Seeing The Future With Predictive Sentiment Analysis
For marketers, a considerable amount of time is spent looking at and studying the analytics.
Much of the analytics depends on a brand’s prior performance. People analyze what has happened, determine why it happened and then accordingly adjust the findings.
So what else we can find here? Well, there’s always a chance to predict the future. Yeah, that’s right. Predictive sentiment analytics are definitely getting attention.
A recent study by Software Advice on the role of online reviews in selecting residential service providers, concluded that positive reviews and higher ratings have influenced around 86% of survey respondents while selecting a service provider. They are even willing to pay extra to avail services from providers that are high-rated.
Source: Software Advice
Moreover, the customers view online reviews as their most valuable and effective weapon in finding and evaluating different options. Where 87% of the people looked for reviews specifying service quality; 78% wanted to know what are the costs involved in such a service.
Source: Software Advice
So, what does this indicate?
This signifies that reviews and ratings are the deciding factors in availing any kind of service or to draw an inference regarding any product, business or service. Thus, analyzing these sentiments becomes a crucial part for successful flourishing of any business; but more importantly you need to convert that analysis into revenue.
In the age, where online reviews provide an ease for customers to share their opinions with the masses, businesses must do all they can to provide memorable customer experiences that encourage a positive feedback. But, doing this the old school way can be tiring and is considered almost impossible.
It is quite possible that you have hundreds or thousands of comments, feedbacks, reviews, etc. over the web, thanks to our ever-growing social media and review sites; then drawing a conclusion by going through all the customers speak is hardly practical.
Automating the sentiment analysis process can prove to be somewhat a realistic approach. Although before running an automated script, it’s better to prioritize the sentiments. This can be done based on three factors – Influence, Reputation & Intensity. These factors will help you drill down your negative mentions and draw a conclusion about your brand reputation.
As we know, insight isn't automated; what you do next depends on what you find, thus, it is required that businesses actively monitor and communicate with their reviewers, both positive and negative to identify as where they are going wrong and what makes their customers happy or unhappy.
News breaks instantly on web and goes viral in an instant! It is important to keep your eyes and ears open all the time and remain updated with the business-relevant news. But is it enough? Definitely not!!! It is also necessary to analyze what is being said and how does it influence your brand and business. This will help in controlling your brand identity and online brand reputation.
Although to do such a thing, you need expert guidance and support, so that every mention or sentiment can be turned positively into an opportunity. An opportunity to grow! An opportunity to stand tall! An opportunity to build a positive online presence!