A Guide to Sentiment Analysis APIs for SaaS Product Managers

2. A Guide to Sentiment Analysis APIs for SaaS Product Managers

3. Overview A sentiment analysis API can be instrumental in helping you ace this business strategy for growth. It extracts high-precision insights from customer experience data that you can use to improve your product and understand sentiment drivers that can help you in better customer targeting. You can track social media conversations to monitor areas in your product that need improvements so that you are always ahead of the curve as market demands change. A sentiment analysis API also helps you in this way for better brand reputation management.

4. The Sentiment Analysis Process With the complex patterns of algorithms working simultaneously and in conjunction with each other, the process in which the sentiment analysis API systems actually works is in straightforward steps. Step 1 - It gathers data from all sources. On a platform, you can upload this data directly from an excel file, or you can use the URL of the website or video you want. If you are scraping data from social media platforms or using data from your CRM tool, you may use an excel spreadsheet. If you want to analyze a Google review for your SaaS product, you may just use the URL. Step 2- Once this data is collected, the model will analyze all the text in the data including emojis. If it’s a video, all the audio will be transcribed and turned into text along with the comments that follow the video. The machine learning model will extract topics, themes, and aspects based on the industry it is trained in.

5. Step 3 - Now that all this customer data is collected, all of it is assessed for sentiment - positive, negative, or neutral. Aspect-based sentiment analysis is the best of all approaches because it gives you minute details on which aspect of your product or business received positive or negative feedback and why. Step 4 - All the insights that the model extracts are shown on a visualization dashboard in the form of charts and graphs. This means you can see sentiment trends of your product based on customer demographics. You can also see aspect trends that show how customers are responding to certain aspects of your SaaS product.

6. How Can You Boost Your Product Strategy With Sentiment Analysis? Now that we’ve seen how a sentiment analysis API identifies and extracts insights that are the most vital for your business, let’s see how this amazing technology helps you with your SaaS product strategy in a practical way. Know your customers - Once you have defined the overall business goal for your SaaS product, the most important thing to do is to truly understand your customers. Thorough and precise market research can tell you what kind of customers are your sweet spot based on the strengths and weaknesses of your product line. Sentiment analysis of customer feedback and opinions can tell you granular details about what’s working best for you or why you are lacking customer retention, and what you can do about it. After all, repeat customers are the ideal kind.

7. Understand market needs - Market moods and needs keep changing. And so do customer opinions based on subjective experiences. A sentiment analysis API helps you monitor these hidden sentiment trends so you are not caught unawares. Complacency and risky marketing strategies in a highly competitive environment can be detrimental even to behemoths. For example, look at the way the biggest SaaS success story of our time, Netflix, which posed a tough competition to cable companies, is heading for customer woes due to shifting strategies.

8. Monitor sentiment drivers- The fundamental question for any SaaS product manager to ask would be what is the single most important factor that makes your SaaS product attractive to buyers. And what are the key factors that could change a potential lead into a sales conversion? This is something that another great SaaS product, Australian design company Canva got right when it decided to introduce a design tool that could be used by almost anyone without coding or special skills. Canva understood that small and medium companies were unhappy about having to be dependent on design agencies for small design jobs that did not justify the cost. Knowing sentiment drivers of a select market-based, Canva today has more than 55 million subscribers and is valued at USD 40 Billion.

9. Finally As you can see from the many examples above, having a keen eye on customer sentiments and market drivers can go a long way in ensuring business success and longevity. As a SaaS product manager, you need to know exactly what kind of marketing campaign you can run that will give you the most return on your investment. You also need to make sure that your product has excellent differentiation from competitors, and that you have an almost real-time indication of fluctuating market sentiment trends due to various business factors. Automated, artificial intelligence-enabled sentiment analysis can be a game-changer in this regard. These APIs can be SaaS-based or are available on-prem. They can analyze multiple languages, data types, and data sources, and provide you with all the necessary insights you need for a great product strategy, at your fingertips, at any time.

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