Let’s assume that you own a retail clothing brand and want to understand your customers’ sentiments and current industry trends for staying ahead of your competition.
As a banking company, you want to know your customers’ perceptions as you’ve been witnessing a great churn rate because of cut-throat competition.
While it’s feasible to extract this data through tweets, social media mentions, posts, product reviews, etc., it’s not easy to analyze thousands of texts/subjective information without conducting sentiment analysis.
What is Sentiment Analysis?
Sentiment analysis uses artificial intelligence and NLP to analyze a piece of text to determine if its emotional tone is positive, negative, or neutral. For example:
“I love the new design of your website!” – Positive
“I’m not sure if I like the new design” – Neutral
“The new design is just awful!” – Negative
Although it seems simple, there are many types of sentiments to consider given that a single post or a tweet contains several.
Ways to Establish an Effective Social Listening Strategy Using Sentiment Analysis
- Compile Social Mentions: Use Google Alerts/Hootsuite/SproutSocial to monitor your brand/product mentions and extract contextual information with the help of scraping tools like Zyte or Octoparse.
- Filter Mentions: Categorize the extracted mentions as positive, negative, or neutral with the help of tools like Hootsuite Insights/Hubspot’s Service Hub/Brandwatch/MonkeyLearn and then identify the shifts in sentiments on a daily, weekly, monthly, and yearly basis.
- Prioritize Sources: Judge and rate an expressed sentiment, be it a post/article based on the kind of negative impact it would have and the amount of damage control necessary.
- Baseline Measurements: Knowing that your brand mentions/reviews/comments generally include 17% negative, 6% neutral and 75 % positive content in a week can help spot trends, and pinpoint/assess social sentiments in situations that occur in the future.
- Keep an Eye On Your Competition: With the help of Google Alerts, monitor your competitor’s negative sentiments and improve your organization’s visibility by emerging as an alternate.
- Address Reviews and Comments: Ensure to address queries, solve customer complaints, and express gratitude for positive as well as negative comments.
- Track sentiment Figures: Monitor and analyze negative/positive sentiments not just in the short term but in the long run as well.
How to Use Sentiment Analysis Data to Build Your Brand’s Reputation?
To achieve steady growth, improve customer experience and strengthen your brand’s reputation, it’s necessary to:
- Improve Marketing Efforts: Sentiment analysis can help companies understand what their customers need, like and dislike about their product/services by analyzing their reactions and feedback. Using this data companies can tweak their products or improve their services accordingly. By analyzing the impact of a marketing campaign, companies can further modify/improve its elements to establish better campaigns that can assist in other marketing strategies like social media, influencer marketing, etc.
- Analyze Customer Voice: Identify the negative/positive words, phrases and topics people discuss in relation to your niche or brand. Then direct your marketing efforts to make your campaign easily understood or relatable to your target audience.
- Handle Crisis: Preempt and handle a crisis before it blows out of proportion with the help of sentiment analysis algorithms that can swiftly spot negative mentions on various digital platforms.
- Discover Leads: With the help of sentiment analysis, companies can develop and target promotional offers, vouchers, or marketing campaigns at new prospects that require their services/products/solutions but aren’t aware of their brand.
While sentiment analysis can help make things easier and faster, the success of your marketing campaign still depends on the kind of crucial insights you find and how you make the most of these insights.
AiPlex is equipped with the right set of tools and talent to help analyze what people are saying about your brand. For better data-based insights, informed business decisions, improved marketing campaigns and brand image, please drop us a line.