Sentiment analysis is the automated process of analyzing unstructured text data and predicting whether a piece of text is talking positively or negatively about a given subject. This can be a powerful tool to structure text in your Excel spreadsheets, get insights from the data, and save valuable time.
Excel is synonymous with data analysis. More than likely, you’ve used it countless times for crunching data, creating all kinds of charts, and analyzing trends from multiple data points.
But there’s one tricky part of analyzing data in Excel: the text data. While we all know how to crunch numbers with Excel functions, analyzing text is still a manual and time-consuming process. Whether you’d like to identify trends within customer survey results, analyze tweets for brand monitoring purposes, or sort through product reviews for market research, you’ll need to spend hours going through each row and making sense of the text data manually.
But, why spend time on this analysis when it can be automated?
A tool like sentiment analysis can be leveraged to automatically analyze huge amounts of text information. Automating this process can save businesses countless of hours of repetitious work and resources.
With this in mind, we wrote this guide to walk you through on how to perform sentiment analysis in Excel. Ready to dive in? Let’s go!
How to do Sentiment Analysis in Excel
Using sentiment analysis in Excel is pretty straightforward with MonkeyLearn, an AI platform that makes it super easy to use text analysis models right into your spreadsheets. Avoid labor-intensive efforts and get to ah-ha! in just 4 simple steps:
1. Select a Sentiment Analysis Model
MonkeyLearn offers pre-trained and ready to use models for general tasks. These models do not require any training and are great for getting started right away with sentiment analysis. Just go to Explore, filter by sentiment, and then choose a model:
If you are not sure of which sentiment analysis model to use, choose this one which was trained with data from different domains and works great with any kind of text.
2. Upload your Excel file
Now it’s time to upload your Excel file to run the sentiment analysis with the selected model. Go to Run > Batch and click on + New Batch:
3. Select the column to analyze
Now you’ll see a preview of the data on your spreadsheet and you’ll have to select the column with the text you want to run the analysis on:
4. Get the results
MonkeyLearn will return a new Excel file with the original data plus two new columns: one with the sentiment analysis result and another one with the confidence of the prediction:
Custom Models for Getting Better Accuracy
Pre-trained models are great for getting started right away with sentiment analysis. But, sentiment analysis is hard due to its subjective nature.
So, if you care about getting the most accurate results, consider training a custom model with MonkeyLearn. It’s a straightforward process and can be very accurate with proper training.
Sentiment analysis can enhance your Excel experience and open up new opportunities for data analysis. The following are some examples of things you might want to try.
Analyzing Tweets for Brand Monitoring
Whether for tracking trends or gauging what people are saying about your brand or product, you can save tweets that mention relevant terms into an Excel spreadsheet using a tool like Zapier and then run sentiment analysis on the data using MonkeyLearn. Within minutes and without a single line of code, your spreadsheet will be populated with tweets and their sentiments:
Analyzing Survey Responses for Product Analytics
Open-ended text answers usually provide the most valuable information from survey respondents. But, how do you get insights from these answers, especially when you have hundreds or thousands of responses?
This is when aspect-based sentiment analysis shines. You can combine additional text models from MonkeyLearn to not only understand whether respondents are talking with a positive or negative sentiment but also identify which particular aspects or topics they are mentioning:
Analyze Reviews for Market Research
Whether you’re exploring a new market, doing a competitive analysis, or looking for future trends, sentiment analysis can provide superpowers when you are doing market research. You can use tools like Dexi.io to scrape public information such as product reviews and then run aspect-based sentiment analysis on the data:
Excel is an incredibly powerful tool and when you incorporate sentiment analysis to your spreadsheets; the possibilities are endless. MonkeyLearn’s got your back providing a fast and simple way to combine these tools so you don’t have to read through every single text to get insights from the data. Just think what you can do with all of the time you’ll save…
Have any questions or need help getting started with sentiment analysis in Excel? Just get in touch! We’ll be happy to help 🙂