What Are the Sentiment Analysis Benefits for Business?
AI technology is moving forward, and new robust tools are evolving, such as sentiment analysis, real-time data-driven reports, and deep insights into clients’ purchasing power.
Consumer sentiment analysis solutions can provide you with a detailed view of your product popularity, customer satisfaction, and overall brand awareness, as well as changing market trends, whatever industry you are in.
Various social media apps, review platforms, forums, and surveys – opinion mining tools use them all to get valuable info for your growth strategy.
In this article, we’ve prepared for you a top list of sentiment analysis benefits that can move your business goals forward.
What is Sentiment Analysis?
Before we start, let’s define what sentiment analysis, or opinion mining, is. This is an AI-driven process by which machine learning algorithms identify and structure opinions, emotions, and sentiments from the text.
This is possible due to the use of the following state-of-the-art ML technologies: neural networks, text analysis, and semantic clustering. Being used together, these technologies make opinion mining possible, which in its turn brings game-changing data to top-market companies in eCommerce, healthcare, insurance, aviation, banking, and other industries.
Top 7 Advantages of Sentiment Analysis
Let’s see in detail what advantages companies can get from using this state-of-the-art technology.
1. Insights on your products from social media platforms
With sentiment analysis tools like social media listening and opinion mining, you can recognize customer emotions expressed on social platforms like TikTok, YouTube, and Instagram. You can get a granular market analysis of their preferences, likes, and dislikes about products, brands, and ads, and shape your market strategy accordingly.
Thus, you can quickly collect valuable info about your products and services, decide how to improve them, shape your target audience needs, define the common questions in comments, and get a peep into hidden market sentiment about your brand.
This is also very important when launching a new product, opening a store at a new location, changing business models, and such.
2. Real-time reputation management
Opinion mining helps companies improve their brand reputation. By setting alerts on certain platforms, you can immediately be notified of negative mentions of your product and somehow respond to them.
This is also useful while analyzing live video streams, texts, and comments, as you can define audience participation and satisfaction during live corporate events and seminars, and estimate their efficiency.
Thus, you are able to address a situation before it ruins your reputation. Plus, it helps you in attracting better candidates and clients, understand market-gap issues, retain clients, and increase their number.
3. Make your customer service better
Another core benefit of opinion analysis is getting rough customer feedback collected from platforms like Reddit, Amazon, and others. By collecting this feedback, companies can get critical info about customer pain points, analyze customer experience, and make their customer service better.
This is possible due to the use of such tools as emotion mining chatbot histories, customer service call transcripts, customer complaint emails, returns and refunds customer comments, and specialized customer surveys.
4. News analysis
This technology is also very effective in extracting hot trends from news platforms, websites, articles, videos, and online platforms like Twitter and Facebook, to anticipate market behavior.
For example, it can define in real-time the upcoming economical crisis, and new political scenarios, and share movements of enterprises to help businesses be ready for any situation. This includes planning the supply chain, managing PR, altering new product launches, and other marketing and operational functions.
5. Multilingual Insights
Opinion analysis technology is also very useful when you need to gather client data across different countries, ethnicities, and geographical regions. Thus, you can gather info on your product popularity, define competitive brands, success rates of advertising campaigns, and more not only in one country but worldwide.
This is especially useful for companies in eCommerce, real estate, and traveling industries because they often have customers from all over the world.
6. Competitor analysis
This is one of the most valuable advantages of sentiment analysis, as through analyzing people’s emotions in publically available data you can find out why competitor products are successful, define their strong and weak points, and why people buy them.
7. Raise your employee retention
Opinion mining is also beneficial for businesses looking to increase their employee retention, engagement, and satisfaction for improved workforce productivity.
McKinsey proves that almost 41 percent of employees in the US alone experience frustration, fatigue, and loneliness, which can have serious repercussions on their companies’ business goals.
The use of sentiment analysis allows us to measure employee satisfaction, see the problems they face in daily work, and build better work environments with a more humanized work culture.
Sentiment analysis has multiple advantages for businesses from various industries. It allows getting vital data on products, clients, and employees in real-time, shaping your market strategy, and overcoming competitors.
Depending on your needs, you can use the gained insights to enhance your operational efficiency, improve customer and employee experience, boost your brand awareness, and increase market share. Choose the fitting AI solutions provider and set your product requirements accurately to enjoy the advantages of this technology to the full extent.