Brand monitoring Archives

What is Sentiment Analysis?

Sentiment analysis can be defined as analysing the positive or negative sentiment of the customer in text. The contextual analysis of identifying information helps businesses understand their customers’ social sentiment by monitoring online conversations.

1. Brand Monitoring

A brand is not defined by the product it manufactures. It depends on how you build a brand by online marketing, social campaigning, content marketing, and customer support services. Getting full 360 views of how your customers view your product, company, or brand is one of the most important uses of sentiment analysis.

Sentiment analysis enables you to quantify the perception of potential customers. Analysing social media and surveys, you can get key insights about how your business is doing right or wrong for your customers.

Companies tend to use sentiment analysis as a powerful weapon to measure the impact of their products and campaigns on their customers and stakeholders. Brand monitoring allows you to have a wealth of insights from the conversions about your brand in the market. Sentiment analysis enables you to automatically categorize the urgency of all brand mentions and further route them to the designated team.

Keeping the feedback of the customer in knowledge, you can develop more appealing branding techniques and marketing strategies that can help make quick transitions.

2. Customer Service

Customer service companies often use sentiment analysis to automatically classify their user incoming calls into “urgent” and “not urgent” classes. The classification is based on the sentiments of the emails or proactively identifying the calls of frustrated customers.

The customer expects their experience with the companies to be intuitive, personal, and immediate. Therefore, the service providers focus more on the urgent calls to resolve users’ issues and thereby maintain their brand value. Therefore, analyse customer support interactions to make sure that your employees are following the appropriate process. Moreover, increase the efficiency of your services so that customers aren’t left waiting for support for longer periods.

As the customer service sector has become more automated using machine learning, understanding customers’ sentiments has become more critical than ever before. For the same reason, companies are opting for NLP-based chatbots as their first line of customer support to better grasp context and intent of the conversations.

3. Finance and Stock Monitoring

It is said that “Be fearful when others are greedy and be greedy when others are fearful.” But here, the question that arises: how do you know if others are fearful or greedy? Well, here, you can make use of the sentiment analysis technique. Making investments, especially in the business world, is quite tricky. The stocks and market are always on the edge of risks, but they can be condensed if you do correct research before investing.

For instance, if you are looking to invest in the automobile industry and are confused about choosing between company X and company Y, you can look at the sentiments received from the company for their latest products. It will help you to find the one that is performing better in the market.

4. Business Intelligence Buildup

Digital marketing plays a prominent role in business. Social media often displays the reactions and reviews of the product. When you are available with the sentiment data of your company and new products, it is a lot easier to estimate your customer retention rate.

Sentiment analysis enables you to determine how your product performs in the market and what else is needed to improve your sales. You can also analyse the responses received from your competitors. Based on the survey generated, you can satisfy your customer’s needs in a better way. You can make immediate decisions that will help you to adjust to the present market situation.

Business intelligence is all about staying dynamic. Therefore, sentiment analysis gives you the liberty to run your business effectively. For example, if you come up with a big idea, you can test and analyse it before bringing life to it.

5. Enhancing the Customer Experience

A satisfying customer experience means a higher chance of returning the customers. A successful business knows that it is important to take care of how they deliver compared to what they deliver.

Brand Monitoring offers us unfiltered and invaluable information on customer sentiment. However, you can also put this analysis on customer support interactions and surveys.

NPS (Net Promoter Score) surveys help you gain feedback for your business with the simple question: Will you recommend this brand, product, or service to your friend or family? The output is a single score on the number scale. Businesses use these sentiment scores to analyse the customer as promoters, detractors, and passives.

Here the goal is to find the overall customer experience and elevate your customer to promoter level. Theoretically, include the phases as: will buy more, stay longer and refer to another customer.

The next step in the NPS survey is to ask survey participants to leave the score and seek open-ended responses, i.e., qualitative data. Qualitative surveys are far more challenging to analyse. Still, with the help of sentiment analysis, these texts can be classified into multiple categories, which offer further insights into customers’ opinions.

As mentioned earlier, the experience of the customers can either be positive, negative, or neutral. Depending on the customers’ reviews, you can categorize the data according to its sentiments. This classification will help you properly implement the product changes, customer support, services, etc.

