Sentiment analysis is an important part of any business. Whether you are a marketer, developer, or customer service agent, sentiment analysis can be used to your advantage. Sentiment analysis comes with many benefits, including improving customer satisfaction and increasing sales. However, this powerful tool has the potential to backfire if not executed correctly. To maximize the benefits of sentiment analysis while minimizing the risks, certain types of data companies or brands should know. This article discusses the types of data companies should collect to optimize the use of sentiment analysis for their specific business goals.
Companies do surveys regularly to gather information about what customers think about their products and services. Often people will provide feedback by using rating systems like Likert scales. The survey provides valuable insight into what the brand’s current state is. Companies can then compare it from one time period to the next to identify trends that could impact future decisions they make. This allows them to understand better how different aspects of their marketing campaigns affect their customers.
- Customer Reviews
Reviews can also help companies improve their current status. Customers often leave reviews after making purchases online. These reviews usually consist of comments that describe the quality of the product, clarity of instructions, cost-effectiveness, convenience. Although these short reviews may not provide much in-depth information, they can be useful when combined with other data sources. Brands should always look at positive and negative reviews to learn more about their consumers.
- Social Media Data
Social media sites such as Facebook allow users to review brands directly without searching through multiple sources. Companies can take the information gathered from user reviews, combine it with analytics gathered from ads, and analyze these two sets of data together. This gives them a complete picture of how their brand performs across social networks.
- Brand Behaviors
Brands can also use metrics related to their behavior on social networks or websites. Monitoring how users interact with their company helps them learn about their target audience and what appeals to them. Websites such as Google Analytics and SimilarWeb offer tools that allow marketers to monitor the behavior of their website visitors. They can also measure the success of advertising campaigns based on conversion rates and other metrics. There are many different ways to utilize this type of data to benefit a brand. It all depends on the needs of each company.
- Email Marketing
Email data can be beneficial for companies looking to see how effective their email campaigns are. Marketers can use tools such as Litmus to get insight into the open rate and click-throughs of their emails. Email marketing platforms like MailChimp track subscribers and segmented lists so companies can adjust their strategies to meet specific consumer requirements.
- User Generated Content
This form of content can be very helpful to brands who want to build out their libraries of resources. Social sharing platforms allow users to share links and photos containing branded content. Businesses can see which images are going viral and which ones aren’t getting traction by monitoring this activity. These statistics can be compared against internal data to determine whether or not branding guidelines need to be adjusted.
- Voice of Customer (VOC)
The voice of the customer refers to the opinions expressed by actual customers of a business. Companies can collect qualitative details such as reviews, testimonials, complaints, ratings, etc., to obtain valuable insights about their brands. VOC is another great tool for gathering data from real customers rather than relying on data collected from surveys or questionnaires.
- Focus Groups
A focus group is a meeting where consumers discuss a particular topic within a controlled environment. Participants can give honest feedback about the brand because there are no repercussions. Focus groups usually generate a lot of qualitative data. They can reveal useful things such as the types of experiences customers have had or their problems when using certain products. Brands can use data from focus groups to improve products and services or develop new plans moving forward.
- Social Media Comments
Social Media comments can accurately represent what people think about your product. However, you must do your due diligence before taking these results too seriously. Many “fake” accounts exist that fake post reviews to increase engagement. You can use third-party software to verify if positive reviews come from real followers.