Customer feedback has always been present in the market, but what led the companies to sentiment analysis? Do the companies don't rely upon honest feedback or was something still missing? Well, this is a big question for many!
As we move ahead in the fast-paced journey of digitalization, businesses are leading toward a strong online presence. In today's business landscape, every company is required to stay proactive on digital touch-points to get accurate insights into their customer's sentiments. Understanding the true emotions of customers is a powerful way to create a competitive benchmark for your brand and stay on top of your market. This is exactly what a Sentiment Analysis helps in. It is a method that assists businesses in analyzing customer feedback to evaluate their emotions, intent and authentic experiences with the products and services. It is also known as Opinion Mining or emotion AI, as this is a technical way to assess the real emotions or connotations of words from the textual data.
Need for understanding emotions through language
It is well understood that customer sentiments play a big role in marketing and sales, empowering businesses. Let us understand how? Sentiment Analysis covers a broader aspect than just customer feedback, as it is important for companies to keep proper track of their business image and industrial trends.
Nowadays, more than 80% of consumers are available on social media websites, making it easier for businesses to extract feedback. But still, brands face challenges in understanding customer opinions without sentiment analysis. It is necessary to gather valuable insights about how customers perceive your brand or product on a larger scale. With the help of technology and tools, businesses can easily derive deeper information from text data, comprising customer reviews, employee surveys, and social media posts. Analyzing the sentiment data provides profitable inputs to assist in making the right business decisions.
Benefits of Sentiment Analysis
From necessary insights to competitive benchmarking - Sentiment Analysis provides multiple benefits to businesses.
Negative experiences can lead to 80% of customers leaving the brand. Being aware of customer sentiment allows brands to identify areas for improvement in their offerings as well as communication. Acting on that feedback and becoming a better brand result in a more positive customer experience and increased customer satisfaction while lowering the risk of customer churn. Sentiment Analysis helps brands understand the drivers of customer loyalty. Adequately working on promoters, passives, and detractors by understanding their emotions and offering what they require is essential.
In-depth customer insights & Positive Brand Recognition
When brands measure customer sentiment, they uncover a rich source of customer insights to act on, a strategic roadmap to walk on. These analyses support quantitative metrics ultimately leading to better decision-making for the firms. Monitoring customer sentiment provides valuable information about how customers perceive your brand. You can see how good a reputation you’ve built and can inform your branding and reputation management efforts.
Deliver exceptional support & upsell your brand
By properly segmenting your customer base & working on them separately, you can customize different offerings for different emotional triggers. This enables you to retain more customers & create upselling opportunities by leveraging satisfied customers.
Source of Customer Sentiments