First thing we all do in our spare time is to log on to social media sites like Facebook and Twitter. We share, we comment, we like, we recommend and post reviews of movies, brands, social issues and so on. Have you noticed your favorite brand popping up on your Facebook page? I am sure you would have seen it on the other social media platforms, message boards and blogging sites as well.
These social media sites have advanced from being just a socializing platform, to advertising and marketing a variety of products and services. It is obvious that marketers are dwelling on social media sites for the following reasons:
- To find out what’s trending in the market
- To know what are people talking about them (opinions and feelings)
- To check competition level
- To determine their strength, areas of improvement and so on
The opinions and feelings shared by the consumers on these sites are very important. If you would recall from our earlier posts on Types of Sentiment Analysis, where we have discussed about Sentiment Data and Sentiment Analysis. This Sentiment Data is essential for marketers for performing analysis.
So, what is the importance of sentiment analysis for a marketer? Let us take a look!
When does a Product/Service become a Brand?
Apart from all the ‘brand strategy’ that companies work at most, the real consumers are behind the popularity of the product/service. Hence, it is very important for brands to listen to what is being said about them, whether it is customers, prospects or the media. Businesses should therefore track positive and negative reviews of their brand and measure their online presence.
Insight into Competitor’s Initiatives
Any product released in the market is tested on social media, where people go online to talk about the products they are excited about. Here, sentiment analysis alerts companies about their competitors as well as the newbies planning to enter their industry.
Improve Customer Service
Sentiment analysis provides the marketers with an insight of consumer’s current and future purchase preferences, brand affiliations, topic of interest, opinions, likes and dislikes of the product/service. With this valuable information, the marketing guys can strategize the customer service and engagement techniques to generate positive sentiments and formulate methods to combat negative sentiments.
Sentiment Analysis Helps in Business Intelligence
Sentiment analysis empowers the organization with extensive information regarding target audience. A thorough Sentiment Analysis helps marketers tap in to the right set of audience and gauge their opinions and feelings, to gain competitive advantage.
Therefore, Sentiment plays a very important role in marketing. The marketing team can now decide what to include, exclude, emphasize or mellow down on the future marketing materials with a well-conducted Sentiment Analysis.
R for Sentiment Analysis
There are various tools to perform this Sentiment Analysis. Out of them, R is exceptional owing to its statistical and graphical capabilities. R has made a world of difference to a lot of marketers. Want to know how R helps marketers? Take a peek in to our earlier post ‘R for Marketing Professionals’
So, all you marketers out there – set your way out into the vast section of social media today!
Got a question for us? Mention it in the comments section and we will get back to you.