Do you know the types of Sentiment Analysis? And Why do you need Sentiment Analysis?
Sentiment Analysis is performed by splitting the text into individual entities such as phrases, words, or sentences. After this, the related topic to each word is identified and the score is assigned. What is the Sentiment Analysis?
In short, it helps identify the feelings of the customers using emoticons, texts, or images.
It helps data analysts to conduct market research, understand the reputation of a product, get public opinion, monitor their brand value, and understand their customer experience. When used effectively, it can be used to analyze social media streams and gauge public opinion. It can help you gather information on different aspects of the business as shown below.
What is the Sentiment Analysis?
Sentiment Analysis is simply gauging the feelings behind a piece of content or the attitude towards a piece of content whether it’s an article, comment, or opinion. At the most basic level, sentiment-analysis tools classify pieces of text as positive, negative, or neutral.
Types of Sentiment Analysis
There are different types of sentiment analysis. And, each of it helps your business in a different way- some help you find the emotion, while some the intention of your customers. Each of these will help you get closer to your customers and help in increasing your return on investment.
1. Fine-Grained Sentiment Analysis
This is not about bucketing the sentiments of your customers into positive, negative, or neutral but ranking them with the level of positivity and negativity.
There are 5 categories:
Very positive is ranked 5, positive is ranked 4, neutral is 3, negative is 2 and very negative is ranked 1, they help in determining the heights of the feeling a customer has towards your product.
2. Emotion Detection
Emotion detection is used to determine emotions such as anger, happiness, sadness, etc. Emotion detection systems use lexicons which is a list of words/emoticons that convey meaning. This helps you to quickly know what the mood of the customer is. Most often, customers might not give you feedback when you ask them to type in a text box.
3. Aspect-Based Sentiment Analysis
This is used to analyze a specific feature of the product and not how the customer feels about the product as a whole. This allows you to concentrate on developing the areas that the customer feels there is a scope of improvement. For example, let us say you are buying a phone, the customer likes all the aspects of it, except for the front camera which may/may not be the key feature. feedback on that will help you improve and widen your target audience.
4. Multilingual Sentiment Analysis
It is a process of getting feedback from customers of different languages and then analyzing them to get feedback. Let us assume that you have a large customer base, and people from different parts of the world will access your site. If you wish to get overall feedback from your customers, then it becomes a little tedious, because the text would be in different languages. You can easily use sentiment analysis here to find out the overall feedback.
Why Does One Need Sentiment Analysis?
With the evolution and easy access to the internet, the emotions and sentiments of the people can be easily influenced. Let us consider a small example here, you are looking to book a resort in Air BnB when you look into the review section, you see that, there is a comment that says “not so good”. Now, the reason why the review said that could be anything. But, the human brain will not get into the nuances of it. Although the review is not specific to anything there are high chances that one could ignore the property and choose a different one.
In the same example, if the owner has replied back to the thread, either giving a valid reason or asking for more information, then there are chances that you might consider. This is because you find someone to be responsible. Sentiment analysis plays with your sentiments building and forming a trust. With social media, easily accessible people want to know others’ opinions on anything and everything. These sentiments can be positive, negative, or neutral. When it comes to business, the owner would want to know what their customers’ sentiments are to increase customer satisfaction.
A single bad comment can go viral and bring the whole brand down. Identifying and handling them the right way at the right time saves your business.
Here are 5 reasons why you need to implement sentiment analysis:
1. Target Individuals And Improve Your Service
By identifying customers who feel negative about your service or product, you can reach out to them and make amendments. Let us say you have a customer who has left you a -.96 negative comment saying that he/she has ordered the product but has not got it in time, it gives you a chance to get in touch with them, cool them down and get the details of the order before they go ahead and cancel it. It gives you a room to show them that you are responsible for the business that you are doing.
2. Track Customer Sentiment
Tracking customer sentiment is better than calculating the NPS (Net Promoter Score) of your product? It helps you in understanding why the score of your NPS has changed or the factors aligned to how things have changed.
3. Determine Customer Segments
It helps in understanding the different segments of your business. For example, what do people with a certain income base feel about your product? Is your product priced too much for them? How can you deliver at a rate that is affordable for them or how much would they be willing to pay for the service that you offer? You can also understand the behavior of the customers from this, such as why are returns from a certain area too high?
4. Track How Customers Feel
As the business plan changes so do customer sentiment. Let us assume that you have revamped your entire site, or released a new user interface, this will definitely have an effect on the customer sentiment. How would your customers feel when they have been using an interface for years now and one day they log in to find a new user interface? Some might like it, while some may find it difficult. You can use sentiment analysis to find out if your campaign or effort is successful among your customers.
5. Determine Your Key Promoters and Detractors
Every business will have promoters and detractors. It is not necessary that every customer has to take up the NPS survey to identify this. Using Sentiment analysis it is possible to identify the emotions of customers even without them taking up the survey.