What is Sentiment Analysis?
Sentiment analysis answers one vital question – “What is the consumer saying?”
A study suggests 57% of consumers buy a product after reading reviews across ecommerce sentiment portals. According to our research positive reviews and ratings uplift sales by at least 18-20%. Alternatively, bad reviews can cause a substantial loss.
Consumers share their sentiment about the product/ service through these reviews and ratings. The Sentiment is essentially a consumer’s trust/confidence in a brand that influences their buying behavior.
It is easy when a brand has a countable number of reviews as it is easy to read and assimilate the findings. Unfortunately, popular brands have reviews and ratings running into thousands, which is difficult to process. That is exactly where Sentiment Analysis comes into play.
Cataloging emotions through customer reviews, a.k.a., sentiment analysis, plays a vital role in this field.
Essentially, it is helping brands to gather scattered consumer opinions into positive, negative, and neutral categories. It uses an AI to monitor the textual content of reviews and categorizes consumer opinions. Sentiment analysis is a technique through which brands can work on their product offering, understand customer expectations, fine-tune customer service, increase sales, and fine-tune their marketing strategy.
In today’s competitive world, delivering an exceptional customer experience accredited with sentiments has become important. A Gartner report states that “customer experience” is a primary objective of 89% of companies. Sentiment analysis helps in narrowing down on issues faced by the brand, which helps brand owners make decisions targeted and faster. So, it is the best tool to monitor reputation, performance, and customer experience.
3 Benefits of Sentiment Analysis
● Word Cloud – Sentiment Score & Analysis
Reviewing sentiments through the word cloud helps brands understand the areas of improvement and the most appreciated features. It helps the brand identify the exact consumer emotions based on themes like quality, health, delivery, etc. The outcome of an analysis like this helps brands make specific decisions to improve their ratings and reviews under a defined theme. Generic reviews or analyses are inconclusive in nature.
Keeping track of Sentiments month-on-month helps the brand owners measure and map their own performance vis-à-vis competition. The Sentiment score helps in understanding how favorable or unfavorable a brand is in comparison to the median average in its category. Hence, the score can be used across eCommerce platforms to understand a Brand’s overall customer acceptability.
Categorizing reviews by positive, neutral, and negative, helps a brand owner get a real-time understanding of customer responsiveness towards the brand. The monthly aggregated results are a brand’s guide to navigating the ecom landscape.
● Valuable Intelligence to Drive Market Strategies
Sentiment analysis data helps a brand evaluate its standing against its competition. It helps understand the consumer expectation and improve customer engagement. Additionally, it also helps in identifying problems and taking corrective actions in a shorter turnaround time.
The valuable intelligence drawn over a period of time by analyzing the sentiments helps the brand custodian formulate targeted marketing strategies to entice its customer base. This is the foundation for creating a hyper-personalized experience for their customers.
● Future Planning & Overall Competitive Edge
Sentiment analysis helps understand the consumer pulse. It is one of the fastest ways of understanding consumer needs and expectations. As a result, it paves the way for new product development and gives them an overall idea about customer reactions.
The sentiments can also be used to improve the customer journey in real-time. Faster response time builds a loyal customer base. Gauging and comparing the brands and their competitor’s performance via sentiment analysis gives one an edge over the competition. This can be used as a real-time feedback mechanism to change consumer perception towards being more positive.
mScanIt powered by mFilterIt has cutting-edge technology that consolidates reviews and ratings across the platform on a single dashboard for easy access and action. It summarizes all positive, negative, neutral sentiments of the brand along with its competition and equips the brand custodian to take a decision in real-time.
eCom Competitive Analytics helps in deep diving into sentiments/opinions and drawing actionable insights to improve overall performance in the eCommerce landscape. Therefore, it simplifies the complexity of the customer journey by aiding decision-makers with measurable data at various stages of the purchase funnel.