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How is Sentiment Analysis used to help businesses grow?

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How is Sentiment Analysis used to help businesses grow?
How is Sentiment Analysis used to help businesses grow?

One of the most vital factors deciding a company’s business results is its digital presence. It, therefore, becomes all the more important to ensure a positive user experience for visitors to the website. Quickly understanding the customers’ attitudes and acting accordingly provides your dominance over other players. A useful aid for compiling the correct message is the Leveraging Sentiment Analysis. It also allows you to become the best in terms of customer feedback.

How does Sentiment Analysis work, and how can I know more about it?

Sentiment Analysis allows you to quantify and score language, aided by artificial intelligence and machine learning. It can find out the contextual sentiment of written language. You can now monitor emotions within texts and evaluate their characters with specific scoring mechanisms. This is followed by assessing individual sections with a sentiment score to determine the writer’s attitude and the whole mood of the text.

Sentiment Analysis utilizes a process for finding these opinions called Natural Language Processing (NLP), a system that extracts specific expressions and statements from text and differentiates all the words. 

Sentiment algorithms further allow you to determine the emotional tone concerning a series of words as positive, neutral, or negative and are drawn as per sentiment algorithms, enabling detection of expressions such as :

  • Simple statements: To identify a positive word in “We enjoyed the stay.”
  • Negation: Differentiating between “The product is great” and “The product is not great.”
  • Modifiers: Noting the emphasis in “I really love this brand.”

NLP’s outstanding capability to form shorter, elemental pieces from the language allows us to examine the sentiment on a granular level.

How are brands utilizing Sentiment Analysis to grow their business?

Thanks to AI algorithms, we can now extract public opinions’ impact through social media platforms. Keep reading below to know the various ways that organizations can use Sentiment Analysis using NLP.

1. Brand mentions by searching on social media

It is essential to track the online conversations on the social media or web regarding your product or company—be it a negative tweet or rave review. A customer mentioning your brand or company name is the opportunity to know about their sentiment about them. The task of sifting through millions of posts on a wide array of channels will become daunting – Sentiment Analysis allows you to complete it with high accuracy.

2. Entering the market for product launches

Text sentiment analysis is an excellent opportunity for companies aiming to launch a brand new product or a product in a new market to get to know the perception of your product following its launch. It will aid you in fixing teething problems using the product before moving on further and preventing wastage of money and time.

3. Outshining your rivals in business

Stand apart from your competition and know the position of your marketing campaigns or products against theirs. Leading companies, for example, Apple Inc. utilize sentiment analysis for minimizing common issues about the technology and products of its competitors, followed by forming the advertising campaign creating emphasis on the fact that the iPhone doesn’t have such complaints. 

4. Using the listening skill to get the edge

The best way to gain insight into your customers’ views and make sure they feel heard and valued is to listen. You should listen to the words and recognize the feelings that come along with words. About 25% of customers avoid a brand or product following poor customer service. This can get you negative publicity. Utilizing sentiment analysis, customer service staff can be trained to easily deal with the negative feedback of your brand or product.

Conclusion

Sentiment analysis can prove to be a breakthrough and rejuvenate a brand. You must follow a foolproof approach to achieve this. It has various applications and limitless potential to get business value when used correctly. The key is making a worthwhile strategy that enables you to make the most of Sentiment Analysis’s benefits.

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