Strategizing for 2021 With Sentiment Analysis Using Product Review Data
Strategizing for 2021 With Sentiment Analysis Using Product Review Data
2020 started with a lot of concern; individuals, businesses, and governments were all thrown into a state of confusion. COVID-19 ravaged the world and there was no known remedy.
2021, however, promises to be a year full of hope. Pfizer and its partner BioNTech have filed for emergency authorization in the US of their Covid-19 vaccine; the advanced trial showed the vaccine protects 94% of adults over 65.
With the view of a remedy at our reach, organizations will start strategizing for 2021. One thing we must learn to live with as a result of the pandemic is home working.
Most business will have to be conducted online as compared to before the pandemic. You will have to deal with the issue of more data that is going to be ferried from one spot to the other.
More than ever before, customer feedback will make a lot of difference in your products and services. You must consider the feelings and comments of your customers if you still want to be relevant and competitive in this “new” business landscape.
The business world is slowly getting used to big data; however, it is the source through which you get your data. One pertinent question you must be ready to answer is, do you have a strategy in place to enable you to gain useful insight into the data even when you have access to it?
Sentiment analysis using product review data
ResearchGate, in a study, revealed that more than 80% of Amazon product buyers trust online reviews in the same manner as word of mouth recommendations. There two channels through which you can get these online reviews: the first is review sites, while the second is social media.
While acquiring the data has been made easy, the data you get from these channels are, unfortunately, unstructured. To make any headway out of the data, you must put in several hours of human labor for structuring and analysis.
However, advancement in technology has made it relatively easy to deploy Natural Language Processing and machine learning into sentiment analysis using product review data. You can use several techniques and complex algorithms such as Linear Regression, Naive Bayes, and Support Vector Machines (SVM) are used to detect user sentiments such as sarcasm, context, and misapplied words.
When you use these techniques, the tool usually separates the reviews into positive, negative, or neutral tags. This will enable you to obtain the relevant insights within minutes.
The insights you have been able to obtain will indicate the needs of your customers and you can then use them for the following:
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Discover what your customers like and dislike about your product or service
Sentiment analysis using product review data will not only reveal the feelings of your customers towards your product; you will also understand what they think about your current approach. From this, you will know what improvements you have to implement.
You will have a clear insight into your customers’ mindset and how they interact with each other about your brand. The insights you gain from these will enable you to send content that resonates deeply with your target audience.
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Use your product reviews to know your status in the market.
Sentiments about your brand can shift radically and quickly, depending on what’s happening globally. For instance, the Cambridge Analytical Scandal was a big blow to Facebook; you can use sentiment analysis to appropriately monitor your brand’s status and focus on PR campaigns.
You will be able to shift and flex your efforts as quickly as the reviews.
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Develop actionable strategies to improve deficiencies
How do you package your product, for instance? Do you believe it has to be bigger or smaller? Can you afford to increase the price, taking into consideration a situation like the COVID-19 pandemic?
When you listen to your customers, you will know the step to take to boost engagement, raise satisfaction, and convert more customers to your brand.
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Boost customer conversion rate
While your effort must be geared at getting positive feedback, occasional negative feedback can also be useful. Since they are paying for your product or service, consider your customers as your most honest critics.
Their views are impactful and will help you to acquire new customers if you implement changes. Making adjustments based on insights from customer feedback will help you deliver better customer experiences, products, and services that will keep your customers coming back.
Once they are satisfied, they willingly spread the word to friends and family, bringing in new customers.
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Obtain real-time product insights anytime
Feedback through sentiment analysis using product review data is effortless and quick. It can provide you with real-time updates about how customers adjust to any recent change you may make.
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Improve service
The more you make positive changes to customer service, the more customers appreciate your gesture and become more loyal. To find out if these changes are necessary, you need to deploy aspect-based sentiment analysis. This will enable you to clinically dissect the problems that may or may not exist in your company.
Conclusion
It’s not just about having data; it’s about carrying out sentiment analysis using product review data. Sentiment analysis will give your brand the actual insight into the mindset of your customers.
Using the information in real-time enables your company to implement the necessary marketing strategies to become relevant and more competitive. You need to constantly watch and analyze the views of your customers because they can change their opinions quickly.
Customers can be erratic, but having a strategy in place that includes sentiment analysis in your digital marketing arsenal will go a long way to improve things.
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