In addition to maintaining quality products and services that meet standards regularly. ‘Maintaining relationships with customers’ is another important duty of every business. Especially understanding ‘How customers feel about products and services’ because this determines whether customers are willing to pay for products and services or not, which directly affects sales.
But predicting how customers will feel about your business through text messages is not always easy. Because sometimes what we feel and what we communicate are not 100% the same.
But this problem will go away if you know Sentiment Analysis, a tool to help analyze customer feelings. Read more in this article!
What is Sentiment Analysis?
Sentiment Analysis , , , , , ,
These sentiment analyzes are useful in many ways, such as helping businesses analyze customer attitudes towards the business. or evaluate the satisfaction of users of products or services, etc.
Interesting Insight about Sentiment Analysis
Bain&Company 2020 54% Sentiment Analysis 2023 Sentiment Analysis 80%
These insights show that most companies in various industries are turning to give importance to Sentimental Analysis, and in the future the use of Sentimental Analysis is likely to continue to increase. Because it can provide high accuracy. It is mainly used to analyze customer sentiment towards products and businesses. There are also a variety of deployments. Whether it’s checking reviews to be real or fake. and predicting people’s positive and negative opinions .
How many types of Sentiment Analysis are there?
Sentiment Analysis doesn’t just determine whether a message is positive, negative, or neutral. But it can also analyze the mood, urgency, and even intent of the writer. There are 4 types that we see often:
1. Graded Sentiment Analysis
We are usually familiar with Sentiment Analysis dividing feelings into just positive, negative, and neutral. But Graded Sentiment Analysis is a more detailed sentiment analysis divided into more levels, including:
- Very positive
- Positive
- Neutral
- Delete (Negative)
- Very negative
This type of analysis is suitable for interpreting the meaning of review scores, for example, a 5-star review may be represented as “very positive” and a 1-star review may be represented as “very negative”. It is also suitable for businesses that value the accuracy and resolution of the feelings of customers or target groups about products and services in order to effectively develop further strategies.
2. Emotion Detection
That said, customer sentiment cannot only be measured positively. only negative and neutral But it can also measure the emotional level of the customer, which is called “Emotion Detection”. This type of analysis will identify the true emotions expressed in the message, such as
- happiness
- Irritability
- anger
- sadness
3. Aspect-based Sentiment Analysis
Aspect-based Sentiment Analysis , “”
4. Multilingual Sentiment Analysis
This type of analysis is more complex than other types. This is because preliminary data processing and a large amount of resources are required. Although some information, such as multilingual Sentiment Lexicons, may be readily available on the Internet, But some data such as Translated Corpora or Noise Detection Algorithms need to be created manually. Therefore, users need to have programming knowledge to take advantage of those resources. Another option is Using the automatic language identification system Then create and train a custom sentiment analysis model to classify text in the desired language.
How important is Sentiment Analysis to business?
Understand customers better
Conducting Sentiment Analysis helps businesses to know the emotions and feelings of their customers in detail and accuracy, whether the customers are satisfied when using the products and services or not. What problems did you encounter after using the products and services? This allows businesses to improve and adapt to meet customer needs in a timely manner.
Improve products and services
Conducting Sentiment Analysis helps businesses improve products and services to better meet customer needs. This is because businesses can take customer opinions about brands and adapt them into more effective strategies for developing products and services that are still more useful and provide the value that customers are looking for.
Make more accurate decisions
Instead of guessing how the decision a business will make will affect its customers. Businesses can use the Sentiment Analysis tool to help make decisions more accurately by evaluating and analyzing customer opinions on various decisions, such as doing A/B testing to analyze customer satisfaction before making a decision.
increase sales
When a business can improve the efficiency of customer service and develop products to meet the needs of customers even more. Definitely will bring in new customers. People who have the same problems are increasingly interested in purchasing products and services. It is also able to maintain stronger relationships with old customers because customers see the care the business has for its customers, causing them to come back and buy new products again and again. Until eventually becoming a regular customer
What can Sentiment Analysis be used for?
Voice of Customer (VoC)
Various businesses often use Sentiment Analysis to collect customer opinions (Customer Feedback) through questionnaires, reviews, surveys, and interviews in order to analyze the information about how customers feel about products and services. Do customers have a good experience using the product service? After knowing where customers are satisfied and dissatisfied, it will be used to improve products and services to better meet customer needs.
Social Media Monitoring
Using Sentiment Analysis, read comments or reviews that customers talk about products and services on social media to see how positive, negative, or neutral each message is in order to collect and store data to develop those products and services to be better than before. It also helps to respond to customer messages more efficiently.
Brand Monitoring
Sentiment Analysis can be used to compile what customers are saying about a brand across channels. scattered throughout Whether it’s through news, reviews, blogs, websites, or more, following brands helps you gain insights into conversations. that are happening about brands all over the internet to gauge brand sentiment. Including being able to target the desired group. Regardless of region or age, the system can analyze sentiment in real time, helping you identify potential crises and take immediate action to resolve them.
Market Research
Sentiment Analysis increases efficiency in market research and all types of competitor analysis. Whether you are exploring new markets Forecast future trends or looking for the strengths and weaknesses of competitors Able to analyze product reviews on online channels and compare them with competitors, for example in the case where a competitor launches a new product that is not very famous. It can be analyzed to find out what are the weak points that customers are most dissatisfied with. Then use that information to develop superior products.
Customer Service
A good customer experience directly results in repeat purchases. Everyone knows that the way a business delivers its products or services is just as important. with the product or service Customers expect a quick, intuitive, and personal experience. And there’s no problem, with 1 in 3 customers abandoning a brand after a bad experience. just once Therefore, using Sentiment Analysis helps organize various questions. from the customer to be forwarded to the correct department and help determine the urgency of those questions. This reduces the rate of losing customers. After all, it is easier to retain customers than to find new customers.
Example of a Sentiment Analysis tool
In Thailand, there are many machines that have features to help with Sentiment Analysis to analyze customer emotions and feelings, such as
Mandala AI
Dom: Data Opinion Mining
Technology developed by Thai people that offers a Dashboard for accurate Insight analysis on a single page. Provides real-time tracking of brand feedback on social media. Compare positive and negative opinions about the business. and analyze the response according to the map location
ZOCIAL EYE Wisesight
Social Monitoring tools that help track, inform, and warn of potential crises and threats that may negatively impact your brand, products, services, and brand reputation to reduce crisis management costs. Saves time and labor. and take care of your brand 24 hours a day
Examples of businesses that use Sentiment Analysis
United Airlines
Airlines like United Airlines use Sentiment Analysis to analyze passenger satisfaction with airline service. Through expressing opinions through various channels After that, points that need to be improved and developed based on customer feedback are identified to meet customer needs more efficiently.
Procter & Gamble
Procter & Gamble is a large consumer products company with well-known brands such as Pampers, Tide, and Gillette. The company uses Sentiment Analysis to track customer opinions about its products, identify problems, and develop new products. and improve marketing campaigns, such as the Gillette brand campaign called “The Best A Man Can Get” that received both positive and negative comments. After doing a Sentiment Analysis, it was found that the response from consumers was more positive.
Starbucks
Starbucks is a popular coffee shop with thousands of branches around the world. They use Sentiment Analysis to
Analyze customer feelings towards the service. Drinks and snacks to be used to improve the service within the store and the taste of the drinks. Helps to improve the customer experience within the store.
Summary
Sentiment Analysis is a good technique for businesses in all industries that want to analyze customer opinions about brands in order to improve products and services to better meet customer needs. It can be applied in many forms such as Social Monitoring, Brand Monitoring, Voice of Customer, Customer Service and others.
