Sentiment analysis utilizes natural language processing to detect opinions, evaluations, sentiments and emotions in online text. It has many industries and applications such as product development, customer support, crisis management, marketing and public policy policy.
Gillette used sentiment analysis to gauge consumer response to its contentious “The Best Men Can Be” campaign, helping it restore brand health after it had been widely criticized for addressing toxic masculinity.
Identifying Market Niche
Sentiment analysis can provide invaluable insight into what customers think and want from your products and services, helping you determine their emotions and determine their wants from your business. When launching new products or services, sentiment analysis can determine their reception as well as identify any issues that need addressing immediately.
Sentiment analysis can also be used to accurately predict market trends, such as the stock price of the Sensex or Nifty indexes. This type of data can be invaluable for businesses that want to boost sales.
However, sentiment analysis presents several obstacles. Machines often find it hard to differentiate between positive and negative sentiments, or identify irony and sarcasm. There are various techniques available for dealing with this challenge; one method being feature selection which eliminates superfluous characteristics from a feature set to improve classification accuracy.
Sentiment analysis is being leveraged across industries to optimize marketing campaigns and identify influencers. Retail organizations utilize it to understand how their products are received online and adapt accordingly, while investors use it to monitor market sentiment and anticipate opportunities.
Sentiment analysis can be carried out at various levels of text: sentiment aggregation (positive, negative and neutral); lexicon-based word recognition, subjective indication detection using tokens like ‘amazing” or “hard”, aspect-based sentiment identification and analysis (identifying various aspects within reviews such as food, service, value etc), text fragment recognition/recognition as well as text fragment recognition using machine learning algorithms such as classification, naive bayes, support vector machines or logistic regression.
Sentiment analysis can be an invaluable asset when businesses experience crises. When Gillette’s ‘The Best Men Can Be’ campaign was widely criticized for encouraging toxic masculinity and sexual harassment, sentiment analysis revealed that consumers supported its subsequent campaign aimed at decreasing gender stereotypes.
Businesses can utilize sentiment analysis to monitor online conversations about their brand or product, which will enable them to identify trends in customer opinions and preferences and use this insight for improved business decision-making, giving companies the edge they need over competition.
Sentiment analysis can be especially useful for businesses releasing new products; it allows you to monitor how customers react to your campaign so you can adjust accordingly and monitor customer feedback to identify any issues with a product or service as soon as they arise so they don’t become PR crises.
Sentiment analysis can also be used to track public sentiment regarding economic policies or events, helping businesses prepare for potential market shifts by making decisions that reduce risks while capitalizing on opportunities. Sentiment analysis also tracks investor opinions of company stocks; when positive opinions exist regarding them, share prices tend to increase accordingly.
Many businesses rely on sentiment analysis to gain customer insight and understand their needs. When a new product is introduced, sentiment analysis allows businesses to track online conversations surrounding it to see whether users are excited, happy or dissatisfied – this data helps companies determine whether the new offering is an instant hit or if any features require improvement.
Sentiment analysis allows businesses to keep tabs on competitors’ marketing campaigns, which is especially useful when responding quickly to a PR crisis or seeking opportunities to enhance their own products. Gillette used sentiment analysis when its controversial “The Best Men Can Be” commercial garnered over 1.5 million dislikes on YouTube and then quickly used it to understand what was off about it and relaunch it with similar messaging that garnered better consumer responses – helping identify causes of negative customer feedback and resolve it before going viral.