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June 2, 2016

Why Sentiment Analysis is a Crucial Part of Customer Acquisition Strategy

Image courtesy of (Ambro) / FreeDigitalPhotos.net

Sentiments are nothing but feelings: The combination of attitudes, emotions and opinions form sentiments.

It is important for brands to analyze consumer sentiments before, during and after any marketing strategy.

As a user, we come across several types of common emotions while we read a post on any social media site or see any advertisements. Some amuse us, some educate us, some provokes us to take an action while others don’t invoke any sentiment in us and we simply ignore them.

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Digital marketing strategy has to be combined with social media in order to be effective and effective social strategy requires proper measuring of responses, engagement and feedback through Facebook, LinkedIn, Google+, Twitter, Pinterest, YouTube or other platforms.

Positive, Negative and Neutral Sentiments

Brands need to keep an eye on what is being said about them on social media. Positive sentiments associated with a brand are always good for building trust and acquiring more customers while negative sentiments often result in rejection of the brand in the hands of the consumer.

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Some of the words that are a measure of positive sentiments are “great,” “happy,” “awesome,” “rock,” “satisfied,” “recommended” etc.

Some of the words that hint negative sentiments of the users are “disappointed,” “unhappy,” “fooled,” “awful,” “angry” etc.

Neutral sentiments often have a combination of both positive and negative reactions.

Why Sentiment Analysis is Useful?

Sentiment analysis is an excellent source of information about audience behavior and can provide us many insights to form a proper and effective marketing strategy. It allows you to measure what matters the most for your business. Companies like CMC Markets use client sentiment as a feature to understand about the client’s expectations.  Have a look at the below screenshot that clearly boosts the usage of client sentiment as a golden feature to understand the needs of the audiences.

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Some advantages of sentiment analysis are provided below:

  • It helps to improve the campaign success rate.
  • It is a quality metric about the level of engagement that the customers have with the brand as opposed to vanity metrics that often track numbers like likes and tweets.
  • It helps to improve product messaging and keeps it uniform across all social channels.
  • It improves the customer service.
  • It helps to plan a logical marketing strategy that is not based on just numbers. This enables the brand to generate more leads.

Tools That Are Useful for Sentiment Analysis 

1. ViveknA simple tool for checking the sentiments of particular words. You only need to enter the words and this tool will provide a result as to whether the sentiment is positive or negative along with a confidence level score.

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2. SASThis software automatically extracts sentiments in real-time based on NLP (natural language processing) and statistical modeling. It has several built in reports that display detailed reactions and sentiments of your customers. The SAS scores were used in predicting the winner of the American Idol. The below are the sentiment scores for American Idol contestants.

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3. TrackurIt is one of the best tools for social media monitoring and sentiment analysis. It has a built in sentiment and analysis scoring. Trackur has a proprietary influence rank dashboard where sentiments are scored as positive, negative or neutral. The algorithm works at the sentence level and looks at the specific keyword you are monitoring and then determines if the sentiment toward that keyword is positive, negative or neutral. The below screenshot displays the sentiment analysis feedback derived by Trackur based on keywords. Green indicates positive, red indicates negative while yellow indicates neutral sentiment.

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4. LexalyticsThe Excel sheet software identifies positive, negative or neutral tones embedded in your content. It provides a sentiment score for each entity, theme and category. This helps to identify how people feel about your brand, products or services. The below screenshot displays phrases marked as per their sentiments using Lexalytics Salience Analytics.

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5. MeltwaterIt is one of the newest but fastest growing sentiment analysis of this world. Most of today’s available sentiment analysis tools provide a one-dimensional sentiment extraction approach. However, Meltwater uses sentiment related dimensions. The below screenshot displays the sentiment graph analyzed by Meltwater that displays the number of positive, negative or neutral hits obtained during a period of time.

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Sentiment analysis is greatly helpful in producing some effective results by determining the pattern of sentiments across social platforms. Have you ever used sentiment analysis as a part of your marketing strategy? Please let me know in the comments below.


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Joydeep Bhattacharya is an internet marketer and owner of the SEO blog, SEO Sandwitch. He has been associated with SEO, SMO, PPC, ORM and other activities related to online marketing for the past 5 years.

One Response to “Why Sentiment Analysis is a Crucial Part of Customer Acquisition Strategy

    avatar Andrew Fox says:

    Well, you have come up with a new idea for increasing the profits of online marketing businesses..
    I certainly want to use this tactic..
    I want to some some system requirements for operating these tools..
    Thanks,
    Andrew

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