When you know that someone is talking about you, you have a choice of whether to find out what they are saying or not. However, businesses are not at liberty to make this choice. They need to know what customers are talking about them – be it good or bad. Today, people share most things about their everyday lives on social networking sites. In fact, social networking sites are becoming the new medium of ‘word of mouth’ communication. Since emotions are valuable commodities in business, several companies are continuously developing automated tools to recognize them through a process termed as sentiment analysis. It’s vital for businesses to listen carefully to customer feedback about their brand(s). What’s more important is to identify whether word of mouth is an asset or liability to the brands’ reputation and goodwill — sentiment analysis can help in this area.
Undeniable Reasons Why Every Company Must Leverage Sentiment Analysis for their Business
Drives Proactive Business Solutions
Sentiment analysis provides useful insights that drive effective business decisions, strategies, and objectives. These solutions offer event analysis, automatic reports, and adaptable categories. Some sentiment analysis tools even aid brand management by understanding the true motivations behind positive, negative, and neutral opinions regarding a particular product or service. Companies can use it to obtain in-depth information from various public and news forums online and social media posts. It’s handy when it comes to benchmarking competitors and markets.
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Measure ROI of Marketing Campaigns
The success of your marketing campaign is not only measured by the increase in the number of followers, likes, or comments. It also involves how much positive discussions you can help facilitate amongst your customers. By undertaking sentiment analysis, you can analyze the positive or negative opinions and discussions that have occurred amongst your audience. By combining the qualitative and the quantitative measurements, you can measure the real ROI of your marketing campaign.
Improve Product Quality
With the help of sentiment analysis, companies can complete their market research by getting to know what their customers’ opinions are about the products/services. Businesses can also understand how they can align the products/services’ quality and features with the customers’ tastes and preferences. Ideas to develop the product quality and how it is presented can only be derived from your target customers’ opinions.
Augments Good PR Practices
Sentiment analysis is highly beneficial for keyword monitoring for PR professionals. Apart from listening to what the public has to say, they can find what thought leaders and influencers have to say about their brand.
