What is Sentiment analysis: it deals with building systems for identifying and extracting the opinions and sentiments of users, sites and pages on the web. Sentiment analysis is used in a variety of sectors: from marketing to communication, from social media analysis to consumer preference assessment, from politics to stock markets, from medical science to life sciences.
Unlike the communication that companies do with classic media and for which it is difficult to assess the reactions of the public, on the web the traces of people's opinions remain; sentiment analysis of online conversations is currently the most requested digital research service in the world.
What is sentiment analysis?
Sentiment analysis is the automated process of translating large volumes of text into quantitative data to uncover insights, trends and patterns. Combined with data visualisation tools, this technique allows companies to:
- understand consumers' emotions and feelings towards a brand or product;
- outlining market trends and consumer needs;
- assessing the communicative effectiveness of a website, post and advertisement.
Sentiment analysis stands out from more traditional research methodologies in terms of both reliability and usefulness. In fact, it operates on a large amount of web content (every minute Internet users post 456.000 new tweets, 510.000 new comments on Facebook and send 156 million emails) and eliminates many methodological risks linked to the limits of classical research (e.g. interviews, questionnaires, focus groups).
What is the purpose of Sentiment analysis
Thanks to text analysis, companies are able to extract meaning from all kinds of unstructured data, for example:
- social media posts,
- web forums,
- e-commerce retailer sites,
and turn them into quantitative information. By identifying trends and patterns with sentiment analysis, companies can improve customer satisfaction; by learning what customers like and dislike, they can detect product problems and monitor brand reputation (source: MonkeyLearn).
Sentiment analysis is currently the most desired research tool in the market. Of the total number of companies that purchased market research in 2019, 50% requested market insights based on sentiment analysis of web content. Of the remaining half of companies, 31% admitted to purchasing market research conducted using sentiment analysis (source: Statista).
PXR Italy is an expert in the field of Sentiment analysis
As a research institute, PXR Italy uses sentiment analysis tools to find out how people feel about a brand on social media, or understand the main topics in product reviews. PXR Italy on the other hand, leverages the results of text analytics to identify patterns, peaks of negative feedback from consumers, and provides actionable insights for improvements.
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