The recent advancements in machine learning and artificial intelligence have given rise to numerous disruptive technologies. These technologies now assist in decision making, measuring success, and reshaping global business services. Sentiment analysis is one such technology that is being rapidly adopted in various industries.
Sentiment analysis technology can assist you in better evaluating your brand’s strengths and flaws. It can give you access to people’s thoughts on your brand or its products and services.
Let’s take a closer look at sentiment analysis to better grasp what it is and how it may assist your firm.
What is Sentiment Analysis?
Sentiment analysis is used in Artificial Intelligence to recognize emotions and opinions conveyed in any given language. Using sentiment analysis in business, it is feasible to recognize and respond to negative or favorable opinions toward a product or brand.
Social media buzz, web polls, user reviews, and forum discussions can all help firms easily gather information and know exactly what their customers expect of them.
Industries Leveraging Sentiment Analysis
Now that you know what sentiment analysis is, let’s look at the industries that are leveraging it and how.
Call Centers
Call centers can benefit greatly from sentiment analysis. As a matter of fact, a European mobile network operator is already taking advantage of the technology. They wanted to know the reason behind customer attrition.
The mobile network operator first converted the conversation using a speech-to-text program. They then decoded the data by looking for semantic meaning related to their products and services. Once the data was categorized, they then used sentiment analysis to check for positive and negative sentiment below a specific score.
If the sentiment score is lower than a specific score, they sent an apology message to the consumer and often provided discounts or promotional offers to retain the customer.
Healthcare
The healthcare sector is another industry that has begun to take advantage of sentiment analysis. A healthcare consultancy located in the Gulf to improve healthcare services started using sentiment analysis. It helps them find gaps and areas of improvement in all phases of the patient journey.
Using these data-driven insights, the consultancy was able to point out and improve areas that needed improvement and enhance the healthcare experience.
Finance and Stock Monitoring
In the stock market, it is best to be cautious when others are ambitious and be ambitious when others take caution. Although, the question remains, how to know when others are ambitious or cautious? Sentiment analysis can be pretty handy in these situations.
Investing can be challenging, particularly in the corporate sector. Stocks and the market are fraught with perils, but you may reduce your exposure by performing rigorous research before investing.
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— Algorithmic Trading using News Sentiment Analysis (@korzhakov) January 11, 2022
If you’re not sure which company to invest in, for example, in the automobile industry, you can look at the company’s latest product reviews to see what others are saying about them. It will help you discover the product with the best market performance.
Market Research & Product Analytics
To understand why customers are or aren’t responding to a product, experience, or customer service, businesses can leverage sentiment analysis and gather intelligence.
You can conduct a wide range of market and competitive analyses with the use of sentiment analysis. It can make all the difference in the world if you’re trying to break into a new market or find a competitive advantage.
You can analyze the reviews of your products and services online or compare them with your rivals. You can benefit from the flaws in your competitor’s offerings or find new enhancements and additions to yours.
Hospitality
The hospitality sector is highly dependent on the reviews of your existing clients. Consumers only choose an establishment if it has favorable reviews. Although, if your ratings are low and reviews are negative, you will lose customers.
While creating the best atmosphere and customer experience is not always possible, you can always learn from your and your competitor’s mistakes.
Using sentiment analysis, you can analyze the opinions and reviews of your customers from various online sources. You can identify the areas where you excel and those where you lack. You can do the same with your competitors, it can help identify the new tactics they use that the customers are drawn towards.
Retail & Ecommerce
The retail and e-commerce industry is also highly dependent on the favorable reviews of customers. Especially on e-commerce platforms where those customer reviews are visible to thousands if not millions of potential customers.
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— Amazon (@amazon) January 13, 2022
For instance, if a retailer/seller on an e-commerce platform does not have favorable reviews, they will lose customers. The same goes for physical retail stores that can now be rated on Google and other online sources.
Although, if you dig through the reviews using sentiment analysis, you can what concerns and issues your customers have worked towards resolving. Furthermore, if you do the same for popular fashion forums and social media comments, you can identify the latest trends and demands of clothing.
Banking
The banking industry faces cut-throat competition, especially due to the highly competitive interest rates. So, the only way to distinguish themselves is by the services and benefits they offer to the customers.
One of the prime examples of this would be the Credit card service. While the interest rates are not much distinguishable, what draws the customers’ attention is the benefits associated with it. Also, these benefits differ for every major banking institution.
Using sentiment analysis, you can analyze which benefits the customers seek the most, for example, online shopping discounts, cashback, and more. Based on these insights, the banking institution can choose the right combination of benefits with their credit card services.
Similarly, it can also be used to analyze the quality of customer support offered by the bank. You can identify the areas that need improvement to enhance the customer support experience.
Social Media Marketing
Social media is now the most utilized channel for marketing. Almost every brand and B2B business uses it to expand its reach and find more customers. Although, when it comes to social media, you never know which post of comment may viral, and not all of them are positive.
Sentiment analysis tool helps you gather text data from multiple sources and analyze the opinions of users.
https://t.co/EnphnJ8W9Z#sentimentanalysis #sentimentanalysistools pic.twitter.com/QhnOBLBRQ6— BytesView (@BytesView) December 28, 2021
By using sentiment analysis, you can analyze the opinion of users on social media platforms. It can help you in various ways such as:
- Identify flaws in your products and services
- Identify missing features and enhancements
- Identify and resolve customer complaints to reduce customer churn
- Analyze competitors to set benchmark standards
Social media is an excellent marketing tool for brands and B2B marketers that enable them to expand their social media presence and find new potential customers. But, just posting updates is not enough. You will need insights, especially about what customers think of your brand, its products, and its service. Sentiment can help you achieve that by analyzing large volumes of social media data with ease.
Wrapping Up
Growing a business requires a deep understanding of the people who use your goods/services to succeed. This is a monumental undertaking in and of itself, given the complexity of the human mind. As a result of machine learning, we can not only separate different feelings but also create a baseline for this emotional intelligence.
BytesView is a machine learning-enabled sentiment analysis tool that can help you analyze large volumes of data with ease in multiple dialects. Get started today.
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