Customers’ feelings – positive or negative – about a business influence their decisions to purchase that company’s goods or services. Often, the customers voice their opinions on social media channels and other outlets. This data can be analysed through sentiment analysis, allowing businesses to understand how they’re viewed by their customers. With this knowledge, businesses can make data-driven decisions to improve sentiment and increase customer loyalty.
The Role of Sentiment Analysis in Business:
The applications of sentiment analysis in business cannot be overlooked. Sentiment analysis in business can prove a major breakthrough for the complete brand revitalization. The key to running a successful business with the sentiments data is the ability to exploit the unstructured data for actionable insights. Machine learning models, which largely depend on the manually created features before classification, have served this purpose fine for the past few years. However, deep learning is a better choice as it:
- Automatically extracts the relevant features.
- Helps to scrape off the redundant features.
- Rules out the efforts of manually crafting the features.
Applications and Benefits
Sentiment analysis has many applications and benefits to your business and organization. It can be used to give your business valuable insights into how people feel about your product brand or service.
When applied to social media channels, it can be used to identify spikes in sentiment, thereby allowing you to identify potential product advocates or social media influencers.
It can be used to identify when potential negative threads are emerging online regarding your business, thereby allowing you to be proactive in dealing with it more quickly.
Sentiment analysis could also be applied to your corporate network, for example, by applying it to your email server, emails could be monitored for their general “tone”. For example, Tone Detector is an Outlook Add-in that determines the “tone” of your email as you type. Like an emotional spell checker for all of your outgoing email.
Understanding Sentiment Analysis
Sentiment analysis sifts through the wealth of unstructured data lurking in social media outlets, then analyzes it, giving businesses a better understanding of positive and negative feelings. These insights allow business leaders to better understand their customers’ likes and dislikes. With this knowledge, they can predict and manage negative feedback, shifting it toward positive interactions and experiences.