Customer focus frequently demands that firms need to invest significantly in research to develop a successful marketing plan, from the feedback analysis and competitors’ study to product fit in the new markets. Given that, it’s natural that data is crucial in designing strategies, tools, and tactics to help a company stand out. With so much unstructured data available, organizing, sorting, understanding, and even monetizing it appears to be a daunting undertaking.
Sentiment analysis is one of the most effective ways to tap into this data’s enormous potential. Companies can use this technology to tap into the potential of market trends, client attitudes, and people’s inclinations and influence.
Sentiment analysis, as the name suggests, seeks to discover sentiments, or the polarity of people’s feelings, in text. It is also known as “opinion mining.” Sentiment analysis may be used to evaluate any sort of text, from customer feedback to social media feeds and survey replies, to determine how people feel about a brand, a new product, pricing fluctuations, and customer service, among other things.
When a customer discusses a brand, they do it in a certain context and with a specific goal in mind. Brands should pay attention since incidents like this can reveal a lot about a customer’s sentiments and loyalty. Companies can use this data to fine-tune product features, change marketing campaigns, correct errors, and increase conversions.
Opinion listening across social media channels aids in the identification of influencers who can aid in the development of a sound marketing strategy: Customers claim they bought a product after seeing it on Twitter, YouTube, or Instagram in 40% of cases. A brand can find influencers talking about their product and communicate with their supporters by tracking sentiment.