Why Is Sentiment Analysis Fundamental for Modern-Day Companies?
What is sentiment analysis? Sentiment analysis is a way to evaluate written or spoken language to determine if the expression is favorable, unfavorable, or neutral and the degree to which they are so. In the modern world, businesses run on the internet, which has made the role of sentiment analysis critical for business. It is vital […]
What is sentiment analysis?
Sentiment analysis is a way to evaluate written or spoken language to determine if the expression is favorable, unfavorable, or neutral and the degree to which they are so. In the modern world, businesses run on the internet, which has made the role of sentiment analysis critical for business. It is vital for companies as it helps to see what customers like and dislike about them and their brand. Customer feedback that is collected from social media, the company website, the company’s call center agents, or any other source—contains a treasure trove of useful business information. But, this often proves to be insufficient to know what customers are talking about. Businesses must also know how customers feel. Sentiment analysis is one way to uncover the feelings of customers. Here are some of the key benefits that sentiment analysis can offer to companies:
Effective sentiment analysis helps companies analyze their customer’s emotions towards their business. Happy customers are more likely to be receptive to upselling efforts made by companies. With sentiment analysis, you can easily identify customers that are delighted with your business. This helps companies recognize the target audience that might be receptive to spending more, as well as avoiding upsetting disgruntled customers with any unwelcome sales pitches.
The benefits of sentiment analysis can extend beyond helping the human agents of the company. Chatbots can also prove to be highly beneficial too. That’s because chatbots can be trained to recognize, and respond to, customer mood. For instance, sentiment analysis can easily decipher when a chat needs escalating to a human agent or route an engaged prospect through to a sales team.
Identify critical emotional triggers
Emotional triggers are what drives discussions between customers and the company. Using sentiment analysis, companies can easily identify the messages and conversations that act as emotional triggers that can change customer mood. Perhaps the use of certain phrases like “Please wait”, often triggers customer annoyance. On the other hand, using emojis can have a positive effect on the conversation’s overall tone. Understanding the messages that have the power to trigger certain emotions customers can help provide better service and is also useful for creating effective marketing materials.
The mood of customers can change at any point during a customer service interaction, and this is often ambiguous. With sentiment analysis, not only can businesses see the mood of each customer in a session, but visual indicators also have the ability to display how this mood changes in real-time. They can get live insight into how well a chat is going, and the ongoing mood of even the flightiest customers.
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