Advancements in data storage and processing power have allowed artificial intelligence (AI) to aid businesses in areas such as marketing, product design, and customer support. Business leaders should pay particular attention to sentiment analysis: a relatively new frontier in AI, with significant benefits that we will unpack below.
What is Sentiment Analysis?
In a broad sense, sentiment analysis means using machines to gauge public, demographic, group, or individual sentiment (hence the name) toward a particular thing, whether that be a product, person, or advertisement. An AI model will intake a set of consumer-generated information — such as reviews on the newest iPhone or ‘tweets’ to the President’s Twitter account — and return the emotions expressed within that content.
Say, for example, that you are the CEO of a laptop-manufacturing company. Your marketing department uses sentiment analysis to answer questions about your target demographic. For instance, what is their sentiment toward your new line of touchscreen laptops? If it is positive, your advertisements should emphasize that feature. If it is negative, your product designers should start work on a non-touchscreen product line.
How Sentiment Analysis Benefits Your Business
Today, three areas of business especially benefit from sentiment analysis. Many titans of their industries and otherwise notable companies (including KFC, Apple, Google, and more) already employ AI to analyze public opinion and enhance their business strategy in these three areas:
- Marketing. Kentucky Fried Chicken (KFC) and Apple both use sentiment analysis in their marketing. KFC measures public opinion among youth and internet users, then produces advertisements that incorporate memes and beloved pop culture icons. Apple uses sentiment analysis to determine the most common complaints about rivals’ technology, then exploits them in ads. For instance, if the newest Samsung spurs negative sentiment with an awkward design, Apple responds with a marketing campaign emphasizing the iPhone’s comparatively streamlined layout.
- Product design. Google and Tripadvisor use sentiment analysis to improve their online platforms. By understanding what customers like and dislike — whether that be UI, security, or special features– they make improvements to their product design for the most significant positive effect.
- Customer Support. A multitude of companies — but especially those in the tech industry — use sentiment analysis for customer support. In a recent Forbes article, senior contributor David Teich explains that “many people [seeking customer support] get [angry quickly] at chatbots and automated call distribution (ACD) systems that don’t understand how upset the person is.” Sentiment analysis eliminates this issue by analyzing caller emotion and prompting the appropriate system response.
Why You Should Care
Ultimately, sentiment analysis is a utilitarian tool with many applications beyond the three listed above. As AI technology advances, business leaders should expect it to become an increasingly ubiquitous requirement for doing business in the modern world.
Forward-looking CEOs and CIOs should start AI development now — before competitors exhaust the limited pool of talent and resources in this promising new field.
Want to learn more about AI development for sentiment analysis? Interested in affordable data science and AI consulting with an experienced firm? Learn more about Synaptiq here, or contact us directly.