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Sentiment Analysis and the Link to Better Sales

Sentiment Analysis and the Link to Better Sales

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“Lead people with what they want. – Lead with what they’ve already said. – Lead people from where they’re at. – Lead them with the things that concern them.” – Sandi Krakowski

As business owners, we are always looking for ways to increase our sales. After all, sales are the driving force for any company. There are quiet periods where it feels as though you have exhausted the list of tips and advice, and there is nothing else you can do. Well, you would be wrong, because many people don’t think about the fact that the simple use of sentiment analysis can actually lead to better sales. Don’t believe me? Take a look below.

What Can You Expect to Find

In this guide, there are a few things you can expect to see, and here’s a brief list of the topics you will be able to read about:

  • How it works
  • Audience insight
  • PR practices
  • Product quality
  • Marketing campaigns
  • Crisis management
  • Sales revenue
  • Doing it right

A Quick Rundown of How it Works

Just as a brief recap of what sentiment analysis is, since it is still relatively new to many, it is a form of opinion mining. What this means is that the sentiment analysis tool you choose will scan the entire internet for mentions of your or your business. When it brings the results back in, it will show you how many of those posts contain a positive, negative, or neutral sentiment.

There are tools out there that can take the analysis level even further, displaying specific emotions as opposed to polarity. However, the standard polarity version tends to be the most popular. While it is accurate the vast majority of the time, it is important to remember that as sentiment analysis tools are run by machine algorithms, things like sarcasm and irony can be hard for them to pick up.

#1 It Provides Audience Insight

This is the main thing you get with sentiment analysis, a detailed look at the way in which your audience feels about your company. It is particularly good to set things in motion after you have launched a new product or feature, because you will be able to get a good idea of how your audience feels about it.

You can look at the positive feedback, but also address any negative comments and see if there is any way you can alter your new release to reflect any necessary changes. It also gives you the chance to learn more about the tone you are using, and to see how your audience reacts to it. This means you are able to alter the way you come across to better suit them.

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#2 It Promotes Good PR Practices

“Social media allows big companies to act small again” – Jay Baer

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It is the job of every PR professional to have a good grasp of brand perception at all times; how people are viewing your company. This means that they are able to share messages that are relevant to the target market, because they understand the audience and know what they want. Without sentiment analysis, it is easy to lose sight of this and start posting less relevant content.

The way in which sentiment analysis can be used in PR is in the form of keyword monitoring. Not only can they use them to discover what the public is saying, and learn how to remain relevant, but influencers as well. Keeping an eye on influencers means that you can consider utilising them in the future to further promote your brand. You will also know which ones are relevant, and which ones are less popular.

#3 It Encourages You to Improve Product Quality

“We have technology, finally, that for the first time in human history allows people to really maintain rich connections with much larger numbers of people.” –  Pierre Omidyar 

When you are learning about how your audience feels, and what they like and dislike, it can lead to a whole load of other things. For example, you can learn the intimate details of what they want you to keep the same in a product, and what they want to change. You see, your product is not only judged by its functionality and company, but also the way in which it is presented to them.

You can use the opinions of your target market to improve your product in terms of quality and design; learning from what they want and implementing it. All you really need to do is ask yourself two questions – what are customers praising? What kind of complaints do they have? As a good business owner, it is your job to act on these comments and bring your audience what they truly want.

 

#4 It Helps You Develop Your Marketing Campaign

There is no success without marketing, and most of this takes place across social media. Incidentally, this is also the most popular place for sentiment analysis to be used. It can be hard to know if you are actually doing the right thing with your marketing though, especially as social media is such a vast area of the internet. Are you attracting the right people? Are they enjoying your campaign?

Was Gillette’s latest marketing campaign really as unsuccessful as people claimed? Doesn’t look like it. 

