“It is important to measure your brand health regularly”
As a marketer/marketing student, you must have often come across this statement. As the world becomes increasingly digital, the ways to do the former, change drastically.
Today’s customers engage with brands digitally through various social media as well as through e-commerce websites and blogs. To understand their feedback better, it is important to make sense of their tone and words. To do this manually (pause: Ha-Ha-Ha), is definitely impossible.
This is where Brand Sentiment Analysis comes in!
What is sentiment analysis?
Sentiment analysis is the process of retrieving information about a consumer’s perception of a product, service, or brand.
It is similar to what we have learned about any computer or machine:
Input --> Processing --> Output
The input is the varied customer engagement in the form of mentions, reviews, comments, etc. This input is bucketed according to predetermined rules into different sentiments which give our processed data.
Why is it so important for brands?
Brand sentiment analysis is important to understand the consumer view regarding the brand, the product & the services. It would be really cumbersome and inefficient to find out manually, where along the graph (positive – high praise to negative – total disapproval), does the company lie.
Thankfully, due to technological advancement, there are enough tools to help you with this exercise. All you have to do is feed the data to the tool and the tool automatically tells you whether the sentiment is positive, negative, or neutral (or in fact anywhere in between).
Brand sentiment analysis advocacy points are endless:
🔹Helps measure brand health
Brand health is a collection of metrics which represent brand awareness, brand reputation, and brand’s share of voice. It includes customer satisfaction and the opinions potential customers have on the company.
It is important to measure brand health regularly and the data for the same comes through digital means in today’s world.
🔹Scalability & Automation
In today’s day, content around brands is generated at multiple sources and in a huge amount: in the form of reviews, comments, likes, mentions, etc. It is impossible to gauge sentiment from these manually. Sentiment analysis helps automate this process and makes it scalable.
Rapid times like these require constant monitoring of social media content by consumers such that a discontent/complaint doesn’t turn into a crisis.
Let’s take the example of United Airlines. A passenger incident led to a spurt in negative social media mentions after the company was accused of racial profiling. The topic spread like wildfire to China, where it became the number one trending topic on Weibo, a microblogging site with almost 500 million users.
And all of this happened within mere hours of the incident. In incidents like these, sentiment analysis can help you single out negative issues immediately so that they can be dealt with, before escalating into a bigger problem.
🔹Aids customer service
Sentiment analysis helps provide better customer service by identifying complaints separate from praises for example. It thus helps speedier redressal of queries and a satisfied customer in return!
Such a feature is especially useful for consumer-facing businesses like hotels.
🔹Monitor campaign progress
It will be easier to track marketing efforts on social media using this tool. Take Zomato for example, the MC BC ad released by Zomato received a backlash on Twitter which was immediately handled by the Zomato co-founder, mentioning it would be removed.
Thus, a quick response like this is essential to retain your customer base. This is possible using sentiment analysis which tells you immediately whether your campaign is a hit or a flop.