“100,000 people are talking about this” – Sounds familiar? Of course, if you’re an avid Facebook user, you’re bound to often catch that phrase across Pages and other sections of the website. But if this was your brand, wouldn’t it be incredible if you could derive an average sentiment value from those 100,000 individuals’ activities to being positive, negative or neutral? Or on a related note, how are your organization’s Twitter updates performing? How are the majority of your customers and prospective customers’ actually reacting to your endless tweets and brand mentions across Social?
From a Marketer perspective, in today’s digital world that is largely dominated by internet’s Social segment (which is further dominated by the Millennial mind-set), it is crucial to understand the influence that online content (which is accumulating rapidly and cumulatively) has on its readers and how easily a brand image can be instantly transferred from one mind to another. In other words, where brand perception has become easier to build or position virtually, it has become equally harder to manage and control.
I recently got an opportunity to attend a Digital and Social Media Marketing Strategies program at the Indian School of Business along with Lon Safko andRam Bezawada as our instructors. One of the topics in the curriculum spoke about Sentiment Analysis (or Opinion Mining) from Social Media and its significance for a Digital Marketer. The concept (though not brand new but still in the works) definitely aroused a lot of interest among students and left something for all to ponder about after the session.
We realized that it is high time when a Digital Marketer should invest into making sense of the noise across Social Media by generating value out of Social Media content and ultimately enable another layer of protection on his organization’s brand value (which lies bare on the social internet) through continuous monitoring and instant reaction.Key benefits of adopting this technology as a measure towards optimizing Digital Marketing efforts can be as under.
1. Capture and Quantify Sentiments at Large –
Whether positive, negative or neutral; Sentiment Analysis tools can, academically, enable a Digital Marketer to derive -1 (negative),0 (neutral) and +1 (positive) values against each social media post over a period of time. Doing so would provide you with a meaningful analysis and help you over time to calculate your brand’s perception on the internet or sentiments to your firm’s sharing over social media, with the resulting analysis ultimately assisting in optimizing those efforts accordingly. Curious already and love numbers?Analyze and see this in action here.
2. Optimize Firm Generated Content (FGC) accordingly –
Based on the feedback you capture from data through Sentiment Analysis, focus on the kind of content that drives maximum buzz, positive feedback and promotes wider sharing among followers. This could help you find your niche or the piece of content that your readers usually like to hear from you about. Remember the 80/20 rule for content where 20% of your content drives 80% of your traffic. You could always delve deeper into your own popular content and expand from there in order to gain rapid wider acceptance.
3. Encourage Businesses and Users to Increase Social Engagement –
If you think opening all gates to Social is only going to bring chaos, you may then need to rethink of your Digital Marketing strategy in this highly competitive and customer-centric aeon. Social Media that resides largely on the internet medium of communication is a critical component of marketing today. Marketing was never traditional until digital was born. If you carefully follow point 2 above, you’re likely to draw more engagement and prosper on social dimension of your business that should gradually translate to an invaluable followers base further translating to quality traffic/leads and eventually, customers.
4. Analyze Past and Predict Future –
Using derived insights through Sentiment Analysis can help an organization (almost) precisely “calculate” the past behaviour of its users over a period in time towards any Marketing or Business activity as well as assist an organization predict future events and patterns by analysing current and historical data. With Opinion Mining from Social Media (resulting in Sentiment values) integrated with Predictive Analysis techniques, organizations can possibly discover insights and intelligence and use it to predict Market trends, opportunities and behaviour patterns.
5. Derive People Intelligence –
Sentiments Analysis can help you in answering questions like “What Percent of my Brand Followers are Extrovert in Nature?” or “Which Celebrity resonates the most with my target customers?” by analysing follower’s behaviour, his social authority, interactions, likes and interests, personality traits, content affinity etc; information that could offer tremendous value to any organization in studying their prospects, and further segmenting their user demographics and behaviour.
Check out this 3 minute video by IBM that illustrates the value of Social Sentiments.
A few organizations that deliver Sentiment Analysis data and services at an Enterprise level and seem to be profoundly marketing themselves in Social Analytics and Intelligence are Lexalytics, Meltwater, IBM and Frrole.
Disclaimer: Note that I’m in no way associated with the above organizations and this information, based on my own research, is only shared for enthusiasts and entrepreneurs for awareness, further research and educational purposes.