Sentiment analysis, also known as opinion mining, analyses opinions about product, individuals and groups, using algorithm, machine learning and new technologies. It monitors all the changes, right from emotions, online conversations and attitudes. All this process helps the organizations to shift opinions and adapt quickly with the changing needs and wants of the customers.
Product analytics is all about listening to product performance, customer feedback and clearly understand what customers like? And what is the room for improvement in particular product or service? As the cost associated with particular product grow more, it becomes necessary to gather and analyze the vast amount of data for streamlining the better execution and development.
With the relevant analysis of the product it becomes easier for top decision makers how to better use their product, develop new strategies, improve product by recognizing key areas. Sentiment analysis provides the direct product review from customers, clearly identifying their expectations and needs. Understanding product analytics will help organizations to accelerate their business in different phases, right from product launch till the delivery to customer.
Product analytics also helps in creating personalized brand experience, increasing loyalty of customers as the customers feel their voice is being heard and their suggestions and feedback are being appreciated. Sentiment analysis is and extremely powerful tool for organizations when it comes to every customer interaction and successful outcomes.
Date: November 23, 2018