Sentiment analysis is not only one of our most requested services, it is my favorite to work on. In the last 6 years that I’ve been working with sentiment analysis people regularly ask similar questions. Here are a few things you may not know about sentiment analysis based on our frequently asked questions.
1) What if there is zero conversation about us online?
Perfect!! Obviously we’d like to have some positive conversation about you online but zero conversation can be better than negative conversation. If we really find no conversation about you online, you essentially have a blank slate. This means you can begin to create campaigns that will generate conversation. Your next analysis will pick up on this conversation. Zero conversation is the perfect benchmark.
2) Can you research our competitors too?
Of course! Sentiment analysis is agnostic and we can research any company, person, product, or service. This can be very helpful for two reasons. First, you can learn what works for them. Second, you can learn where your competitors have dropped the ball or missed opportunities. This is key for product development, pricing/promotion strategies, HR, and even operations.
3) How often do you recommend we do a sentiment analysis?
We recommend doing a full report once per quarter at most. It is not a coincidence that we recommend planning your strategies 90 days at a time as well. Your sentiment analysis report is the groundwork for your strategy. Through sentiment analysis you discover what conversation you want to affect. That insight later factors into your strategic goals and your positive/negative sentiment becomes a KPI.
4) Does sentiment analysis work for B2B companies?
Yes! My favorite story/justification for our work involves B2B. After a speaking engagement I was approached by a gentleman who stated, “We need 1,000,000 Facebook fans. Can you do this for us?” After talking for a bit I learned his company made parts for a machine, that made parts for a machine, that make a consumer product. We discussed how through sentiment analysis we could better understand the perception of the end product. While performing that analysis, we also found information about how his employees feel about the company, how the CEO was regarded in the industry and which other companies were mentioned along side them.
5) What is the ROI of sentiment analysis?
Well if you’ve read this far and are unsure or if you skipped right to this question, I’d offer three points. First, you get to understand your customers. If you’ve been in business for more that 10 years you remember how troublesome and expensive it was getting info from your customers. Today, they are sharing that info freely; sentiment analysis finds and organizes that data in an actionable way. Second, it is a valuable KPI for all stakeholders. Board members and investors love hearing about balanced scorecards, open kimonos, transparency, etc. Sentiment analysis will be a trackable measure of success.
Image courtesy of Flickr user SEPBlog