A Consumer Sentiment Analysis refers to research done to uncover the inherent emotions we hold. Whether they’re conscious or subconscious, we all have innate feelings that arise when a certain brand, product, or even just a topic is brought up. Brands can utilize consumer sentiment analysis for a multitude of reasons and with technology, this research is done more frequently than ever.
Brands have found creative ways to conduct a consumer sentiment analysis. Below you’ll find research methods and real-life examples of this methodology.
Reviews & Ratings:
The most basic form of gathering information with hopes to understand consumer sentiment is by asking for simple reviews. While the most accessible methodology, this runs the risk of only focusing on outliers. Most customers will not leave reviews, and those that had a bad experience are more likely to review an establishment than those that had a positive one.
Example:
The Yelp review craze in the late 2000’s and early 2010’s caused businesses across all verticals to chase the highest online ratings from customers.
Social Media Monitoring:
Since the introduction of social media, brands have utilized it for their marketing and public relations. What started off as a chase for likes & follows developed into measuring and analyzing the relationship between brand and consumer. Social Media Managers assess and identify patterns they are seeing from messages, comments or tagged posts, giving them guidance on how best to tailor their product or service to the consumer’s liking.
Example:
The beauty brand Glossier frequently monitors social media to identify what their targeted consumers are talking about, which products they prefer and what gaps exist in the market.
Temporal Analysis:
A Temporal analysis is a method used in a consumer sentiment analysis to examine how attitudes and perceptions of a brand, product or services evolve over varying amounts of time. Brands take this data and use it to identify opportunities such as seasonal trends, assess potential impact of PR catastrophes, and pinpoint where perceptions change relative to the product’s lifecycle.
Example:
Tracking consumer sentiment & sales data determines when Starbucks will launch their Pumpkin Spice Lattes. Consumers anticipation begins in late August, which allows Starbucks to capitalize on the seasonal craving
Emotional Detection:
Using AI, brands quickly assess the tone of their comments and messages, giving them guidance on how best to move forward. In addition to analyzing comments, some AI programs read the facial expressions of respondents, going beyond the basic polarity of “good” and “bad”, and starts to identify perceived emotions such as joy, frustration, or confusion.
Example:
HelloFresh, a meal kit delivery service, focuses on emotions like frustration, satisfaction, and confusion to better tailor their meals