Sentiment Analytics is not a new concept in business ecosystem, it exists even before the concept of branding has evolved. At early stage, customer sentiment was gathered from word of mouth. Later primary Market research is used as an effective tool to get opinion from customers about their brand, their likes and dislikes. Even today many companies rely on Market Research to get opinion about their brands. However in a rapidly growing environment, customer’s need and their perception are changing in a fast pace. In such a scenario primary research makes it difficult to observe customer behavior all time. Moreover millions of dollars and huge time needs to be spent in Market Research.
Going one step ahead,
"It is an era of Intelligence rather gathering information"
So now companies keep engage them in Sentiment Analytics to gain commercial intelligence not just information. It also helps companies to cut down their time and cost. Sentiment Analytics employs high end technologies like text analytics and natural language processing (NLP) to compile information from various sources in internet. Apart from these techniques, there are two underlying factors which drives companies to go behind Sentiment Analytics. First, reach of internet and social media in each and every corner of world enable customer to share their views transparently. Second, companies can monitor the sentiment of their customer in real time and started using it as a great medium of customer engagement. Several Start-up have come up in this specialized area, offering great services to companies to make them win their business.
Real time Example
One of the top cosmetic brand, L'Oreal is actively engaged in Sentiment Analytics for its "Voice of beauty" mission, in association with a Customer Intelligence firm. They are monitoring website reviews, product reviews, blogs, Twitter, Facebook and other social media outlets to know insights about its 27 brands in real time and have direct interaction with customers. Thereby keeps their customer engaged with them.
Benefits to company from Sentiment Analytics
1. Gain in-depth commercial intelligence (about products, customers, competitors, business environment and about your organization itself) and helps to make better decision
2. Helps to offer targeted customer service i.e. provide exact service customer wants and make them feel special
3. Direct interaction with customers and get chance to promoting positive word of mouth
4. Benchmark your company against your competition
5. Ultimately, Fantastic technique for brand success
We cannot rely on sentiment analytics 100% since it needs to go a long way to give cent percent outcome. There exists some limitation, for instance, wide range of languages used in various business environment, context of a sentence cannot be easily interpreted. So Sentiment Analytics needs to have a major breakthrough to reach greater height beyond where it is today.