Sentimental Analysis, to know what they said
We live in a time in which over 2.5 quintillion bytes of data are generated every single day, and it is projected to grow exponentially. In fact 90% of the total data was generated in the last two years.
So we can unequivocally say that the data one creates, if analyzed with the advanced tools of AI, then it can reveal a lot about ones beliefs, opinions, preferences and behavior with respect to the external factors one is subjected to.
Sentimental Analysis, an approach of NLP has the potential to make sense of the abundance of information and give it a comprehensible structure and help in understanding the needs of people in a better more efficient way.
It is a technique that works to detect the emotional meaning attached to a given text, wherein the tone of the message is classified into positive, neutral and negative; and with the right application of the approach sarcasm can also be perceived.
It can shape understanding out of information and be advantageous in leading many industries to their future trajectory of growth and enhancement.
a) Making sense of social media
300 hours of video are uploaded to YouTube every minute! Imagine the number of comments and wonder how much insight can be drawn if we could determine the emotional tone behind them. You Tubers can realize which content resonates with their audience and which doesn’t and the viewers can expect exactly what they want from the videos they watch.
Likewise it can help find patterns and hidden sentimental meaning of posts and comments on sites like LinkedIn and Instagram; consequently helping in social media market research.
b) Helping business grow and markets evolve with the changing consumer behavior dynamics
Businesses can diversify and grow multifariously by understanding the needs and feelings of their customers.
Business is not about pitching a product or a service to the customers, it is about providing them with a solution that offers them relief from a problem or discomfort.
Therefore the emotional analysis of the opinions and mindset of the customers is of great Importance in carrying out a successful marketing campaigning and in gaining control over the market. So deciphering social subjectivity from the textual feedback conducted or on the complaints filed by the consumers can prove worthy in the process of effective marketing.
c) Emotion Friendly Chat Bots
Chat bots have become a trend as the concept has helped a lot of companies, on a global level, to communicate more effectively and efficiently on their online platforms. A concoction of sentiment analysis with chat bots can revolutionize the process of professional communication by making customer experience more human friendly and cognitive.
You name the field of work and there Sentimental Analysis can be applied to reap benefits hitherto unimagined by many businesses. So let’s see what benefits it has to offer.
How Sentimental Analysis keeps you one step ahead
Every time someone mentions your brand name, you should be ardently listening, especially if it’s your customers; because every mention gives your company the chance to get an insight of the general sentiment towards your brand, products and services.
The right time to do this can be when you launch a new product, a new version of the same product, start a marketing campaign or make any big move; it would always be beneficial to know exactly what the people buzz about the most and how they feel about it.
It is needless to point to the fact that many of your customers can drop a product or the brand itself in name of just a poor customer service experience. With the rise of the influence of social media and various other forums, that one bad experience has the ability to cost your business multifariously. So the best strategy would be to find any loopholes in the customer care by examining the customer opinion for sentiments timely and take the negative feedbacks in your stride to improve your service provision. This could be applied when you launch a new product to gauge its shortcomings and take action accordingly.
Also it is easy to know what the loudest of your customers think, well obviously because they are loud and forthcoming in the process of keeping their viewpoint in front of your company, but you can get true insight and in depth knowledge about the reality of where your company stands by structurally analyzing all the viewpoints on your services by running sentimental analysis on anything that was ever written on the net tagging your company. This will help you to know how your company has evolved with relevance to time and reach out to most of your target audience efficiently. And stats stand in favor of the fact that it pays off to listen to all of your customers when it comes to your brand, not just the loudest and vehement ones.
Utilizing sentiment analysis to look at your product development can help your company keep an eye on what’s working and what isn’t; helping you to change the course of action of your approach towards the development of your product in the direction of optimization.
Oftentimes people prefer buying what their favorite celebrities set, what is commonly known as, trend. By tracking specific keyword searches, you can know what influencers are talking about your product and use it to boost your customers’ brand loyalty towards you.
With sentiment analysis you can track opinions in real-time with social media monitoring, you can evaluate if there is a sudden upsurge in negativity towards your brand. Your company could set up warning alerts that gives you prescience of any forthcoming PR related catastrophe, and take cautionary steps.
By analyzing employee surveys and studying them, you can deal with key problems in your company and workforce. This allows your employees to be heard, which is crucial for any company and make necessary tweaks in your business strategy and workflow. Employee sentimental analysis is resourceful for getting to know more about the health of your company’s internal functioning and it provides you with a blueprint to strengthen your roots.
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written by Sanya Nanda