Get the Most Out of Sentiment Analysis Software

Overview

Sentiment Analysis Tools for Analyzing Verbatim Comments

People are sharing feedback about organizations in a variety of ways.
Understanding the “voice of the customer” is critical to organizations of all types and organizations are collecting information in a variety of ways. Often times, the richest source of insight comes from “open-ended” comments, or unstructured text, where the person types words or a sentence in a survey online.
Survey questions like “how likely are you to recommend this product or service to friends or family members”, “How satisfied are you with the overall service”, or “Why do you believe that this brand is better than another?” Organizations need to know specifically where to improve.
Executing the survey itself is straightforward, but what about analyzing the open-ended response data?
What can you do, then, to more effectively mine all of this information to further your understanding of your customer base and ultimately provide even better value?
Sentiment analysis tools can meet that problem head-on, but what does this term even mean?
Maybe you’re aware of this subset of Text Analytics and Natural Language Processing, or maybe you have no idea what we’re talking about.
Well, don’t worry. Before we show you how this automated approach to data extrapolation can help your business, we’ll briefly explore what sentiment mining means.

Sentiment Analysis: A Basic Definition

Sentiment analysis goes by many names from emotion AI and text analysis to opinion mining.
The prime goal of sentiment analysis is to understand the topics and the opinions (sentiment) from text.
By scanning text such as an open-ended survey responses, reviews, or comments on a forum, sentiment analysis can identify and isolate what people are talking about (topics) and what they think about the topic (sentiment).
Among other things, sentiment analysis can determine:

  • Subject/Topic: What, specifically, are they discussing?
  • Opinion: Is the speaker positive or negative?
  • Emotion: What is their overall mood?

Many businesses are adopting sentiment mining for its many uses in customer experience tracking and management, employment engagement, and marketing. Is it something that could benefit your organization as well?
Do you have feedback in the form of open-ended comments that you don’t read? What if they could be quickly and easily categorized and summarized for you to make decisions with?

Uses

Why is Sentiment Analysis Important for Your Business?

When you’re looking into any business tool, one question needs to be addressed head-on.
“What’s in it for me?”
In the broadest sense, sentiment analysis can help in these core areas of your business:

  • Improving customer experience (Voice of Customer (VoC))
  • Gaining insight on product performance and preferences
  • Better understanding of reviews
  • Brand health monitoring
  • Improving marketing campaigns
  • Improving workplace employee experiences with Voice of Employee surveys
  • Crisis management in real time

There are many other areas sentiment mining can be useful, but we’ll focus on why you should consider using these tools for:

  • Customer Feedback Surveys
  • Product Feedback & Reviews
  • Employee Engagement Surveys
  • Brand Monitoring

How Do Sentiment Analysis Tools Work?

There are many ways in which sentiment analysis tools can be applied to text. It is a vast subject we can do no more than touch on here, but in general terms, these tools can work on multiple levels.

  • Sentence Level: Here, sentiment mining can determine topics and opinions/ sentiment within a single sentence
  • Sub-Sentence Level: At this level, tools provide sentiments within sub-expressions of a sentence
  • Document Level: Sentiment analysis is also able to provide the topic and sentiment of an entire document

There are many types of sentiment analysis tools focusing on:

  • Feelings and emotions
  • Polarity (positive, negative, or neutral)
  • Intentions

From here, there is a huge array of specific text analytic tools to achieve these goals and much, much more.

How to Get Started With Sentiment Analysis Tools

Get in touch and discuss your specific needs with us, if you want any further advice on the right sentiment analysis tools for your company. At Ascribe, we have a suite of sentiment analysis tools that are tailor-made for various use cases.
If you’re working with large volumes of open-ended surveys or verbatim comments, Ascribe’s CX Inspector or CX Snapshot can quickly and easily analyze verbatim comments with sentiment to provide valuable insight.
Contact us today and start letting automated sentiment analysis tools step in where humans struggle. You could save yourself time and money while ultimately increasing sales through improved customer understanding.

Features

Customer Feedback Surveys

While you could unearth plenty of live and unfiltered data from social media, surveys are obviously a rich source of valuable information about your customers. Ultimately, to increase sales, you need to keep your customers happy.
Sentiment analysis can help you get to the bottom of how they feel with a high degree of accuracy.
While closed-end questions and numerical data are easy enough to analyze, how about open-ended surveys?
How can you collate this information so that it has more meaning than a batch of random responses?
Automated sentiment analysis on surveys can help you better target customers. By flagging anyone with strongly negative views, you can deal with them separately and differently.
With these mining tools, you can also drill down on demographics to build out personas and decide if any of these groups, in general, have similar feelings about your company.
When you’re trying to understand Voice of Customer through open-ended surveys, sentiment analysis offers the following key benefits:

  • Helps you to rapidly respond to any change in customer opinion
  • Provides better insight into the finer points of customer experience with a deeper understanding of why any shifts are taking place
  • Allows you to design superior questions for any future surveys

Employee Engagement Surveys

Creating a strong culture is a powerful differentiator in today’s world. In order to do this, organizations need to ensure that their employees are engaged. Conducting a survey is a useful way to gain insight about what is important to employees.
In the same way you can use sentiment analysis tools for open-ended surveys sent to customers, you can also monitor employee surveys to help enhance your workplace’s employee experience analytics.

Product Feedback & Reviews

When you have large batches of surveys that deal with feedback on products, sentiment analysis tools can mine this data efficiently and incisively.
You can also use these tools to analyze reviews of any products your competitors have on the market.
In addition to dealing with huge quantities of raw data in a cost-effective and scalable manner, you can:

  • Remain constantly aware of what people like or don’t like about your products
  • Laser in on specific elements that are well received or not
  • Offer your product development team precious insights on how they could tweak future iterations or new products in line with customer sentiment

Brand Monitoring

The breadth of information about your company and products available online includes social media, forums, blogs, and news sites.
Sentiment analysis tools can get to the bottom of how people are talking about your company online quickly and easily.
With opinion mining, you can look beyond the simple quantity of mentions and dig deeper into the quality of what’s being said.
Sentiment analysis over a period of time can track how the feelings of your particular audience evolve or whether they are fairly constant in their views. This is not feasible to achieve manually.
Sentiment Analysis can flag any urgent mentions that call for some form of action on your part. Relevant teams can be alerted automatically, and processes can be streamlined across the board.
Aside from a more thorough understanding of the way your brand and products are perceived, sentiment analysis tools can help you to:

  • Monitor how your reputation is evolving
  • Look more intently at your category and competition
  • Identify and alert any potential crisis in a timely fashion

How Do Sentiment Analysis Tools Work?

There are many ways in which sentiment analysis tools can be applied to text. It is a vast subject we can do no more than touch on here, but in general terms, these tools can work on multiple levels.

  • Monitor how your reputation is evolving
  • Look more intently at your category and competition
  • Identify and alert any potential crisis in a timely fashion

Key Benefits of Sentiment Analysis Tools for Your Business

If we strip away all the varying ways in which you can harness sentiment analysis tools for analyzing verbatim feedback from customers, two core advantages emerge:
Efficiency of Data Processing: Dealing with enormous quantities of raw unstructured textual data is impractical at best and impossible in some cases depending on your resources. It’s also costly and very tough to scale. Using sentiment analysis tools automates the process of analyzing and categorizing the key topics and opinions in the data, in less time than doing it manually.
Consistency of Data Analysis: It’s not just quicker and easier to automate handling large volumes of data. Using sentiment analysis tools can also help you to get more consistent and precise results than manually coding.