Benefits of Sentiment Analysis For Impactful Growth
The benefits of sentiment analysis are incremental because they give you an accurate picture of changing market trends and customer preferences, whatever industry you are in. Emotion mining from audience experience data from various sources such as social media platforms, review websites, news articles, and surveys, gives you critical insights for developing an impactful growth strategy that is essential for business longevity.
So let’s take a look at some of the most important benefits of sentiment analysis. You will also explore customer success stories that prove how sentiment analysis plays an important part in business growth and improvement.
What Is AI-based Sentiment Analysis
Artificial intelligence (AI)-driven sentiment analysis is the process by which machine learning (ML) algorithms identify and discover sentiment and intent from text. Several ML tasks are used to carry out sentiment analysis such as natural language processing (NLP), neural networks, text analysis, semantic clustering, and such.
The benefits of sentiment analysis pervade across industries such as healthcare, aviation, banking, retail, etc, and lead to insights that help companies better services and products for an enhanced market share.
What Are The Benefits Of Sentiment Analysis?
Sentiment analysis benefits are pervasive throughout the areas of product, customer, and market experience. Sentiment analysis helps various marketing functions and is invaluable in critical industries such as healthcare.
Let’s examine the most important benefits of sentiment analysis.
1. Social Media Sentiment Analysis
Sentiment mining from social media listening helps you analyze audience intent and opinions expressed on various social platforms. You can get granular market analysis of customer likes and dislikes about products, brands, advertising content, and more through techniques such as TikTok social listening and Instagram social listening, for example. Similarly, you can harness market insights about a product from comments on a how-to video through YouTube video analysis.
Doing so can give you much-needed information about products, your target demographic, the common themes in comments and their comparison across different social platforms, and more.
Learn more about sentiment analysis for social media channels.
2. Brand Experience Insights
You can gather valuable brand experience insights that can give you a peep into hidden market sentiment about your brand and what customers expect from you. These insights are important because they allow you to understand market-gap issues, retain customers, build a loyal customer base, and increase sales conversions.
3. Patient Insights
A sentiment analyzer is a great asset in the healthcare industry where patient voice analysis is used to measure the efficiency of healthcare delivery, discover any lacuna in out-patient and in-patient service, smoothen operations in pharmacies, and more. Patient and caregiver surveys help healthcare organizations find out about patients’ changing needs, improve critical care and hospice care, as well as deliver healthcare to areas that are lacking in primary service.
4. Improve Customer Service
Benefits of sentiment analysis include improving customer service through customer experience analysis. Emotion mining chatbot histories, customer service call transcripts, customer complaint emails, returns and refunds customer comments, and customer surveys, all can be harnessed to improve customer satisfaction and help you develop brilliant customer experience.
5. Multilingual Insights
Sentiment analysis can be used to analyze customer data across geographies, ethnicities, and cultures in order to get the most intrinsic insights about product popularity, competitive brands, success rates of advertising campaigns, and more.
Multilingual sentiment analysis is helpful in e-commerce and hospitality in a special way because both these industries often have customers from different backgrounds, especially when audiences are located in cosmopolitan cities.
6. News Trend Analysis
Sentiment analysis is used to extract emerging trends from news websites, videos, articles and magazines, online platforms that include blogs, social media like Twitter and Facebook, and other sources to anticipate market behavior. This includes news on current affairs such as new political scenarios, international crude-oil trading, and share movements of enterprises. Take this news article for example.
Industries such as banking, insurance, real estate, automotive, cosmetics, etc. use ML-based sentiment analysis to understand and analyze such news in order to speculate, plan, and be ready for any situation. This includes planning supply chain, managing PR, altering new product launches, and other marketing and operational functions.
7. Real-Time Sentiment Insights
Sentiment analysis benefits also extend to real-time analysis of sentiment from live video streams and live texts and comments. This is used to analyze audience participation and satisfaction during live shows, live corporate events, seminars, promotional events like trade and car shows, live radio broadcasts, and others.
Read in detail about real-time sentiment analysis.
8. Customer Feedback
Another major area that utilizes the benefits of sentiment analysis is customer feedback analysis. Through analyzing data collected from customer review platforms like Reddit, OpenTable, Trustpilot, GoogleMyBusiness, Amazon, and others, companies can get critical information about product likes and dislikes, customer pain points, and product and service deficiencies.
These insights are very important because you can use them to dig deeper into the roots of these issues in order to prepare a more sustainable strategy for product and service improvement.
9. Online Reputation Management
AI-driven, automated sentiment analysis helps companies manage their brand reputation by enabling them to make timely decisions on how to respond to negative brand mentions and thus avert risks. For example, by setting alerts on the sentiment analysis platform, you can immediately be notified of a negative mention on the platforms you are tracking.
Thus, you are able to address a situation before it snowballs into a bigger issue. This also helps you in attracting better candidates and clients, increasing your customer base, and catapulting sales.
10. Data-Driven Marketing Insights
Marketing strategies that are based on a data-driven analysis of not just qualitative metrics (number of likes, followers, shares, etc. ) but also on quantitative metrics gained from comments analysis (percentage of positive and negative sentiment about various aspects of a business) have a higher chance of being successful.
11. Developing Relatable Advertising Content
Knowing what type of content resonates with your target audience the most is crucial in developing the right advertising strategies and campaigns. There is nothing worse than spending thousands of dollars on a project that is not suitable to your customer demographic or that is not curated, resulting in major advertising fails.
12. Product Development
Emotion mining from customer feedback data, surveys, news reports and articles, social media listening, and other sources can give you clever insights into how you can improve your product so that it reaches more audiences. This is also very important when launching a new product, opening a store at a new location, changing business models, and such.
13. Competitor Analysis
Competitor insights are one of the most useful benefits of sentiment analysis. Through analyzing sentiment in publically available data you can find out why competitor products are more successful than yours, and why people prefer certain products from you but go to your competitors for others. Sentiment analysis insights help you monitor and track changing trends in the industry as well so you can relate to more audiences for business longevity.
14. Employee Experience Insights
Sentiment analysis benefits also include those for companies looking to increase employee engagement and satisfaction for improved workforce productivity. Organizations have begun to realize that employee fatigue and loneliness, experienced by 41% of employees in the US alone, can have serious repercussions on business goals.
Therefore, companies have actively begun investing in ML-based sentiment analysis to measure employee experience so that they can use the data to build better work environments, foster a more humanized work culture, and improve training and employee recognition programs.
Sentiment analysis benefits far exceed in terms of return on investment because ML platforms that analyze sentiment keep getting more and more intelligent with time. Based on what your industry is and what your requirements are, you can use sentiment analysis insights to enhance your operational efficiency, improve customer and employee experience, and improve brand awareness and perception.
Repustate’s sentiment analysis solution, Repustate IQ, is helping companies across the globe in various spheres including healthcare, banking, education, retail, and others to become better at what they do. Providing business intelligence that you can extract from 23 languages, Repustate IQ comes as an API as well as a platform with a comprehensive reporting dashboard where you can see all the insights any time you want.
You can get real-time insights as well as time-based sentiment data, and you have the flexibility to alter your aspects based on your changing needs, all without coding.