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Market Research 101: What is Sentiment Analysis?

Posted by TrendSource on 10/10/19 9:13 AM

Continuing with our introduction of TrendSource’s new Brand Health Suite, this week we are continuing Market Research 101 with everything you need to know about Sentiment Analysis.

What is sentiment analysis, what can sentiment analysis tell you, and how does it fit into a broader brand health tracking program? We’re here to explain and we feel great about it!

What is Sentiment Analysis Market Research?

Sentiment Analysis is an online market research methodology that helps businesses understand exactly what is being said about them in various online spaces including (but not limited to):

  • Social media platforms like Instagram, Facebook, and Twitter
  • Digital conversation threads like Reedit
  • Online reviews like Yelp, Google, and OpenTable
  • Product reviews on your own website
  • Many more

Sentiment analysis collects, sorts, and analyzes these conversations to give you real-time data regarding how people view and discuss your brand, products, and services. What do your biggest fans, your nastiest trolls, and everybody in-between have to say about you, and how can you use this knowledge to shape initiatives and enhance your online reputation? These are the types of questions sentiment analysis market research programs answer.

What is Online Sentiment Analysis Used For?

In the old days, you could open a newspaper or crack open the latest Zagat guide to understand what people were saying about your brand, because in the old days the people setting cultural tastes and shaping brand opinions were few and far between. Whether journalists, critics, or celebrities, the number of individuals whose opinions could potentially impact your brand was relatively small.

It’s different these days, of course, as everybody has access to social media and online reviews, providing even the most everyday person a mouthpiece with which to praise or disparage your brand to all of their followers (and their folllowers’ followers too!).

sentiment analysis market research bad news

That’s why it’s important to implement a comprehensive system to keep track of and hopefully begin to shape online conversations about your business. Use sentiment analysis to:

  • Validate a new product, service, or strategy by understanding prevailing online reactions
  • Actively monitor and protect your online brand health
  • Rollout a new product in a specific region to get early data
  • Understand why a particular product has failed to meet customers’ (and thus your business’s) expectations
  • Understand the efficacy of marketing and advertising initiatives
  • Continuously monitor top-performing products to understand why consumers love them
  • Many, many more!

Who Needs Sentiment Analysis Market Research

Any business looking to keep its brand healthy in our increasingly online world must include sentiment analysis in their market research toolkit. Industries that would benefit from Sentiment Analysis include:

How TrendSource Does Sentiment Analysis Market Research

Look, there’s a lot of conversations going on out there—you need somebody to tell you what to listen for, how to go about it, and what to do with all that data. TrendSource understands how to be your sentiment analysis market research partner.

With a stable of Client Success Managers ready to help you set the listening parameters and research questions, and the best analytics team in the business to tell you what it all means and what to do about it, TrendSource is ready to help you build a Sentiment Analysis program and a comprehensive Brand Health Tracking package.

And that should make you feel good too.

2019 Alcohol Industry Report

Topics: Food Service, Marketing, Grocery, Retail, CPG, Manufacturing, Market Research 101, Brand Health, Sentiment Analysis

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