Sentiment Analysis: The New Social Media Strategy ‘Mantra’
Consider this situation – your vehicle is at a traffic signal and you know you have enough time until the signal turns green; would you look at the view outside to pass time or would you rather grab your phone to scroll through your social media feeds in the meantime? For most, the answer would […]
Consider this situation – your vehicle is at a traffic signal and you know you have enough time until the signal turns green; would you look at the view outside to pass time or would you rather grab your phone to scroll through your social media feeds in the meantime? For most, the answer would be the latter and that is precisely the reason why big and small businesses today are moving over to digital marketing and social media platforms to reach out to their customers. Traditional marketing techniques like billboards and paper ads have become outdated and less effective when compared to digital and social media. Companies are formulating new business strategy models that can help them draw the attention of customers towards their brand. Customers are exposed to a wide range of content on social media; therefore, brands are venturing into new forms of social media strategy such as ‘Sentiment Analysis’ to target and cater to their customer base better.
What is Sentiment Analysis?
In today’s scenario, brand loyalty and customer retention capability of a company depends on how well you listen to your customers. Sentiment analysis is a medium that facilitates businesses to monitor social media posts and discussions about the brand and observe the reactions of the audience in these posts. Sentiment analysis on social media helps companies to determine the state of their social media strategy and tools and the extent of its effectiveness on their target customers. In a nutshell, sentiment analysis involves tracking the number of negative and positive keywords that are present in a chunk of conversation related to the brand.
Why is Sentiment Analysis Important?
The greater the amount of information marketers have about their customers, the higher is their benefit from it. Understanding your audience helps to target them better and plan future contents strategically. Let us discuss some of the key benefits of tracking social media sentiment for your business:
- Enables companies to provide prompt customer service and support
- Helps companies to get into the spotlight by influencing conversations that are trending
- Staying in touch with customers and catering to their needs immediately creates brand loyal customers
- Acts as an important resource for market research
- Helps understand your performance against that of the competitors which can prove beneficial for product development and marketing
- Helps to keep a check on the brand’s social media footprint/popularity
Which are Some of the Commonly Used Sentiment Analysis Tools?
Here is a list of some of the commonly used sentiment analysis tools:
- Hootsuite Insights
- Twitter advanced search