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Research Tools Explained: Sentiment Analysis.
Busting the market research jargon - We explain sentiment analysis and how we use it to reveal rich, meaningful insights from your customers.
When you’re swamped with a mountain of open-ended customer survey comments, it can be difficult to know where to start in order to turn all that information into valuable, high-quality insights. That’s where sentiment analysis comes in. Here’s how it works...
What is Sentiment Analysis?
Unlike the ‘tick a box’ responses that come from asking multiple-choice and close-ended questions, free-form comments are difficult to quantify and analyse. Answers come in a variety of formats, from short, snappy answers to long-form comments and examples. Large scale research can also elicit hundreds of responses, making it challenging for companies to scan, categorise and convert the raw data into the actionable insights they need.
Sentiment Analysis allows the researcher to:
- Identify and categorise key themes and subject areas among customer responses to clearly determine which to improve, and to prioritise.
- Divide responses that are positive, neutral, or negative.
- Allocate a specific sentiment score to each subject area to identify areas in the most need of action.
- Analyse comments in-depth to understand the sentiment behind each one.
- Understand the core themes behind customer comments and single out employee issues to prioritise.
Sentiment analysis can be valuable to researchers in many different areas and scenarios, and reveal the meaning behind a variety of customer, employee, and stakeholder comments.
The Benefits of Sentiment Analysis.
- Flexible – Sentiment Analysis scores can be applied across a wide variety of B2C and B2B business environments, allowing organisations to glean the most valuable insights into how customers feel about the effectiveness of support teams, guage overall opinion on products or services, and measure customer reactions to new products or campaigns.
- Identify Solutions to Customer Pain-Points – Comparing sentiment analysis scores across different customer segments allows organisations to easily identify and resolve common pain-points and frustrations. It also allows the researcher to compare customer satisfaction between different product lines, processes, and interactions and highlight where improvements are most needed.
- Increase Market Share – Consistently monitoring the shift in customer attitudes and opinions using sentiment analysis allows organisations to adapt to the changing needs of their audience, helping to retain and attract new customers.
- Gain Competitive Advantage – Sentiment analysis is highly effective for measuring performance against that of competitors by uncovering what they do well and where they fall short, enabling a company to distinguish itself and gain competitive advantage.
How We Use Sentiment Analysis.
At TTi Research, we use our Your Voice Opinion Survey (YVOS) programme to give us a crisp understanding of how customers, employees, or other stakeholders feel when submitting survey answers. By looking at our sentiment scoring system, we can quickly and easily compare individual comments within each key subject area.
During our recent employee research programme for leading multinational construction and development company, our YVOS programme analysed close to three hundred open-comments, sifting the verbatim responses to unlock the insight which would in turn inform and guide the company’s decision-making.
TTi Global Research has been applying sentiment analysis to effectively read audience attitudes for almost thirty years. We help companies of all sizes and sectors harness the customer, employee and stakeholder insight they need make informed strategic decisions, helping them improve and grow. To find out how our sentiment analysis solutions can support your business, contact us today.