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NLP is helping companies determine how customers perceive and refect on their brand via sentimental analysis.
The quintessential art of listening is more impactful for businesses than one realizes. Albeit, every brand has its own set of market and customer analyses, deciphering the sentiments from between the lines drives businesses to recognize what their customers think and feel about their brand. NLP in business assumes the role of virtual ears and eyes to understand what people are expressing, how they are expressing, and why they are expressing it.
NLP in sentimental analysis processes the natural languages through machine learning algorithms to determine the sentiments humans express about a plethora of things. ‘This isn’t how it should have gone!’ indicates regret and exasperation about a particular method and its failed results. AI tools such as ConvOcean allow an effortless distillation of emotions that help companies gain negative or positive insights about the brand.
According to Business 2 Community, 80% of Twitter users mention a brand in their tweets. Sentiment analysis empowers business leaders and analysts to scour through millions of tweets or posts on other social media platforms to understand these conversations happening around their brand, its features, interface, performance and more. This product analysis falls under reputation management and by doing this, companies can rectify the business aspects customers are unsatisfied with or promote the elements they find the most affinity towards. For instance, businesses can gain insight into their new product launch and how people are perceiving it through sentimental analysis. This will allow them to instantly modify any feature receiving negative feedback before proceeding any further.
An important role of sentimental analysis is to conduct market research and competitor analysis to improve the product and services of the business. Analysts can directly identify the success or failure points of competitor companies and their products through customer reviews, news articles, competitor content and marketing strategies. Multinational companies like Apple are interpreting public sentiments to elevate their product qualities and fill in the gaps their competitors leave. Another prominent example is KFC. When Mcdonald's and Burger King were peaking with their health-savvy and feel-good personas, KFC reinvented their online presence with a tide of memes and relatable content. Being cognizant of what the people want enables businesses to make better decisions.
An effective business operation rests upon precise customer behavior understanding, target audience bifurcating and subsequently formulating a value proposition. To successfully enable the same, accurate data of customer opinions should be channeled through numerous conflicting platforms, which can be accomplished through sentimental analysis. It helps study the bifurcated audience and derive their wants and needs. Furthermore, the customers' experiences concerning a product can be recorded, studied and improved by NLP in sentimental analysis.
AI for text analytics and NLP in business has advanced through the decades and is significantly impacting businesses' operational and marketing strategies. Companies can expect significant growth in engagement, ROI and outreach of their brand through AI and NLP.
Naveen is the Founder and CEO of Allerin, a software solutions provider that delivers innovative and agile solutions that enable to automate, inspire and impress. He is a seasoned professional with more than 20 years of experience, with extensive experience in customizing open source products for cost optimizations of large scale IT deployment. He is currently working on Internet of Things solutions with Big Data Analytics. Naveen completed his programming qualifications in various Indian institutes.
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