"People spend money when and where they feel good."
Social media is not only important in keeping up with what’s happening in the world, but it has also become a place where people share their opinions about a brand, product or a service. When brands analyse the sentiments of their audiences, especially on social platforms, they understand what their customers really want.
This is precisely the reason a lot of brands are now depending on social media to know how their products are doing and what the customers think about them? Many brands like Domino’s Pizza are actively addressing their customer-queries on social media in order to build a positive sentiment among their audiences.
What is Social Media Sentiment Analysis?
As the name suggests, this kind of analysis takes into account the emotions and opinions of people rather than a simple counting of mentions or comments. It can be considered as a subset of ‘social listening’. This kind of analysis is also known as ‘opinion mining’ and this is because it is the process of defining and categorizing opinions on social media as – positive, negative, or neutral.
These opinions are mined through a method called Natural Language Processing (NLP). NLP is basically a system built to extricate opinions from text and differentiate between the words automatically. This way the brands can know about consumers’ perception of their products and services.
Many social media monitoring tools like ConvOcean use sentiment analysis to give their users the idea of how the public feels about their products, services, business, or topics of interest. A very common example where it is widely used is by the email services to keep the spam out of your inbox and also by the review websites that keep recommending you some new content like films or TV shows.
Importance of Sentiment Analysis in a business
There are some very obvious benefits of conducting sentiment analysis for a business. Let’s have a closer look.
Understand your audience
Over 4.5 billion people use the Internet and social media users have surpassed the 3.8 billion mark! Eighty seven percent of consumers read online reviews for local businesses in 2020. Social media plays a very important part in sentiment analysis.
Constantly monitoring public opinions can keep a brand on top of their game in knowing when the customer preference and desires change in real-time!
An excellent example of this is KFC. It faced tough competition from the likes of McDonald’s and Burger King, and was left behind when its adversaries were reinventing themselves as health-conscious and feel-good brands. Instead of joining the crowd, it listened to what people were looking for and added just that to their brand! KFC started riding on the waves of memes and brought in some very famous pop culture elements to reinforce their brand image. They used the character of RoboCop to promote their new products. Now that’s a way to deal with your competition!
Personalize your Customer Service
Monitoring for social mentions with negative sentiments allows the brands to analyze where they are going and what they can do to improve. It also alerts them of any recent issues that can occur and allows them to prepare a proper response, strategy, or script to control the damage.
It was found that 83% of people expect companies to respond to their social media question or complaint within a day and half of them expect a response within an hour!
Social media today has become the central pillar for customer service. Not just big tech companies like Microsoft and Apple, but local businesses and companies are also leveraging social media to provide best customer services. These companies have a very active and responsive social media presence in order to resolve any customer complaint. This enables them to not only solve any existing issues but also gives them additional insights into any trend in product-use.
HelloFresh is a meal-kit providing company that has the largest market in the US. It proactively participates in public conversations about their brand on social media. This has enabled them to resolve their consumer complaints and provide the best feasible solution in the least possible time.
Tweak brand messaging and product development
When brands start following trends and investigating spikes in positive or negative sentiments, they get an idea about what their audiences want. This insight can be effectively used to create a focused brand messaging and product changes.
For example, when McDonald’s stopped serving All Day Breakfast, many people started tagging them on Twitter and asking them to serve it again. Here, we can see McDonald’s reassuring one of its customers about starting their All Day Breakfast again.
Know where you stand in your niche
Monitoring sentiments on social media helps brands to know where they stand in their niche market. Where are they lacking and how can they improve their brand image? It also allows them to tap into the unexplored potential of the market.
For instance, using sentiment analysis, it was found in a research that in a research Heathrow Airport is known for good Wi-Fi, washrooms, restaurants, and lounges. However, on social media, many people were seen complaining about the airport’s parking, immigration and passport control procedures, and staff. Using this information, Heathrow Airport could improve and work on these aspects.
Proactively handle brand crises
Brands should continually monitor social sentiments for their products and services because by doing this they would know where their brand is heading! Analyzing the social media users’ sentiments can help them spot any problem early on and make sure that they handle it before any major harm is done.
A very good example of this would be Airbnb. It takes customer complaints very seriously and tries to resolve them as soon as they can.
Social media directly connects big brands with their audiences and learns about their usage patterns, buying patterns, pain points. With many discussions going around about how social media is affecting businesses and people negatively, one should read the above-listed facts twice and decide for themselves!