By using sentiment analysis, you can learn where your marketing campaign is ticking the boxes, and where it is missing the mark completely. You will be able to adjust your campaign to meet their needs, and also to attract new members of your target audience. Customer satisfaction is everything, and sent

#5 It Keeps Crisis Management Under Control

We have all been witness to some exceptional social media crises from other companies, but you need to prevent that from happening in your own. Most sentiment analysis tools give real-time updates, so you can check the comments as they happen to find any negative ones. 

This gives you the opportunity to nip a potential crisis in the bud by addressing the issue quickly and professionally. It looks good on you as well because you have been able to deal with the situation so well, and customers will appreciate that when they visit your site. Remember, it isn’t always about the negative feedback; it’s about the way you react to it and deal with it. 

Brexit stirs controversy for many brands that either support or oppose the move.

#6 Boosting Sales Revenue

This is the endgame, the point you have been waiting for, and actually, there isn’t much to say here. You may even still be wondering how on Earth sentiment analysis is supposed to help your sales. Well, here’s the thing. Every single one of the points I have listed and detailed above contributes to improved sales. More positive sentiment analysis scores generally lead to more sales.

If you have a lot of negative sentiment scores, you are going to experience a sales decline. It’s basic math, and yet we don’t think to use this tool to see how our customers feel and their thoughts on our business. You can use sentiment analysis to ensure your customers are happy and well looked after at all times. There are even direct studies to prove this correlation to you.

How Do You Do Sentiment Analysis the Right Way? 

Technically speaking, there is no right way to do sentiment analysis. However, I have found that my way is certainly ranking at the top of the performance scale, and it is one that is shared by many industry experts. So, how do you do it right? The simple answer is that you follow each of my handy steps below.

 

The first thing to remember is that there are tools out there that can help you. Take advantage of them, utilise them, and use them to thoroughly investigate what your customers are saying. There are loads of tools out there that can help you, and many of them even come with additional features (like keyword analysis) that will help your brand grow. I personally use Brand24 but that is just my preference. It’s the first step to truly taking control of your business.

70% of your customers will leave a review when prompted to do so. That’s a pretty high number, and one that you need to take advantage of. Drop them a post-purchase email asking them to leave a review, and factor that in with your next sentiment analysis search. Reviews are important, both for you in terms of criticism and customers when they are deciding if they want to buy from you. 

Don’t be afraid of the negatives. They are going to happen. Sometimes, they will just be trolls nitpicking at your company and finding holes wherever they can. Other times, they will be genuine and provide you with constructive criticism. We are all going to have bad customer experiences, and not everyone we serve will be happy. It’s all about learning from the situation and using it within your sentiment analysis to better yourself and your business. 

As for the positive feedback? Take it and use it as part of your marketing campaigns. Put those genuine customers in the spotlight and celebrate the way they see your company. It looks good on you, and customers will feel more comfortable buying from you because they are able to see the reactions that genuine people have to your products. It’s all about being relatable. 

Be open and engaging. You are more likely to see positive sentiment analysis results if you actually take the time to interact with your customers on social media. It only takes ten minutes each day to go through the comments and respond to them. People like companies that actually talk to them, and you will find that your sentiment scores sore into the positives with just a few simple (and maybe humorous) interactions. It really is that easy to engage your audience and keep their loyalty. 

To Conclude

I hope that this has been able to give you some good ideas on how to use sentiment analysis better, and in a way that gives your business a massive advantage. Every aspect of the tool is a new way to increase your sales and boost your reach to a wider audience. The separate features are always working in perfect synch, like mechanisms in a machine, and when used correctly, success is just around the corner. 

 

Read more by International SEO Consultant, speaker, blogger.

International SEO Consultant, speaker, blogger. Throughout his career, Milosz has been consulting and devising growth tactics for small and start-up businesses, particularly within financial services. His focus areas include link building, technical SEO, and overall digital strategies. Prior to the acquisition of Chilli Fruit Web Consulting, Milosz has been involved in growing Plus Guidance (an early-stage UK tech start-up, now acquired) and Sigma Digital Marketing Agency based in Oxfordshire. Found out more on his blog miloszkrasinski.com.

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