Sentiment analysis, also known as opinion mining, is a natural language processing technique for determining whether textual data is positive, negative, or neutral.
While data growth is unavoidable, data value remains a function of analytical quality. Among many explanatory fields, one in which humans outperform all others is the ability to recognize feelings.
Traditional methods of gauging popular sentiment, tracking brand and product reputation, analyzing customer experiences, and understanding the market are being rapidly replaced by sentiment analysis tools.
Manual sentiment analysis is also possible; simply read each piece of feedback and determine whether it is positive or negative. However, for a small number of feedback presented to you, such as 40–50 or even 100, this is doable.
However, if you have a data set of, say, 10,000 reviews, manually analyzing them becomes impractical. Not to mention the time and bias that will ensue.
In the future, sentiment analysis will go beyond the concept of positive, negative, or neutral to reach and realize the importance of comprehending dialogues and what they reveal about consumers. As a result, in order for these enterprises to compete in such a competitive market, sentiment research is becoming increasingly important.
Even today, corporations and brands perform the vast majority of sentiment analysis in any project, utilizing data from social media, survey answers, and other sources of user-generated content.
And, by researching and evaluating client attitudes with such tools, brands may obtain a comprehensive understanding of consumer behaviors and, as a result, better serve their audiences with the products, services, and experiences they offer.
Here are some interesting ways sentiment analysis can be used.
1. Recognizing and Forecasting Market Trends
It allows you to evaluate massive amounts of market research data in order to identify new trends and better understand consumer purchasing behaviors. This form of exercise can assist you in navigating the complex world of stock market trading and making decisions based on market mood.
2. Keeping control over the brand’s image
Sentiment analysis is a popular method for investigating consumer impressions of a product or issue. It can also be used to do product analysis and deliver all necessary data to development teams.
3. Taking a look at public opinion polls and political polls
Anyone can use sentiment analysis to assemble and evaluate massive volumes of text data, such as news, social media, views, and suggestions, to predict the outcome of an election. It considers how the general public feels about both candidates.
4. Customer feedback data is being examined.
Customer feedback data can be utilized to discover areas for improvement. Sentiment analysis can assist you in extracting value and insights from customer feedback data and developing effective customer satisfaction strategies.
5. Observing and analyzing social media talks
Social media conversations are a gold mine of information. With sentiment analysis, look at conversations about your business on social media to understand what your customers are saying; this may help any firm plan its future initiatives far more effectively.
6. Reduced Employee Turnover
Analyze massive volumes of employee feedback data to assess levels of employee satisfaction. The sentiment analysis tool uses the information to increase morale and productivity while also notifying you of how your staff is feeling.
Tools to Use for Sentiment Analysis
BytesView sentiment analyzer is a powerful tool for evaluating user sentiments by analyzing complex structured and unstructured text data. It is simple to train it to support and analyze 30+ languages; all you need to do is gain access to the BytesView API and integrate it with your system.
You can easily gather text data from multiple sources (reviews, suggestions, opinions, social posts, opinions, support queries) and convert it into actionable insights to help make data-driven decisions with their sentiment analysis tool.
Another excellent tool for sentiment analysis is Talkwalker. It claims to have the best sentiment analysis technology available, allowing it to distinguish sarcasm and other ambiguous forms of negative mentions. This tool is best used in conjunction with your social media channels because it can tell you exactly how people perceive your company’s social media accounts.
Clarabridge is a multifaceted platform that includes customer experience management. Sentiment analysis is a component of this solution. The sentiment analysis in the tool is extremely detailed, taking into account parsing, framework, industry, and source.
When it comes to sentiment analysis, Brandwatch is also one of my go-to analytics tools. It analyses brand sentiment, displays trends, and includes a cool feature called “image insights.” In the same way that topics can be linked with your brand’s name, the feature recognizes images associated with your brand’s logo.
Lexalytics is a business intelligence solution that analyses various types of text. Lexalytics works with social media comments, surveys, reviews, and any other type of text document. In addition to sentiment analysis, the tool performs classification, theme extraction, and intention detection, which can help users see the full context.
Rosette’s sentiment analysis tool is simple to use for beginners because it uses an API to perform sentiment analysis on social media data as well as a more fine-grained analysis. Customers’ feelings, for example, when they mention a specific product, company, or person.
You can train Rosette’s sentiment analysis tool to identify up to 30 languages if you have global data.
Mention is a well-established social media monitoring app. Mention tracks brand mentions on major social networks, news websites, blogs, forums, and the internet. Mention sentiment analysis is included in all plans.