These days, companies compete to create the most innovative solutions, products, and offers possible, hoping to win new customers.
But are they based on ideas alone? Or actual user needs? As it turns out, it looks like the former because research shows that 56% of consumers believe businesses need a deeper understanding of what they want. This is where sentiment analysis can help.
Sentiment analysis enables businesses to better understand the needs, desires, and emotions of current and future customers. And in this article, we’ll walk you through how to use it in business, and what benefits it can bring.
What is sentiment analysis?
Sentiment analysis (also known as opinion mining) is a popular NLP (Natural Language Processing) solution where one identifies feelings and emotions expressed in words. Emotions are usually divided into three categories: negative, neutral, or positive.
From a business perspective, companies use it to identify how customers feel about a brand, product, or service based on an analysis of the words they use when they mention it (be it a comment on social media, a community forum, or in emails).
6 ways sentiment analysis will help your business
Sentiment analysis offers several significant business benefits. Here are six reasons we recommend every business considers using it.
- Get feedback about products and services
- Save time and reduce your overheads
- Reduce the risk of unsuccessful products
- Improve the overall user experience
- Measure the impact of marketing and sales campaigns
