Lean how business can leverage AI-enabled sentiment analysis to gain intelligent market insights.
A business can leverage sentiment analysis for business growth, even in the face of market disruptions like those caused by the COVID-19 pandemic, to keep in tune with customer and employee sentiments. Sentiment analysis is, after all, about generating insights from the emotions that people express, in this case, online via social media, reviews, blogs, user-generated videos, et all, to remain relevant in a competitive marketplace.
So let’s look at some very interesting ways in which a business can leverage AI-enabled sentiment analysis to gain intelligent market insights.
1. Social Media Sentiment Analysis
Regular social media analytics give you all the numerical data you need - the number of likes, the number of shares, total number of impressions, mentions, and other statistics. However, these metrics do not actually reveal the reason behind the numbers. They give you no understanding as to why someone shared your post, or why a particular hashtag is trending unless you manually go through hundreds of posts and read them.
AI-based social media sentiment analysis offers you in-depth social intelligence that includes both quantitative and qualitative insights. You can keep a tab on what’s trending, predict upcoming market trends based on online chatter, and fashion a more engaging online presence.
By analyzing sentiment in social listening data you can also gather the elements common amongst the users who share your posts from their publicly available profiles. You can use this data to build and compare buyer personas and develop more targeted campaigns or advertisements.
Companies invest a lot to make sure they boost sales through effective social media ads. If there is no direct proportion to your popularity on social media and your sales conversion figures, sentiment analysis helps you find out why, so you can bridge that gap. Thus, you get clever insights for product innovation, new customer acquisition, market gaps, and consumer behavior.
You can leverage sentiment analysis for social media marketing to get qualitative and quantitative insights. It tells you the “why” behind the numbers, which in turn helps you develop more effective strategies for better products, higher customer engagement, and improved sales.
2. Customer Sentiment Analysis
Most companies ask customers for reviews and ratings, either in the form of net promoter scores (NPS), star ratings, or remarks on websites like Google Reviews or TrustPilot. Star ratings are infamous for being unreliable, while NPS scores only tell you how likely a person is to promote you.
Open-ended questions in surveys help with this. But the challenge with this data is that, most often than not, the emotion mining tool doesn't usually have the capability to capture the essence of the feelings expressed in it. This is because open-ended questions do not come with pre-determined answers.
The smart thing to do here, in order to leverage sentiment analysis, is to make sure that you choose a machine learning (ML) platform that is capable of survey emotion mining. This way you can also analyze sentiment from data such as customer care emails and chatbot histories to see what is irking your customers, and what they seem to appreciate.
An ML platform learns from every single time it processes data, thanks to its neural networks. It analyzes every comment and data point by using semantics, and in a contextual setting so that no nuance is missed. Therefore, by automating sentiment mining, not only do you remove human bias and errors, but you also employ an AI solution that becomes smarter with each iteration.
You can gain key, action-oriented insights from all types of customer experience data through sentiment analysis. This will help you match your business aspects to customer requirements, and develop data-backed marketing strategies mapped to trending market sentiments.
3. Video Content Analysis
YouTube holds the distinction of being the go-to channel for most people for anything - from learning music to recipes, to repair and maintenance directions. It's not surprising then, that companies are investing in YouTube adverts and learning how to ensure high click-through rates.
Social media platforms like TikTok, Douyin, Facebook, and Instagram Live too, have seen a surge in user-generated and marketing videos. Additionally, in a bid to capitalize on untapped markets on a global scale, companies are assertively turning to videos for their e-commerce marketing campaigns as well. These videos hold invaluable data that can be harnessed for customer insights.
Video content analysis (VCA) extracts insights from all this video big data. It not only gives you key information for customer experience but also competitor intelligence. It does so by processing videos, gifs, memes, emojis, hashtags, online abbreviations, colloquialisms, etc., and analyzing them for sentiment just like it would do text data. VCA-enabled logo identification helps you to leverage sentiment analysis by telling you where your logo is being used, what subject matter, and in what context.
Apart from this, video AI also allows you with knowledge management by helping you organize your video repository intelligently. This helps you with semantic search so that you can find the information you are looking for without a dependency on keywords.
Video content analysis lends key findings of a brand, the efficacy of its video marketing, and brand associations. It also enables semantic video search. A business can analyze hundreds of videos on channels like YouTube, TikTok, Facebook, and gain granular customer and brand insights.
4. Monitoring and Nurturing Employee Experience
Unlike some companies that inflate Glassdoor reviews to sway market opinion in their favor, you can leverage sentiment analysis to genuinely build a nurturing and uplifting work environment. This is ultimately the most reliable way to increase productivity and profitability and ensure business longevity.
The way to move forward is to ensure that employees don’t feel neglected, have a support structure for feedback and grievances, and receive adequate opportunities to upskill. With more companies offering remote working as an option, not only due to the pandemic but also as they come to realize the financial perks of virtual offices, there is so much that can be done to encourage virtual employee engagement.
An AI-powered sentiment analysis solution can give you well-rounded insights into various facets of your business setup and your employees’ feelings about them. You can use employee experience insights to analyze sentiment from not only external websites like Indeed and Glassdoor, but also the voice of the employee data such as internal surveys, exit interviews, performance review notes, social media data, and the like.
Through emotion-aspect co-occurrence analysis, you can know what employee sentiments pertain to which aspects of your company. For example, you can know how often the emotion “trust”, which the machine learning platform would have recognized and captured as a recurring sentiment, occurs with an aspect like “office policies” or “senior management”. Or the aspect “happy” occurs with “vacation” or “team members”.
A business can leverage sentiment analysis for productive employee engagement programs to nurture its human capital. A stellar employee experience can lead to not only retention of your star employee but also attract the best talent in a competitive market.
5. AI-powered Brand Reputation Management
Last but not least, a smart way to leverage sentiment analysis is to monitor and manage your brand reputation proactively and effectively with AI. A sentiment analysis platform can help you gather data from a variety of sources and use intelligent machine learning tasks such as natural language processing, optical character recognition (OCR), semantic clustering, and the like, to give you brand intelligence.
In an era where businesses are plagued with fake products, illegal use of brand logos, and copyright infringements, sentiment analysis of publicly available data like online news, reviews, and social media chatter can intimate you of people’s perceptions about your brand. An intelligent platform will alert you of spikes in your mentions based on your settings - whether they are for a particular keyword, type of sentiment, or about competing brands.
You can also leverage sentiment analysis to ensure that your brand ambassadors and social influencers are adhering to brand guidelines, and to what extent their engagement with your brand is beneficial to you. In these times of cancel-culture, it is paramount that a business is meticulous about the type of content in its advertising campaigns, as well anything that goes out from corporate social media accounts. This is especially important for startups.
An AI-powered sentiment analysis platform can give you information so that you can act in a timely fashion before a small PR issue becomes a major one. You can make sure that community standards are not infringed upon in online forums, your brand name is not misused, and your online reputation management strategy is developed based on concrete data based on insights from the current as well as historical data.
Customer experience depends a great deal not only on the product, service, or even the employees who customers deal with directly. It also indirectly depends on how an organization functions as a whole - right from quality assurance, to supply chain management teams. Any company that wants to stay ahead of the game needs to have the vision to adopt AI-enabled capabilities for emotion mining so that it has a holistic view of all aspects of its business.
Now is the time to invest in machine learning technologies, whether you are a start-up or a veteran enterprise. Use it in smart ways to leverage sentiment analysis for market intelligence, and see your business flourish.
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