What is sentiment analysis
Sentiment analysis is an essential tool that enables companies to understand their customers better, in terms of emotional feedback. It is a key factor when it comes to brand recognition, risk management, customer loyalty satisfaction and loyalty.
Through smart language algorithms, the sentiment analysis highlights positive and negative emotional tones within our words.
It can be a great support for analyzing the brand perception throughout all media, but also for customer care services, since it provides meaningful insights into the real mood behind every message.
How can you use sentiment analysis
Upselling
With sentiment analysis, you can easily identify your most satisfied customers, who are likely to spend more money and be the perfect target for your upselling strategies. On the other hand, you can avoid disappointed customers and save your best sales pitches for someone who’s more receptive.
Retention
In order to perfect your retention strategy and reduce customer churn, the sentiment analysis helps customer care agents find the most dissatisfied customers and offer them the smoothest possible service.
Angry customers’ chats can be quickly identified and escalated to higher-level support representatives or turned into support tickets.
Machine Learning
Sentiment analysis is grounded on algorithms, and you can train chatbots to recognize customer moods and react accordingly, identifying the main emotional triggers that drive customer decisions (the choice of specific words such as “Please wait” often lead to customer annoyance, for example).
Risk management
Sentiment analysis can also be a very useful risk management tool, also in terms of empathy when it comes to your resellers.
Once you get a clear overview of customer satisfaction, agent by agent, you can keep an eye on the quality through all the chain, considering your counterparts as well: business partners, distributors, resellers.
See what customers see, everywhere.
3rdPlace developed a data driven sentiment analysis tool for risk managers to assess the risk of third party distributors.
Everyday 3rdEye analyzes thousands of reviews and news online about the stores, to score their risk level and facilitate the decision making process, through an easy-to-use dashboard.
It clusters contents in categories of interest, such as price, assortment, personnel, filtering by retailer brand, time period, region, etc.
It analyses the sentiment of users who buy in stores by single category of interest.
It scores individual retailers and indicates specific critical issues and opportunities for improvement.
This way you can anticipate any critical situation in all third party stores that sell your products, reduce counterparty risk and maximize the success of your strategies, cross media.
