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CRM and Why You Need Advanced Sentiment Analysis
Customer Relationship Management, or CRM, allows businesses to make great customer relationships that last. This is done through the management of information and data related to a business’ client base.
However, it’s often a daunting or simply impossible task for businesses to properly measure customer satisfaction or to capture insights into customer preferences, product pain points, or what customers wish they had.
In the digital age, there is a great deal of customer input online, whether it be on social media platforms, blogs, or review sites. Paradoxically, those are both a goldmine and an immense risk for businesses and brands. They are a goldmine because customers frequently share their experience with a business’ product online, providing a treasure trove to capture the voice of the consumer and derive customer intelligence. At the same time, they are also a great risk to businesses because social media posts go viral in no time. Businesses must monitor what’s being said and act fast when a poor customer experience is shared online.
The challenge of course is the massive volumes of data to be dealt with. Facebook alone has up to 1.97 billion active users worldwide every month. Finding the nuggets of information among billions of social media posts and aggregating and measuring insights is not something that can be done manually in a timely manner.
How Sentiment Analysis Software Benefits CRM
Sentiment Analysis refers to the use of Natural Language Processing and Text Analytics to determine the attitude of a speaker/writer with respect to some topic.
Sentiment analysis software allows your business to analyze social media, blogs, and consumer reviews more efficiently to measure customer satisfaction, track consumer opinion over time, identify and engage with consumers online, and ultimately build customer loyalty.
What’s more, by identifying valuable consumer insights, your business is able to identify the pain points in your product for future improvement and predict consumer demands to gain a competitive edge.
Businesses Need More than Traditional Sentiment Analysis
Traditional sentiment analysis identifies “positive” and “negative” sentiments, but can fail to recognize multiple, sometimes conflicting, sentiments that exist within a single document or sentence or the specific object of a sentiment.
Advanced Sentiment Analysis software provides entity- and aspect-based sentiment analysis. At the entity level, it identifies sentiments towards various types of entities such as people, organizations, brands, and products. At the aspect level, it identifies the specific aspects that are the object of those sentiments, such as the price of a product, the new policy of a country, the campaign of a presidential candidate, etc.
NetOwl offers advanced Sentiment Analysis by leveraging its industry-leading Entity Extraction along with its intelligent Natural Language Processing (NLP) technologies. It offers entity- and aspect-based sentiment analysis to pinpoint what the sentiment is and precisely what the sentiment is about, making sentiment analysis much more informative and useful. In addition it offers an extensive and refined sentiment ontology to distinguish different opinions, attitudes, intentions, and behaviors. For instance, it can distinguish between a complaint about a product feature and a threat to boycott a brand.
Finally, it performs normalization to be able to aggregate and quantify the identified sentiments. For more information on what advanced Sentiment Analysis software can do to improve your CRM, contact NetOwl today.