Gaining in-depth knowledge of people’s emotion is a crucial part for the business as it allows to gain an overview of the wider public opinion behind certain topics. An automatic analysis of customer opinion in the form of surveys, questionnaires, social media forums allow the brands to hear their customers about the product and services. This helps them to meet the needs of the customer through customers.
For example, sentiment analysis can help to automatically read the thousands of product reviews and extract the useful meaning and discover if the customers are happy about your product and pricing plans.
A person’s feedback is more subjective rather than a fact. Feedbacks can be negative, positive or neutral. Sentiment analysis apply Natural Language Processing (NLP) and Text Analysis techniques to highlight the subjective information from the text . Here are the five reasons why sentiment analysis can boost your business:
As today’s customer service goes far beyond the traditional telephone support agent, it is difficult to maintain an excellent customer relation. And in the current crisis of Covid-19, it is important to act fast and keep the existing customers. 80% of customers would switch to a competitor after two or more bad experiences. The faster you react, the better chance you have of resolving the problem. Happy customers will spread the positive word about your brand.
For example, by performing the sentiment analysis on customer reviews and responses, you can identify the negative comments and reasons why the customers have issues with your product or service. Sentiment analysis enables you to respond to issues promptly
Data based strategies always win !
The customer reviews include various issues or bugs addressed, they have suggestions for improving the product and clearly mention the need of customers. Therefore, performing the sentiment analysis on the customer reviews can help to identify the lacking and provide a room for improvement.
For example, after analyzing the sentiment in the product review and discovering that customers need more filters to select from your ecommerce webshop, will help you to improve the product by adding the particular filters in the search bar
Marketing strategy is not all about the numbers. Sentiment is equally important.
For example the number of likes, shares, comments or social media reach can help in marketing analysis. But in order to perform an assessment on your marketing campaigns, sentiment analysis will provide the context to the numbers and provide you with elaborative results so that you can take action in future based on the result.
Companies can get powerful insights to boost their marketing strategy. For instance, marketers can keep an eye on industry trends by analyzing sentiment towards new features or products on social media.
Building your brand and then maintaining its reputation is a difficult task in a competitive business industry. Sentiment analysis makes it easier to monitor the industry through customers’ eyes. You can easily identify what your customers are complaining about and why they are not happy with your product or service. The thread of negative comments list on top which give you ample time to react and listen to your customers.
It is said that it’s cheaper to keep existing customers than to find new ones. It’s even been estimated that acquiring customers costs 6 – 7 times more. But the way customers feel about your brand can be changed in future. Through sentiment analysis, you can keep a track of the significant change and addition of new customers in your bucket.
Subsequently when there are several platforms where your customers can reach, sentiment analysis comprise all the data from different forums. And provide valuable insight about your new launch of the product or improved feature of the product.
We hope this article will help you to implement the customer centric approach irrespective of your type of business.
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