How to Use Sentiment Analysis to Improve Your Business?
Sentiment analysis has been lately a hot topic of debate among the social media professionals. The accuracy, the methodology of implementing and it’s practical usage, all have been discussed with different perceptions. Let’s take a quick look at why and how sentiment analysis can help your businesses grow.
Why Sentiment Analysis?
When there are hundreds of mentions around your brand, sentiment analysis can help you make sense of the data. If you are monitoring about 15 articles or tweets a day, probably it doesn’t matter much for you to scrutinize each of these everyday. But, if your brand requires understanding large set of conversations like 60,000 mentions, then definitely sentiment analysis can help you cut the clutter in minutes. You can practically use sentiment analysis to understand how your brand is perceived on social media, monitor campaigns, identify and handle crisis situation.
If you are on social media and engaging with your community, then you know that it can have a positive as well as negative impact on your brand. Therefore, constantly monitoring & analyzing the perception of your community is extremely important. This also helps you keep a check on any crisis situation that may arise.
Sentiment analysis can also be used to to find how your brand is being perceived compared to your competitors. If you know you have a negative sentiment of about 30% on certain channels or sources, and your competitor has 10% then definitely you got to be working towards your strategy. Reaching out to influential people in your network and to those that matter in your industry, would be more sensible approach than every other person on social media.
Monitoring your brand’s sentiment perception regularly to know how your marketing efforts are working for you can help you create a strong brand value.
There are two aspects of managing a campaign- creating and implementing. Sentiment analysis can be helpful in both. If only you know how and what are consumers talking about your product category you can be sure of creating an effective campaign. This is also important in terms of the geography reach, topical trends, gender and channel sources.
When you are ready and have implemented your campaign, sentiment analysis can be then used to analyze the overall impact. Definitely, no automated sentiment analysis can be 100 percent accurate but when targeting thousands of people on social media, this feature can work wonders.
Crisis Identification and Tracking
The recent examples of social media hastag ‘hijacking’ including JP Morgan hastag #AskJPM and London Mayor Boris Johnson’s #Askboris are enough to tell you how even simple social media engagements can turn into disaster. A sudden rise in negative sentiment around your brand is probably an indication of a nearing crisis situation. Sentiment breakup, in such situations can help you track mentions that are talking negative around your brand. You can then either reach out directly to individual influencers or create your mass messaging/crisis campaign depending on the tone of mentions from the majority of audience. Don’t forget to monitor constantly during the pre, ongoing and post campaign duration.
Check out our infographics on social media crisis management that indicates the important role of sentiment analysis.