Sentimental analysis has emerged a remarkable advancement amidst the evolving technology. This innovative technology has unlocked the doors to find hidden emotions in the vast sea of digital world. By analyzing the online conversations, reviews and comments it has become easy to understand people’s feelings, attitudes and opinions. Sentimental analysis brings possibility growth by enabling individuals, researchers and even businesses to gain valuable insights for their profits.
What is Sentimental Analysis?
Sentimental analysis, also called opinion mining, is a cutting-edge technology which uses Natural language processing (NLP) and machine learning to decode emotional tones. Moreover, it also helps navigate the context behind spoken or written words. The main purpose is to determine if the text is expressing positive, negative or neutral sentiment.
By carefully analyzing the language and context, algorithms are designed. These algorithms recognize attitudes, emotions, and opinions after which they’re categorized accordingly.
Why is Sentimental Analysis important?
Let’s take a scenario where a businessman wants to know how the customer feel about his products. In the past this was done by reviewing a lot of comments, feedback and social media posts. However, with the advancement in AI and algorithm technology this bulk of data can be processed quickly and efficiently. Consequently, having insights into the customer’s opinion helps you to make better decisions and offer better services more skillfully.
Sentimental Analysis just doesn’t limit businesses. It also extends as a powerful tool for social listening. It allows brands to know about the positive and negative sentiments about their products and services in real-time. This helps the brands take a dynamic approach to manage their reputation while opening doors for engagement and interactions with customers.
Applications of Sentimental Analysis:
Business Marketing and Intelligence Research:
Sentimental analysis helps businesses see how and which of their products customers resonate to. For example, if it’s a beauty care brand, sentimental analysis helps recognize which products have helped customers achieve their desired result. Feeling beautiful can help people be more confident. In this way companies can find the trends and patterns which help them market their products much better. Marketing according to what the people want can help capitalize more profits.
Social Media Monitoring:
Social media is a realm where one finds a treasure trove of opinions and conversations. Hence, sentimental analysis can help brands monitor the reaction of people towards their products, campaigns and services in real-time. This goldmine can help companies to gauge immediate feedback whether it’s the launch of a smart phone or a fashion campaign about woman empowerment. For instance, if the newly launched smartphone is not performing well with its battery life, the negative feedback from customers will help make improvements and updates faster.
Maintaining Brand Reputation:
Reputation is a delicate and influential factor in the success of any brand or company. This is where sentimental analysis proves beneficial by tracking what is going on in the market. Sentimental analysis vigilantly identifies any negative feedback in a short span of time. So, the company can take proactive measures and address them. Suppose a burger restaurant chain starts getting negative sentiments on their online reviews means they need to act immediately on the problem. The early detection will help them rectify the issue swiftly and ensure customer satisfaction.
Political and Public Opinion analysis:
Sentimental analysis expands beyond business and into social and political aspects as well. Politics is very important for people as it decides their lifestyle. In this regard, researchers can utilize this to analyze public opinions related to political candidates, their policies or social issues. These insights are extremely valuable for policy makers so that they align with the public interest. By utilizing sentimental analysis public campaigns can more positively resonate with the voters leading to their success.
Financial Market Analysis:
Sentimental analysis has also made its way into the complex world of finance. Traders and investors analyze news articles, social media posts and stock markets to predict trends in the market and rise or fall of share prices. In other words, positive or negative sentiments can affect trading decisions and might influence investors into buying better opportunities.
Healthcare Patients Feedback:
Sentimental analysis has now helped the health care industry for betterment of the patients. For instance, by analyzing patients online experience, opinions, surveys and medical forums can help identify the areas of improvement for patient health, services and facilities. If there is a hospital receiving a lot of negative feedback for the long waiting time it can hire more staff or more infrastructure to improve its standard.
Crisis Management:
In desperate times of crisis, sentiment analysis can play a pivotal role in understanding public perception and reactions. Consequently, the related organizations can monitor and evaluate the effectiveness of their response. For example, during floods or any natural calamity public sentiment analysis can help during evacuation and communication among people to bring people to safety.
The impact of Sentimental Analysis:
- Some time back Procter and Gamble launched a Gillette campaign “The Best a man can do”, it received mixed reviews on it. However, upon doing its sentimental analysis of thousands of tweets it was revealed that the campaign had an overall positive review rather than negative.
- KFC is an excellent example of sentimental analysis. Competitors of KFC were continuously reinventing themselves while KFC was facing a backlash. So instead of marketing themselves to the masses they started creating funny memes which were the trend at the time. They used pop culture and utilized public sentiments for their own benefits.
- Often brands would use celebrities as their brand ambassadors. People look up to celebrities as role models and try to follow them. So, in that way sentimental analysis helps find out which celebrity is famous in what type of audience. For example, when Maggi launched their “2 minute” Maggi, they used Amitabh Bachan as their ambassador. The sales of Maggi skyrocketed like never before.
Challenges In Sentimental Analysis:
While sentimental analysis has proven to be an excellent tool to promote products to desired audience. Sometimes human sarcasm and cultural references can make it difficult for the algorithm to detect the sentiment.
For example, the simple phrase “not bad”, depending on the context can be considered positive or negative and thus is misleading.
Similarly, “out of this world” can be considered positive when describing something really extraordinary but it can also be misinterpreted as negative depending on the context.
In order to refine and problem the algorithms need to be updated constantly and new data needs to be put into those.
Conclusion:
Digital world is all about words. Therefore, sentimental analysis has emerged as a real game changer in predicting human behavior. It makes the business powerful enough to listen to their customers on a larger scale, manipulating public opinions, empowering individuals to make better decisions.
It can completely change how people interact with one another over the web. Sentimental analysis has helped decipher the sentiment and hidden responses of people. We’re all connected over the internet that means that all our opinions are in one way or the other. So, the next time you see any product review, social media post or news article, there might be a Sentimental Analysis algorithm working on it to understand how to make things better for you.