Sentiment Analysis: The Next Big Thing in Business

September 7, 2017

Inbound communications are ebbing into your company with every tick of the clock, and it’s the work of multiple teams just to tread water in remaining responsive.But being responsive is no longer enough. In the scrabble to give speedy service, we’re all failing to see the bigger picture. And the picture is this: ultimately, your flood of inbound communications carries the key to success.

About sentiment analysis

Sentiment Analysis is defined as the task of finding the opinions of authors about specific entities. The decision making capabilities of people are affected by the opinion and thought of people around the globe. The best place to capture the global opinion of the people is the social media. It contains plethora of data pertaining to different thoughts that people have while using a particular product. There is an explosion today of the ‘sentiments’ available from social media including Twitter, Facebook, message boards and user forums. The snippets of texts present are a gold mine for companies and individuals that want to monitor their reputation and get timely feedback about their products and actions. When customers interact with the company through their products or services, they put a voice of theirs on the social media channels like Facebook, Twitter, Foursquare etc. Sentiment analysis helps to capture customer views on this sort and do a client research to calculate whether an opinion expressed is mainly positive or negative. To the marketer, this data provides deep insights into consumer behavioral tendencies and present an opportunity to learn about customer feelings and perceptions in real time, as they occur without intrusion or provocation.

How Companies Can Take Advantage of Sentiment Analysis to Improve Their Business

Automated sentiment analysis systems can provide good accuracy results which can be the basis for taking business decisions. However, 100 percent accurate results cannot be expected as the system cannot understand the contextual puns, sarcasm etc. as humans. Though, even humans cannot be expected to be 100 percent accurate when it comes to comprehending the contextual data as people have different viewpoints and cognitive biases.

Possibilities for Businesses

With the ever-increasing tug-of-war among the competitors to attract and retain customers, it is vital for businesses to track and monitor the view and sentiments of customers not only towards their own products and brands but also towards their competitors’. Businesses, media agencies or even individuals can do sentiment analysis of brands, products or any trending topic to be equipped with the significant knowledge of public viewpoint.

The applications of sentimental analysis can absolutely be vast and varied. Let us take an example of Cola war. A Cola company ‘A’ launches a new energy drink in the market. Its competitor ‘B’, which already has its own energy drink available in the market, wants to know how the consumers are reacting towards the A’s new energy drink. ‘B’ does a Twitter Sentiment Analysis for the A’s energy drink. The report tells that 46% people have positive view, 29% have negative and 19% have neutral. Now, ‘B’ can devise its strategy considering the sentiment analysis result.

Let us take another example of a Hollywood setup. A newcomer John has been launched in the industry with a macho-man and action hero image. Now, his PR agency wants to know whether the audience is liking John’s macho image or not. What better then Twitter would it be to do to a sentiment analysis to know about John’s image? If the percentage of people having negative sentiments against John’s image is greater than positive/neutral, it’s high time for his PR agency to rework on the same.


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