiment analysis can analyze customer ratings on and off your site, helping you see what customers appreciate and dislike about your product, services, or other aspects of your company.
Competitor Analysis: Sentiment analysis isn’t just about your company. You can use it to track the competition, gaining insights into which campaigns or solutions from other companies earn the best response.
Processing Employee Feedback: If you run a large organization, sentiment analysis can help you monitor how your employees feel. Use it to analyze surveys and get an overview of your teams’ needs and concerns.
Conclusions
Sentiment analysis is a valuable tool that can bring significant benefits to your business. It can help you understand customer needs, reduce the risk of unsuccessful products, and improve the overall user experience.
FAQs
Q: What is sentiment analysis?
A: Sentiment analysis is a popular NLP solution where one identifies feelings and emotions expressed in words.
Q: What are the benefits of sentiment analysis?
A: Sentiment analysis offers several significant business benefits, including getting feedback about products and services, saving time and reducing overheads, reducing the risk of unsuccessful products, improving the overall user experience, measuring the impact of marketing and sales campaigns, and reacting to complaints in real-time.
Q: How can I use sentiment analysis in my organization?
A: You can use sentiment analysis in various ways, including customer support analysis, social media monitoring, market research, customer feedback analysis, competitor analysis, and processing employee feedback.
