Nowadays, the online business market is booming like never before. A consumer can get every kind of facility at home using digital services. This not only consists of the physical products but many such services that are available online.
“We see our customers as invited guests to a party, and we are hosts. It’s our job every day to make every important aspect of the customer experience a little bit better.”
– Jeff Bezos
Customer experience has become the most crucial aspect of a business. Businesses can soar to new heights if companies can uncover the real needs, and frustrations and find what the customers want. A good way of tapping into the needs, emotions, and thoughts of the people using a product is by doing sentiment analysis. It helps in analyzing customers’ feedback and implementing them to enhance their experience.
Businesses of every type have to include sentiment analysis to gain deep insight into how their customers think and feel. But at the same time, it’s important to understand examples of how to use this strategy to execute it successfully.
What is sentiment analysis?
Sentiment analysis is a text analysis technique that uses NLU (Natural Language Understanding) to detect the nature of a statement and interpret its meaning, emotions, tone, etc. With the help of this technique, you can directly process the customer support tickets, online chats, calls, and emails and prioritize any urgent issue to uncover how users are feeling about the product.
It can be used to understand the view and perception of the customer toward your brand, which in turn helps companies realize if the customers are satisfied with them or not. By analyzing the customer reviews, you get to better understand the customer needs and requirements which can help you serve them with a better product or service.
Benefits of sentiment analysis
- Brand monitoring is one of the most useful applications of sentiment analysis. Bad reviews can be a disaster for the business, as long as it is kept online without getting resolved. With sentiment analysis, one can track the negative reviews and work on them.
- Get to know what customers are saying about the new product just after the launch, and also analyze the feedback which you have not seen in years. Discover how the target audience perceives the product and which features can be improved.
- Sentiment analysis can be used for market and competitor research. You can find out who all of your competitors are getting positive reviews and what market gaps you can fill.
- Social media contains the most honest opinion about your product, services, and business. With the help of sentiment analysis, you can also analyze emotions and the overall sentiments of the audience.
Use cases of sentiment analysis
1.Track customer sentiment vs time
Analyzing sentiments over a regular period can lead to achieving a proper understanding of consumers’ liking and disliking.
2.Determine which customer segments have the strongest opinions
With regular sentiment analysis, determining the area of interest/opinions becomes easy.
3.Plan product improvements
By analyzing statistics and unstructured data, sentiment analysis can make you learn how people feel about your latest product release.
4.Determine the most effective communication channels
With split testing, we can very well understand which crew of customers liked the feature and which did not.
5.Prioritize customer service issues
We can plan our engagement strategies for the customers with negative feedback, irrespective of which customer gave the feedback first.
We can track who is facing difficulty operating the application.
By utilizing the process of sentiment analysis for your project/business, you can identify the customers’ needs and can give them the best solution and experience possible. This will help in making the product much better by doing further enhancements based on customer reviews. You can reach the customer who is facing the issue soon and also you can suggest the enhanced version to the customer who is already happy with your product.