What is Sentiment Analysis (Opinion Mining)?
Sentiment analysis (also known as opinion mining) is a subfield of Natural Language Processing (NLP) that is used to analyze the sentiment of a given text. The goal of sentiment analysis is to determine whether a text expresses a positive, negative, or neutral sentiment. The results of sentiment analysis can be used to inform decision-making, product design, and customer service.
Example
Text: I had an amazing time at the party last night! Everyone was so friendly and the music was incredible.
Sentiment: Positive
Advantages of Sentiment Analysis (Opinion Mining)
1. Improved decision-making:
Sentiment analysis can help businesses make more informed decisions. By analyzing customer sentiment, businesses can better understand their customers’ needs, preferences, and overall opinion of their products and services.
2. Improved customer service:
Companies can use sentiment analysis to identify customer pain points, address customer complaints, and improve customer service. This can help businesses stay ahead of customer service issues and make sure they are meeting customer expectations.
3. Improved customer experience:
Sentiment analysis can be used to create personalized experiences for customers. By understanding customer sentiment, businesses can tailor their offerings and create experiences that are tailored to each customer’s individual needs and preferences.
4. Increased customer loyalty:
By understanding customer sentiment and responding to it appropriately, businesses can build customer loyalty. Customers who feel like their opinions and needs are being heard and addressed are more likely to remain loyal to a brand.
5. Improved branding:
Sentiment analysis can help businesses monitor customer sentiment and adjust their branding accordingly. This can help businesses create more effective advertising and marketing campaigns that better resonate with their customer base.
10 Best Software/Tools for Sentiment Analysis (Opinion Mining)
1. IBM Watson Natural Language Understanding
2. Google Cloud Natural Language
3. Azure Cognitive Services
4. MonkeyLearn
5. TextBlob
6. Lexalytics
7. MeaningCloud
8. AYLIEN
9. LIWC
10. VADER
