Social media is a great source for understanding consumers’ feelings regarding companies’ services or products. As of 2022, the rate of social media users increased by 10% over the last year and reached 4.6 billion worldwide. This means that the reviews of customers on social media get a significant audience.
Understanding consumer feedback on social media, engaging with customers regarding their unpleasant experiences, and taking necessary action are critical for companies to stand out in the market. A recent report shows that consumers spend up to 40% more when companies respond to their requests on social media. So, analyzing consumer reviews on social media to understand their sentiment is crucial for businesses.
What is social media sentiment analysis?
Sentiment analysis is a natural language processing (NLP) method that classifies texts based on the intended affection tone in each word. Applying sentiment analysis to customer feedback from social media websites allows companies to:
- Classify positive, negative, and neutral consumer feedback,
- Understand how they feel about the products or services,
- Improve their products or services to meet their customers’ needs.
What are the benefits of social media sentiment analysis?
1. Get insights about your services or products
Comments on social media, online reviews, blog posts, ratings, feedback, or website content influence customers’ purchasing behavior. Companies can track which products or services are most liked and disliked by analyzing the written content based on their emotive language. This can help develop new strategies, especially for the products/services most disliked or least preferred products, which can increase sales revenue.
2. Understand the needs of customers
Figure 1. Customer feedback on Twitter
Understanding whether your customers are satisfied with your services or products is crucial. When customers have more than one bad experience, 80% of them switch to a competitor. So, if the customers have an unpleasant experience, you can detect that quickly through the results of sentiment analysis and meet their expectations and needs.
To learn more about Twitter sentiment analysis, check our comprehensive article.
3. Keep an eye on the competitors
Through sentiment analysis on social media, you can examine the sentiment expressed in the comments, reviews, or feedback that mention competitors to better understand their market share. This can also give you an idea about your company’s position in the market. The more information you have about the market, the more action you can take to meet your customers’ needs.
You can also check our comprehensive article on competitor analysis.
4. Develop effective marketing strategies/campaigns
If you are planning a new marketing campaign, then analyzing the sentiment related to that topic on social media would give you insights and new ideas for developing effective strategies. For instance, if you are an airline company and want to build a new marketing strategy for international flights, you can analyze reviews’ sentiments and understand what would make customers more satisfied.
Feel free to check our article on sentiment analysis for marketing for more.
- Enhance Your Marketing Capabilities with Social Media Analytics
- Top 5 Open Source Sentiment Analysis Tools
- Top 4 Real-Life Examples of Sentiment Analysis
Check our data-driven list of sentiment analysis services to find out which option satisfies your company’s needs.
Please contact us if you have any additional questions about sentiment analysis:
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