Also, remember that getting a positive response to your product is not always enough. The customer support services of your company should always be impeccable irrespective of how phenomenal your services are.

6. Market Research and Analysis

Business intelligence uses sentiment analysis to understand the subjective reasons why customers are or are not responding to something, whether the product, user experience, or customer support.

Sentiment analysis will enable you to have all kinds of market research and competitive analysis. It can make a huge difference whether you are exploring a new market or seeking an edge on the competition.

You can review your product online and compare them to your competition. You can also analyse the negative points of your competitors and use them to your advantage.

Sentiment analysis is used in sociology, psychology, and political science to analyse trends, opinions, ideological bias, gauge reaction, etc. A lot of these sentiment analysis applications are already up and running.

Read full article here

By Mitul Makadia

Sourced from Data Science Central

By Tom Bracher

Brand monitoring is the strategic and proactive monitoring and analysis of a brand’s growth, reputation and associated brand content. It’s carried out through the investigation of media and online sources, to unearth, report on and respond to different conversations and awareness around brands or a specific brand and their competitors.

Brand monitoring tools or platforms monitor content from the web, whether that’s news articles, blogs, web pages or social networks. They provide in-depth data analysis on what, how and when there are discussions taking place surrounding a brand, a competitor or a client.

What are the benefits of monitoring my brand or my competitors?

Tells you how people are receiving your brand on various forms of media and how it’s being discussed
Pinpoints any negative sentiment related to your brand that needs to be addressed
Provides a detailed overview of brand perception that supports and impacts any future product or marketing strategies
Highlights the consumer reaction to your brand or competitor’s brand upon the release of a new product or campaign
Understand the audience discussing both your brand and category to plan marketing and communication strategies

Brand monitoring is also hugely beneficial for market research – as you can put together information and insights that are relevant to specific topics and keywords surrounding your brand. This provides a platform toward new and improved campaign strategies informed by reliable market research. With social listening platforms you are able to monitor your own brands and gather advanced insights based on the performance of your own social channels. Thanks to advance technologies of today – AI and data visualization provide a clearer, deeper understanding of how the content associated with your brand has reached its dedicated audience.

What is there to monitor?

Branded Keywords

Before you delve too deep into the industry you’re operating in, the first step is to monitor your own brand. You should look to track your brand name first – but make sure you also include variations of how your brand may be perceived online – such as acronyms, misspellings and common phrases.

If there’s a word associated with your brand name that can be used in a similar context – these are just as important. It also helps to track phrases that include your brand name – perhaps a short description afterwards, such as ‘Coca-Cola soft drink’

Topics and industry trends

Here you should be monitoring the big picture view of the topic you’re looking to cover. Start searching for key topics associated with your brand.

This provides you with insights surrounding phrases your audience use to talk about key topics in your industry. You can then start to pinpoint certain trends that can benefit your content and marketing campaigns.

To get an even better view of topic and industry trends, you can start to focus on web search data and the analytics behind your website. With brand monitoring platforms you can take the same keywords relevant to specific topics and industry trends and see how often they are searched for using search engines.

Influencers and industry micro-influencers

There are so many influencers taking to social media these days that the world of social is becoming somewhat saturated. However, with the help of micro-influencers – individuals with between 1000 and 10,000 followers on a social media platform – there’s still the opportunity to benefit your individual brand strategies.

The reason micro-influencers are so vital to understanding your audience – as well as a key component of brand monitoring – is that they both exemplify and influence your overall audience as well as the individual segments within that audience.

If you can come up with a group of micro-influencers using brand monitoring tools, you can use them for testing out new content strategies or marketing campaigns.

The best way to find micro-influencers is – you guessed it – brand monitoring. You can delve into conversations surrounding topics relevant to your brand to identify social accounts engaging with these the most who have a significant number of followers. These are your micro-influencers.

Brand monitoring is now becoming an essential asset to the success of a business – not only because it gives you a better understanding of your audience. It also influences much of what your brand represents, as well as how your brand is represented.

With brand monitoring you can significantly improve your understanding of what makes a successful marketing and communication strategy – and stay ahead of the competition as you continuously learn what’s working – and what isn’t – in real time.