Benefits of Customer Sentiment Analysis

1. Benefits of Customer Sentiment Analysis

2. Emotions are important, not only in your personal life, but in business as well. How your audience feels about your products or your brand in general provides you with context necessary to evaluate your marketing and communications strategy.  • People will tell you what they want from your product – which features they miss, what they like and dislike. 

3. Part of your job is to spot all those remarks, draw conclusions, adjust your marketing strategy, and, ultimately, your product.   • The benefits of sentiment analysis and its use by business owners help them gain an advantage over their competitors. • Terms like ‘opinion mining’ and ‘text identification’ often describe the meaning of sentiment analysis as a suitable method used by marketers to recognize customers’ preferences.

4. The data gathered from customers’ responses like tweets, comments, feedback and any writing that’s related to products or services are studied and this process is called sentiment analysis. • Marketers and organizations are pursuing this process to stay relevant in the competitive field and to find a suitable way to advance their business.

5. As social media plays a significant role in almost every human’s life, most organizations are using it as the communication medium with their customers or other companies. • While companies use social media as a tool to interact with their customers, the comments and feedback derived from the customers are analyzed and used by companies as their guide to improving their products and services.

6. Key Benefits of Sentiment Analysis  1. Improve Customer Service • One of the benefits of sentiment analysis is being able to track the key messages from customers’ opinions and thoughts about a brand. • This helps the customer service department to be aware of any related issues or problems. • As the method allows the organizations to understand their customers better, sentiment analysis provides a clear picture of the problems and persuades the organization to look for a solution.

7. 2. Develop Quality Product • This allows the marketing team to research the current trends and customers’ preferences better. • The responses from the customers can be used as the guideline to improve the service quality, better future product development, reduce customer churn or improve how the product is presented.  • Remember “Whoever understands the customer best, wins” it is as simple as that!

8. 3. Discovering New Marketing Strategies • With more data and information gathered through sentiment analysis, the organizations could develop an effective marketing strategy. • The outcome from the strategies can be measured from the customers’ positive or negative key messages. • By observing the customers’ conversations on their social media and detecting the specific key messages related to your brand, specific marketing campaigns can be designed for the target consumers.

9. 4. Improve Media Perceptions • Another benefit of Sentiment Analysis is to be able to track the understanding of the journalists, writers, columnists, market analysts, media researchers or independent contributors towards the company, be it the product, service, company values, human resources etc. • This is crucial as any misinterpretation or negative connotation can lead to negative key messages which forms an undesirable perception.

10. 5. Increasing Sales Revenue • Sentiment analysis captures the impressions and moods of the customers and this is definitely a great way to improve sales profits! • As negative key messages are found and the marketing team works their magic to solve the problems and optimize the product quality, organizations can estimate a higher monetary return. • This is achieved by the management’s use of sentiment analysis for improving the products and services. In addition, customers feel that they are being heard and their needs are taken care of, thus improving a company’s image as well.

11. Types of Sentiment Analysis • Standard Sentiment Analysis • The most popular used type is the standard sentiment analysis as it recognizes and studies the expression and the tone of opinions about a product or service. • It helps to categorize the subjective details whether they are positive, negative or neutral data. For instance: • ‘I love how Product XYZ air-fry thaws the frozen food in a short time!’ – Positive • ‘I still need time to operate Product XYZ according to its various functions’ – Neutral • ‘Too many buttons and functions on Product XYZ, so confusing!’ – Negative

12. Fine-Grained Sentiment Analysis  • This is another type that focuses on recognizing people’s opinions but it provides a more precise output. The feedback gathered is ranked to 5-star ratings, which are: • Very positive • Positive • Neutral • Negative • Very negative

13. Emotion Detection • This sentiment type finds the customers’ feelings within the text or responses provided. • The words or feedback are observed and associated with different feelings such as happiness, frustration, anger, sadness, and many more. • The only downside is the confusion faced by the emotion detection system that recognizes the varied lexicons (list of words or emotions) used by the customers to express their opinions. • The example below describes how customers used the same word to portray both positive and negative perceptions of the product.

14. The data is usually mapped to 5 stars as ‘Very Positive’ to 1 star as ‘Very Negative’. Besides the mentioned common terms, other traits like feelings can also be used to measure whether the responses are positive or negative. • Words like ‘anger’, ‘sadness’ and ‘worries’ are associated with negative sentiment, while words like ‘happiness’, ‘love’ and ‘enthusiasm’ are linked with the positive sentiments.

15. What to Use Sentiment Analysis For • The use of sentiment analysis has been a great help for organizations to monitor their brand reputation and stay alert on any issues to arise. • This is achieved by analyzing the reviews and tone embedded in the text that can be retrieved from different platforms.  • Social Media Monitoring • Brand Monitoring • Customer Support • Customer Feedback • Market Research

16.  Takeways • The benefits of sentiment analysis like Tatvamare obvious, and are a great help in assisting organizations to understand what their customers think and feel about their brand. • Being a smarter support tool, sentiment analysis offers valuable insights for the marketers to research and produce strategic solutions that solve the issues or crises. • With this being said, there is no need for more guessing or making assumptions with zero data as clear analysis of customers’ opinions and reviews are readily available for every company.