Social Media Sentiment Analysis: Understanding Customer Perceptions to Develop New Products and Optimize Marketing Strategies
Understanding consumer attitudes, sentiments, and opinions about your brand is a gateway to refining your offerings, marketing messages, and customer experiences. Most businesses today are accustomed to traditional approaches that revolve around the use of surveys, focus groups, and net promoter scores to measure consumer sentiments. However, as the wealth of feedback increases across several [...]READ MORE >>
Understanding consumer attitudes, sentiments, and opinions about your brand is a gateway to refining your offerings, marketing messages, and customer experiences. Most businesses today are accustomed to traditional approaches that revolve around the use of surveys, focus groups, and net promoter scores to measure consumer sentiments.
However, as the wealth of feedback increases across several open platforms, traditional information gathering methods start to fall short. In addition to the limitations of a smaller sample size, there are natural biases that exist in prompted feedback mechanisms, such as surveys, that limit an organization’s ability to capture individual consumer sentiments. These challenges can be addressed by using social media sentiment analysis that leverages text mining and analytics techniques to transform multiple unbiased conversations scattered across the digital landscape into insightful results that aid decision making.
With technology’s increasing capabilities and the proliferation of social media platforms, social media sentiment analysis is becoming a non-negotiable requirement for businesses across industries. Request a FREE proposal to know more about its business benefits.
Today, social media has undoubtedly become a huge part of everyone’s life and is slowing turning out to be the go-to platform for people to express their personal experiences and opinions on almost anything. In this context, it would be right to say technological advancements along with the proliferation of social media platforms have helped bridge the gap between customers and businesses. However, the real challenge lies in analyzing the data obtained from social platforms and turning them into meaningful insights. Social media sentiment analysis helps businesses to address this challenge by empowering them to carefully listen and monitor their consumer’s online behavior. As such, to properly understand customer needs, it is imperative to leverage social media sentiment analysis across industries.
The client, an American multinational conglomerate, specializing in the manufacturing of electronic devices was looking at leveraging social media sentiment analysis to transform its online social data into real-time, actionable insights. Starting with the basic product offerings within the consumer goods segments the client needed a scalable solution that would help them capture insights from different product categories and use it to develop products in the future. The client was looking at monitoring unprompted conversations and customer reviews to capture accurate customer sentiments to complement the traditional approach of tracking customer sentiments using online forms and surveys. However, with their presence on multiple social platforms and thousands of feedback points, this was a difficult task. Quantzig needed to find the best way to accurately process the data at scale to help them meet industry demands and stay ahead of the competition.
The graph below reveals the popularity of social media channels based on customer preferences:
Solutions Offered and Value Delivered
To help the client to better monitor their brand’s performance, Quantzig’s social media sentiment analysis experts carried out an initial review of the client’s social media profiles. A detailed review of customer conversations helped them identify and categorize the underlying tone of conversations. The insights offered by our social media sentiment analysis experts also helped the client to reduce customer churn and increase the lifetime value of its customers by tracking and monitoring their online presence. Social media sentiment analysis not only helped the client to understand how their brand was perceived online but also aided the development of a new strategy to monitor the social sentiments of its customers on an on-going basis.
Quantzig’s advanced social media sentiment analysis solutions offered in-depth insights that empowered the client to:
- Optimize marketing strategies to meet customer needs
- Tweak their online marketing strategies based on both the positive and negative reactions of their products and services
- Identify key problem areas and use that data to build new product roadmaps
As a result, the client was successful in reducing the time taken to make critical business decisions based on customer feedbacks from weeks and months to mere minutes.
Get in Touch with our experts to know how social media sentiment analysis can help you improve your product development strategy.
What is Social Media Sentiment Analysis?
Social media sentiment analysis is an analytical approach that focuses on leveraging natural language processing and text mining to monitor the online customer conversations and determine the deeper context as they apply to a specific brand or topic. By leveraging social media sentiment analysis, business leaders can determine the brand passion index and net sentiment score of individual customers and use it to understand their customer’s overall brand perception by comparing it with competitor scores.
How Did Quantzig’s Social Media Sentiment Analysis Solution Help?
Quantzig’s mission for this engagement was to spearhead the organization’s effort to use social media sentiment analysis to gauge customer preferences and make effective business decisions, develop new products, and generate new revenue streams by evaluating the opportunities and challenges surrounding their offerings. By using social media sentiment analysis to capitalize on the data obtained from social media interactions, we were successful in presenting our findings and dictating the next best step for their brand.
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