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Sentiment Analysis for Online Reputation Monitoring
Online reputation can make or break a business. And if those stakes seem high, remember that your online reputation can change overnight. Billions of consumers are online everyday on multiple devices. Facebook alone has up to 1.97 billion active users worldwide every month.
This is important to note because up to 84% of consumers, according to a 2016 local consumer review survey, trust online reviews just as much as they’d trust a personal recommendation. Not only that, but a consumer will often make their decision about a company after reading less than 10 online reviews.
Negative stories about commercial businesses and government organizations can go viral in a single click. For this reason, it’s essential for both commercial businesses and government organizations to monitor their online presence for what’s being said about their services, products, and brands.
However, monitoring what’s being said about your business online can be a challenge; enormous amounts of data are produced online every second. In fact, according to IDC, the digital universe may grow to a total of 40 ZB by 2020. Fortunately, despite this large amount of data, Sentiment Analysis software can help ensure your business’s online reputation remains a positive one.
While many organizations do employ social media teams to monitor their online presence, the sheer size of the digital realm requires the support of automated solutions. And that’s where sentiment analysis software comes into play.
Why use Sentiment Analysis for brand reputation and monitoring?
Almost like a virus, early detection of a negative public reaction is key to containing and isolating the damage. Should the negative sentiment go unmonitored and uncorrected, the damage to the business’s reputation can have a significant impact on future sales and therefore future success.
Sentiment Analysis software enables an organization to monitor both social media and news sources for positive and negative sentiments for quick action. However, software that analyzes sentiments in terms of a simple positive and negative binary fails to capture mixed reactions within a comment and to identify the exact focus of the sentiment or make finer sentiment distinctions.
Why advanced Sentiment Analysis is necessary
Sophisticated Sentiment Analysis software that offers entity based sentiment detection is able to identify specific sentiments and the entities and entity aspects associated with those sentiments.
For instance, consumers may have a negative opinion about the price of a new product even as they remain loyal to the brand itself. Sophisticated Sentiment Analysis software is able to identify this specific reaction rather than reducing customers’ opinion to a simple negative and positive choice.
With a refined analysis of online attitudes, intentions, behaviors, and opinions, an organization can not only act quickly to assess the situation and contain the damage of a criticism, but can also work forward to improve their business.
NetOwl’s Sentiment Analysis software offers commercial and government organizations entity and aspect level sentiment analysis, fine-grained sentiment distinctions, and sentiment normalization to enable data aggregation and allow the bigger picture to emerge. For more information on what sentiment analysis software can do for your brand monitoring and protection, contact NetOwl today.