Blog Post

This is the third blog of our 4-part series, which aims to raise awareness and understanding of what data analytics is and the benefits it can have for business.

This week’s blog is focusing on how sentiment analysis can be used to provide authentic real time market research for businesses about their industry, competitors, company, brand, products, service, customer demographics or trends.

Conventional market research will use surveys, however you do not know if people are being honest about their opinion, if the right question(s) have been asked or if they are telling you what they think you want to hear plus it is only relevant at that point in time.

Human beings are exceptionally good at expressing their emotions and opinion. You see this all the time across social media platforms. E.g., Facebook, Twitter, Zendesk, Google Survey etc

With the use of sentiment analysis, you can understand in real time what the mood and emotion is being evoked about a relevant topic. It can also be used to generate SWOT analysis which can be extremely powerful to feed into and shape your business strategy.

The view can be checked again after implementation, with the results compared. You will also be able to triangulate this with other business KPIs and external results.

E.g., an e-commerce business is seeing a drop in sales, but their competitors are not affected. Sentiment analysis can get to the root problem of what is causing this. | | MySocial_pulse