Sentiment analysis uses machine learning to evaluate text (online conversations, emails, surveys, news articles etc.) to determine if the sentiment expressed is positive, negative, or neutral. It’s used to automatically pull opinions about companies and products, and analyze them as a whole, without the need for human assistance.
In the background, advanced AI algorithms apply language deconstruction techniques, like tokenization, part-of-speech tagging, parsing, and lemmatization to break down and make sense of text. Only then can machine learning software classify unstructured text by emotion and opinion.
Automatic text analysis can be performed on any text source, to sort survey responses and live chats, Twitter and Facebook posts, or to scan emails and documents. All this is valuable information for companies, filled with insights that can help them make data-driven decisions.
In this article, we’ll explain the many ways in which you can use sentiment analysis to power up your business. Read on to learn more.
Sentiment Analysis Applications in Business:
Customers contact businesses through multiple channels, and it can be hard for teams to stay on top of all this incoming data.
With sentiment analysis tools, however, you can automatically sort this data as and when it filters into your help desk or other data collections tools. Let’s take a look at how you can start using it to streamline your processes and gain valuable insights.
- Social media monitoring
- Customer support
- Customer feedback
- Brand monitoring
- Voice of customer (VoC)
- Voice of employee
- Product analysis
- Market research and competitive research
Social media monitoring
Social media posts often present some of the most truthful points of view about products, services, and businesses because users offer their opinions unsolicited. They are simply compelled to tell the world how they feel.
Around 6,000 tweets are sent every second, and a large proportion probably mention businesses. Whichever industry you work in – retail, finance, tech, health, government – you probably receive a lot of feedback on social media. And, you’re looking at hours, maybe even days, to process all that data manually.
But, with the help of machine learning software, you can wade through all that data in minutes, to analyze individual emotions and overall public sentiment on every social platform.
Sentiment analysis of social data will keep an eye on customer opinion 24/7 and in real time. You’ll be able to quickly respond when something negative starts circulating and boost your image when you receive positive mentions. And, you’ll get regular, dependable insights about your customers, which you can use to monitor your progress from one quarter to the next.
Customer support management presents many challenges due to the sheer number of requests, varied topics, and diverse branches within a company – not to mention the urgency of any given request.
Sentiment analysis with natural language understanding (NLU) reads regular human language for meaning, emotion, tone, and more, to understand customer requests, just as a person would. You can automatically process customer support tickets, online chats, phone calls, and emails by sentiment, which might also indicate urgency, and route to the appropriate team.
Take a look at how our sentiment analysis classifier sorts these two messages, below:
We can see that the first message is much more urgent than the second, and has been classified as negative. Sentiment analysis can automatically mark thousands of these messages instantly by understanding words and phrases that indicate negativity, like ‘hacked, please help, was working great.
Gain insights from the troves of customer feedback available (online reviews, social media, surveys) by using sentiment analysis, and save hundreds of employee hours.
Sentiment analysis can read beyond simple definition to detect sarcasm, read common chat acronyms (lol, rofl, etc.), and correct for common mistakes like misused and misspelled words.
“Love the user interface. Setup took five minutes and we were ready to go.”
“Took me 2 hours to set up, then I find out I have to update my OS. Love it!”
Sentiment analysis would classify the second comment as negative, even though they both use words that, without context, would be considered positive.
Keeping track of customer comments allows you to engage with individual customers in real time. And you can target read for new products or specific user issues.
Bad reviews can snowball online, and the longer you leave them the worse the situation will be. With sentiment analysis tools, you will be notified about negative comments mentioning your brand immediately. Not only that, you can keep track of your brand’s image over time or at any given moment, so you can monitor your progress.
Whether monitoring news stories, blogs, forums, and social media for information about your brand, you can transform this data into usable information and statistics. You can also trust machine learning to follow trends and anticipate outcomes, to stay ahead and go from reactive to proactive.
Voice of customer (VoC)
Combine and evaluate all of your customer feedback: from the web, customer surveys, chats, call centers, and emails. Sentiment analysis allows you to categorize and structure this data to identify patterns and discover recurring topics and concerns.
You can understand your customer base collectively, then segment them to target directly. For example, using data from a customer survey, you might want to offer free services or promotions to entice unhappy customers. Or offer rewards to those that are extremely happy with your company, encouraging them to spread the word about your product or service.
Listening to the voice of your customers, and learning how to communicate with them – what works and what doesn’t – will help you create a personalized customer experience.
Voice of employee
Engage your employees, reduce turnover, and increase productivity. Use AI to evaluate employee surveys or analyze Glassdoor reviews, emails, Slack messages, and more (without feeling like Big Brother). Sentiment analysis software allows you to analyze employee opinions subjectively, with no human input.
Process unstructured data to go beyond who and what to uncover the why. Create analysis models for your specific needs. You’ll discover the most common topics and concerns to keep your employees happy and productive.
Find out what the public is saying about a new product right after launch, or analyze years of feedback you may have never seen. You can search keywords for a particular product or feature and train sentiment analysis models to find only the information you need.
Computer analysis provides better results than humans because AI doesn’t alter its results. With tools like word clouds you can get an easy-to-comprehend view of commonly used words and phrases to understand what you need to focus on.
The above word cloud is from a review of the messaging app, WhatsApp. Words and phrases, like “whatsapp story features,” “training,” and “ease of use” are all product features that the company might want to investigate further using sentiment analysis tools. This way, they can find out if customers are mentioning these aspects in a positive or negative way.
Market research and competitive research
Sentiment analysis can be used to perform market research on your competition. Find out who’s trending among your competitors and how your marketing efforts compare. Get a comprehensive view from the ground, from every aspect of your and your competition’s customer base.
Analyze your competitor’s content to find out what works with the public that you may not have considered. You’ll understand your strengths and weaknesses and how they relate to that of your competitors.
Get Started with Sentiment Analysis
Sentiment analysis is one of the many data analysis tools you can use to understand your customers and how they perceive your brand. Machine learning has broadened the horizons of text analysis to perform tasks that were previously unthinkable. The internet is full of useful data about your company, and now it’s right at your fingertips.
Take advantage of all the useful opinions ready to be mined with sentiment analysis. MonkeyLearn has free tools you can begin using in just a few minutes.
Sign up to our Newsletter
Receive awesome Machine Learning posts and tutorials!