What is Sentiment Analysis?
Sentiment analysis is the process of analyzing digital text to determine if the emotional tone of the message is positive, negative, or neutral. Today, companies have large volumes of text data like emails, customer support chat transcripts, social media comments, and reviews. Sentiment analysis tools can scan this text to automatically determine the author’s attitude towards a topic. Companies use the insights from sentiment analysis to improve customer service and increase brand reputation.
Why is sentiment analysis important?
Sentiment analysis, also known as opinion mining, is an important business intelligence tool that helps companies improve their products and services. We give some benefits of sentiment analysis below.
Provide objective insights
Businesses can avoid personal bias associated with human reviewers by using artificial intelligence (AI)–based sentiment analysis tools. As a result, companies get consistent and objective results when >analyzing customers’ opinions.
For example, consider the following sentence:
I'm amazed by the speed of the processor but disappointed that it heats up quickly. Marketers might dismiss the discouraging part of the review and be positively biased towards the processor's performance. However, accurate sentiment analysis tools sort and classify text to pick up emotions >objectively.
Build better products and services
A sentiment analysis system helps companies improve their products and services based on genuine and specific customer feedback. AI technologies identify real-world objects or situations (called entities) that customers associate with negative sentiment. From the above example, product engineers focus on improving the processor's heat management capability because the text analysis software associated disappointed (negative) with processor (entity) and heats up (entity).
Analyze at scale
Businesses constantly mine information from a vast amount of unstructured data, such as emails, chatbot transcripts, surveys, customer relationship management records, and product feedback. Cloud-based sentiment analysis tools allow businesses to scale the process of uncovering customer emotions in textual data at an affordable cost.
Real-time results
Businesses must be quick to respond to potential crises or market trends in today's fast-changing landscape. Marketers rely on sentiment analysis software to learn what customers feel about the company's brand, products, and services in real time and take immediate actions based on their findings. They can configure the software to send alerts when negative sentiments are detected for specific keywords.
What are sentiment analysis use cases?
Businesses use sentiment analysis to derive intelligence and form actionable plans in different areas.
Improve customer service
Customer support teams use sentiment analysis tools to personalize responses based on the mood of the conversation. Matters with urgency are spotted by artificial intelligence (AI)–based chatbots with sentiment analysis capability and escalated to the support personnel.