Sentiment analysis is approach, process, method and technique which derive information about service, brand and customer attitude towards a product. It also appraises the emotional state of the consumer. Sentiment analysis is purely based on technology to a particular extent. Whereas, with market research approach is not like that. Technological innovations, analysis of data from social media provide opportunities to reduce the cost of market research, generating efficiencies and making robust tools which are accessible to organizations and firms (distill.radar.com).
In 2012, there was survey conducted by Greenbook Research Industry Trend Report. All the surveys included in this were box rating surveys. Box rating decisions, are the ones that customers identify as important attributes or considerations. According to the GRIT report, following are the findings which were considered as major choices for market research:
1. Quality of data that is obtained by using sentiment analysis tools
2. Familiarity of technique, method and approach for doing the business.
3. The ultimate product that is being delivered to the customer
4. What were the traditional ways and methods of the competitors?
5. What is the client request for the market research?
Use of advanced technology and skilful research expertize is needed for market research for delivering and smart and profitable business. For clients of marketing research, choice of research method for analysing the sentiments are largely driven by cost, accuracy, effectiveness and timelessness.
Date: November 19, 2018