Sentiment analysis refers to the application of contextual text analysis to is a term used to describe a marketing technique that benefits business owners in a major way. Also known as opinion mining, sentiment analysis takes the public opinion via reviews of an event, service, or product and analyses the data. The result is quality information that can be used to learn what your customers think and use that data to your advantage.
Many companies are overlooking sentiment analysis because they just don’t understand how it works. By learning more about the concept, you will clearly be able to see what it can do for you and how your company can benefit. Take a look below at the overall concept and learn more about it as well as why the process is so important for the marketing process of your company.
What is Sentiment Analysis?
Sentiment analysis is the measurement of the attitude of a customer towards a product, service, or the larger brand. In the marketing context, sentiment analytics is crucial to gauging customer perception of your brand.
Say, for example, you run a bakery business. Your analysis comes back that many comments use the term ‘too sweet’. This fact would help you to see that in 100s of reviews, a certain percentage of customers think your products taste good but are too sweet.
Sentiment analysis tools will take the review data and determine the focus, as well as the emotions and feelings connected to the piece. When it comes to products, you can use emotional data to discover things about your products.
For reviews and reputation, sentiment analytics is a valuable measure of your brand perception amongst your target customers. A sentiment analysis tool will typically classify the reviews of a company based on if the piece is neutral, positive, or negative.
To satisfy another demographic, you could add baked goods to your menu with less sugar. You wouldn’t know to do this if you did not have the data from the sentiment analysis tool. You would see the comments but having the tool at your disposal allows you to gather data in groupings and use it to your advantage.
This is a simple explanation but the data actually goes much further. It can be customized based on a number of factors to help you make the right decisions when it comes to new products, promotions, and a host of other needs.
With this type of analysis, brands can tap into real-time analytics to make more data-informed business decisions.
You can look at reviews based on location, star rating, or review sites, just to name a few. With a deep dive into this information, a large business such as a successful restaurant chain would be able to detect which restaurants are pulling the worst reviews.
A market comparison will show which region needs the most help when it comes to pushing a change in customer review. Let’s say a restaurant chain is suffering from bad reviews and the sentiment analysis shows the restaurant is located in a particular area. Now you know the issue is perhaps with the service or other elements in that region. Steps can be taken in that specific restaurant to turn around the reputation of your business.
Sentiment Analysis and Reputation Management: A Match Made in Data-Driven Heaven
Sentiment analysis is already reshaping marketing as we know it. With sophisticated social listening tools and sentiment mining solutions like Synup, businesses can proactively address their product and service issues before they begin to have an adverse revenue impact.
Sentiment analytics is key to deciphering customer emotion and eventually intent. The algorithms associated with the tool help brands create brand messaging that appeals to a wider audience, learn more about what customers want, and more.
Want to tap into missed growth opportunities? Need an automated sentiment mining solution for your marketing needs? Talk to us today to understand how Synup helps leading multi-location enterprises deliver positive revenue outcomes with our end-to-end reputation management platform.