It’s no secret that artificial intelligence is playing a more critical role in business. It isn’t only generating data that helps companies make decisions, but it can also gather data to help you understand the current market conditions. That’s where sentiment analysis helps.
Sentiment analysis applications are a great way to gain insight into how well an idea is playing out in the world. Below are five applications that make sentiment analysis useful.
1. Reputation Management
Managing your reputation online is more challenging than ever. Anyone can spin up a website or write a column on a news platform spreading negativity about your business. Because of that, it’s challenging for even large companies to keep track of negative press.
With reputation management so important, this is a problem. Sentiment analysis can help by gathering mentions of your brand name to figure out what the sentiment about your company is. You can then respond to those issues to improve your company’s sentiment with consumers.
2. Customer Happiness
It isn’t always easy to measure customer happiness. While some people will complain directly to your business, others won’t go that route. They’ll talk online about the problems they had during their interactions with your company.
You can use sentiment analysis to help fill in the gaps. It will gauge the happiness levels of your customers online to help you understand how happy your customers are with your company.
3. Competition Research
It’s hard to compete in the market if you aren’t aware of your competitors’ actions. You don’t want to get caught off guard by new product launches that eat into your revenue.
A sentiment analysis algorithm can monitor mentions of your competitors to see what’s happening. It will help you stay ahead of your curve and respond better to your competitor’s actions.
4. Product Analysis
It takes a lot of data to figure out if products are successful. Seeing large sales numbers doesn’t always tell the whole picture. You might get a lot of hype around a launch but then see sales slow down once people try your products and don’t like them.
A sentiment analysis tool will help you understand how your products are performing. You’ll be able to make better decisions about your products and respond better to unfavorable feedback.
5. Financial Analysis
Knowing what the current hot stocks are is one of the most essential things for making successful trades. However, it’s challenging to know what the up and coming companies are with so much noise on the internet.
A sentiment analysis model from a tool like StockGeist.ai can give you the data you need. It will inform you of public sentiment for companies to help you make better financial choices.
Invest in Sentiment Analysis Applications Today
There’s only so much guessing you can do when you aren’t taking into account the current sentiment in the world. However, there are many sentiment analysis applications available today that can give you an edge that you couldn’t get in the past. Make sure you take advantage of everything it has to offer.
Are you interested in other tools available for businesses that are available now because of technology? Head back to the blog to learn more.