Social Media Sentiment Analysis Engagement Summary
Entertainment and sports technology companies are the constant lookout for new opportunities to bridge the gap between online and offline channels and customer service requirements. In an effort to improve customer engagement and drive satisfaction levels they are now experimenting with new technologies and applications that leverage advanced statistics and NLP to extract data-driven insights.
At Quantzig, we helped a leading entertainment and sports technology firm to analyze customer sentiments across channels using advanced social media sentiment analysis solutions. As a part of this engagement, we adopted a comprehensive three-phased approach to set up a social media data analytics framework. The engagement began with a detailed analysis of the client’s challenges. To help them tackle their issues, our social media sentiment analysis experts set out to identify, extract, and aggregate customer data using custom analytics techniques and tools that offered comprehensive insights to act on.
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Importance of Social Media Sentiment Analysis
Businesses today are rightfully obsessed with metrics and strategies that improve customer satisfaction levels. Though it’s easy to overlook customer feelings and sentiments towards a brand, its crucial to note that customers means more to a brand than just mere data points. With an increasing number of customers sharing their emotions on social platforms it’s crucial for businesses to keep a close watch on their social channels and understand how their products and services help customers.
Here are a few reasons why social media sentiment analysis is crucial from a business perspective:
- The insights gleaned from social media sentiment analysis can translate directly into actionable information for your business
- Social media sentiment analysis helps you analyze the reasons behind a customer bouncing off to a competitor or reasons for them to prefer your competitor’s products when compared to yours
- Leverage social media sentiment analysis offers you the ability to monitor and analyze customer sentiments in real-time to make crucial decisions that drive outcomes
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About the Client
The client is a leading player in the entertainment and sports technology industry. With over 98,000 employees and about 180+ products and services on offer, the company is one of the leading players in the sports technology industry in Finland.
The Business Challenge
The growing popularity of the brand within the entertainment and sports technology industry led to a sudden surge in its global customer base. This can mainly be attributed to the client’s business objective that revolved around customer-centric innovation and customer management. However, the rise in the global customer base made it challenging for the entertainment and sports technology industry client to analyze and act on customer sentiments in real-time.
To tackle their challenges the client had deployed a market research team to help managers across their company to make crucial, well-informed decisions regarding product and service marketing strategies. For this, they leveraged Voice of Customer (VoC) analytics by designing, distributing, and analyzing a wide range of customer feedback surveys. But as part of a push towards optimization and customer service improvement, the client’s team began working to integrate a new type of customer sentiment data- social media data. This is when they approached Quantzig looking to leverage its social media sentiment analysis capabilities to understand the social sentiment of their customers using opinion mining and text analytics.
The client’s challenges spanned three core areas including:
- A growing customer base
- Inability to comprehend social media data
- Need to analyze customer needs using social media sentiment analysis
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Solution Offered and Value Delivered
Quantzig’s dedicated ‘Social Media Sentiment Analysis Centre of Excellence’ with a team of 20+ data scientists, domain experts, and social media sentiment analysis experts designed an innovative three-pronged approach that leveraged opinion mining & text analytics to tackle the challenges faced by the client. The crux of this engagement mainly revolved around the use of advanced data mining algorithms and social media sentiment analysis techniques to automatically transform unstructured sentiments into structured data providing information about products, services, and other customer service-related issues.
Quantzig’s social media sentiment analysis experts built a customized approach which included the following three-phases:
Phase 1: Data Extraction and Analysis
For the client, being able to capture and analyze customer sentiments across all operational touchpoints throughout the customer journey was crucial. This is why in the first phase of this social media sentiment analysis engagement we focused on uncovering deeper data-driven insights by extracting & analyzing a subset of social comments from their data warehouse, based on the products and services they wanted to analyze.
Phase 2: Opinion Mining
In the second phase of this social media sentiment analysis engagement, we leveraged opinion mining to better understand the extracted social sentiment data. Such an approach offered a holistic view of the customer journey, enabling the client to compare their customer’s emotions in structured surveys, versus what they say in the unstructured environment such as social media platforms.
Phase 3: Data Dashboarding & Visualization
In the third phase, our social media sentiment analysis experts devised customized dashboards to help the client flexibly slice and dice the processed data. The structured customer data was then used to build a separate machine learning pipeline for carrying out customer segmentation and churn prediction.
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Leveraging our custom social media sentiment analysis solution helped the entertainment and sports technology industry client to reduce spend on customer surveys by substituting social signals where possible, running better surveys by identifying insight gaps, and by aiding key decision-makers to make better, informed decisions around product development and customer service management.
The social media sentiment analysis solutions offered comprehensive insights on how the client could improve customer service levels across all social platforms by catering to their needs and requirements. As a result, the entertainment and sports technology service provider was able to gain a better understanding of customer requirements and apply the generated insights for improving both their internal and external marketing initiatives.
The benefits included-
- 65% reduction in the survey spend
- 3x increase in customer satisfaction