It refers to analyzing a text’s sentiment to determine whether it is positive or negative. You may be wondering why it matters for your business.
Whether a piece of writing is good, negative, or neutral in tone can be determined using this form of analysis. A subset of text analytics makes use of NLP and ML techniques. It can be referred to as “opinion mining” or “emotional AI.”
In this post, we will focus on the importance of having a strategy for selecting different types of data to extract and analyze sentiment from these sources. The article will also highlight tools you can use as part of your company’s social media management strategy to collect data from users and better understand their reactions to have a better customer experience.
Let’s have a look at the common ways in which companies collect data to extract sentiment:
(1) Surveys
Surveys are one of the most popular ways to gather data from customers. They generally take less time and cost less than other methods. However, surveys are only as effective as the questions you ask. A badly designed survey can produce inaccurate results. This is why it is important to have proper training in survey design before conducting your first survey.
(2) Customer Reviews
Customer reviews, both positive and negative, are one of the most important types of data to collect for online businesses. You can use a tool like Trustpilot or Review.ly to aggregate your customer reviews on your website and easily see how many positive and negative reviews you have. You can also segment these customers by location, purchase history, product etc. You can also smartly use your business’s review sites, such as Yelp or TripAdvisor.
(3) Social Media Comments
Social media is an essential part of many business strategies. It can be used for acquiring new customers and driving traffic to your website, and it can also be used as a source of information. For example, you may want to monitor posts made on Facebook, Twitter or Instagram to see what people say about your brand. You can use tools like Hootsuite or Sprout Social to monitor a specific hashtag or keyword in real-time.
(4) Social Media Posts
They are a great way to understand your customers’ reactions to your product or service. You can monitor specific social media applications like Snapchat or Twitter and even individual profiles to see what people say about you. To do this well, you need to build a strategy around what data you want to track and how you will analyze it.
Let’s look at some tools that are commonly used for analysis sentiment.
Spreadsheets and Written Comments
Using spreadsheets, surveys or written comments, you can collect feedback about your company and then use this data for sentiment analysis. You can segment it by different characteristics such as the magnitude of the response, how the respondent feels about the product etc. However, this type of analysis is usually less technical and requires human intervention to do proper analysis.
Sentiment Analysis Software
Tools like Alignable, Mention or Buzzsumo can be used to analyze customer opinions about a specific product or brand. You can then use these insights to understand better your customers’ challenges and how you can improve their experience with your company. For example, you might want to know if your customers are talking about delays in receiving orders or bad shipping charges. You may also want to identify critical comments that show negative sentiment and incorrect information. You can then decide how to react to these comments and what action you may want to take.
Integrated Social Media Platforms
Medium, Twitter and Facebook all have their tools for sentiment analysis. You can access their free tools to see specific posts that have garnered positive or negative sentiment. For example, you might see a Facebook post from a customer complaining about your shipping charges. Or, you might want to know if someone is complaining about the quality of your product.
I’m hoping you’ve learned enough about sentiment analysis to put it to work for your company. Brand monitoring, market research, and human resources are just some areas where sentiment analysis can be useful. It’s aiding businesses in gaining a competitive edge and a greater understanding of their customers
