Sentiment analysis is gaining traction as companies are keen to maintain their brand’s reputation with customers. Sentiment analysis can provide deep insights about how customers feel about products and brand – insights which can be used in various ways by companies to become stronger (for an overview on sentiment analysis, refer to our earlier blog) Today we explore a few business use cases of sentiment analysis.
Building good products is a continual process – with early-stage prototypes, feedback, and multiple iterations. Many product teams find that asking for and getting frequent feedback can be quite daunting. Deciding on which customers to ask, and then going through their unstructured feedback to gain insights can be a difficult and time-consuming task. Sentiment analysis tools can make the process easier with its ability to rapidly analyze large amounts of feedback surveys, social media chatter, and customer support interactions. It enables teams to monitor what people like and don’t like about the product. It helps narrow down customer segments and monitor what they like, which enables teams with deeper customization of the product.
Investor Sentiment Analysis
The financial sector is always affected by market sentiment and any significant events in the lifespan of large corporations. It’s no surprise, therefore, that financial powerhouses are looking at ways to develop a system which would allow them to spot on social media, any special events that may influence the financial markets.
Such a system, for example, could use tools to identify the relevant social media users/influencers within the financial world, then filter their tweets or posts depending on relevant content, define the sentiment and then detect if this may lead to a positive or negative effect on the stock market.
Monitoring Market Research
Sentiment analysis is a great tool to help teams monitor market research while entering a new market or releasing a new product. It can also help companies compare how their brand stacks up against competitors as seen in customer reactions. Sentiment analysis can generate weekly or monthly reports of brand mentions and customer sentiment. It allows companies to tap into more sources of information on social media, which is especially important in developing markets where data on customer preferences is scarce.
Follow customer sentiment
Businesses can use sentiment analysis to track how customers feel about their products over a span of time. This allows them to trace the real causes of customer satisfaction or dissatisfaction precisely, as for example, when a product is introduced or discontinued.
Sentiment analysis enables businesses to identify their loyal customers and those who are not likely to return to the brand. This can help the business decide who should be rewarded for their loyalty and work on strategies to convert others into brand loyalists.
Employee satisfaction is the key to running a large and successful business. While many organizations traditionally relied on year-end surveys or performance reviews to gauge employee sentiment, the new workplace now demands a more rapid and real-time response to employee concerns. Sentiment analysis can help track changes in employee sentiment and discover any immediate concerns that require action from HR or top management.
Sentiment analysis is a powerful tool for companies to enhance and maintain their brand, build better products and improve customer and employee satisfaction. Businesses who proactively monitor their brands with sentiment analysis have a greater chance of beating the competition. At Tricon Infotech we offer a portfolio of technology services and solutions, including sentiment analysis, to make your organization future-ready. Connect with us to learn more.