Companies across the world are leveraging business intelligence to gain competitive edge. The crucial insights provided by data analytics techniques helps brands enhance their strategies and increase the efficiency of their decisions. Sentiment analysis can provide deep insights into customers’ behaviour and help companies truly understand what their customers want.
What is sentiment analysis?
Brand sentiment analysis, social media sentiment analysis, reputation management are some of the frequent uses of sentiment analysis. Sentiment analysis allows companies to understand their customer’s perception and attitude towards products and services. Through this data analytics technique, patterns and future market trends can also be predicted, helping brands formulate their strategies accordingly. Expert data miners use NLP (natural language processing) to derive opinions from text to reveal the underlying meaning.
Some reputed companies in the world have taken advantage of sentiment analysis to unearth some meaningful insights that have helped them stand out in their industry. Consider sentiment analysis to be a detective that constantly monitors what your customers say and think about you – everywhere. Let’s have a deeper look at the companies that applied sentiment analysis in the right way:
One of the finest ways of presenting a product – Apple has finetuned its presence in people’s mind over the years with the help of market research and competitor analysis. The company analysed the pain points of its target audience and aligned them with their product development process in order to address their customers’ problems. Aggressive analysis of competitors and tracking their activities has helped Apple define its brand value propositions, build solutions, introduce new features etc.
Sentiment analysis provides an amalgamation of these valuable insights that has helped Apple assess the market conditions and trends, ultimately helping them differentiate themselves from the crowd. The successful application of sentiment analysis contributed in the company growth – making them one of the most valued technology companies in the world.
A brilliant example of how sentiment analysis can contribute to product/service improvements – in this example of Google Chrome.
By leveraging advanced sentiment analysis algorithms, the development team of Google Chrome was able to monitor user feedback consistently, coming from various sources such as open source platforms, forums, blogs, social media posts etc. Voice of customer that is transformed into insights helped Google to identify areas of improvement and highlighted what their customers dislike about their product.
After the launch of new products or campaigns, brands are inquisitive about their audience’s reaction to it. When Nike launched its controversial marketing campaign – featuring Football League quarterback Colin Kaepernick, the response from the audience was overwhelmingly negative. Twitter sentiment analysis revealed that underneath the negative sentiment, there was also an influx of positive sentiment. After the video-ad was released, positive sentiment rose quickly and Nike was able to boost its sales by 31%.
There was a time when KFC’s competitors were reinventing themselves using latest marketing trends and techniques, while the company was struggling to cope up with rapidly changing market. KFC turned towards sentiment analysis to build & monitor its brand. Indulging in getting to know what their customers really wanted, they chose memes and pop culture iconography to stand out from the crowd. As a result, the audience’s engagement with brand grew. Social media platform monitoring helps curate innovative marketing campaigns, helping the brand maintain its digital presence and market share.