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The bulk of information generated nowadays is unstructured data, which means it does not fit neatly into a predetermined structure or framework. The majority of this information is in the form of text: social media postings, emails, online reviews, company reports, and so on.
Text analytics with sentiment analysis provides an AI-guided method for obtaining all of this essential information, analyzing data about your business, and determining exactly what your consumers (and the wider public) are thinking and feeling.
Sentiment analysis (opinion mining) is a text analytics approach that uses machine learning and natural language processing (NLP) to evaluate text for the writer’s sentiment (positive, negative, neutral, and beyond).
Text analytics’ ultimate goal is to extract high-quality information and meaningful insights from text, allowing organizations to make educated decisions.
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Peanut butter with chocolate. Juliet and Romeo. Yang and yin. Sometimes two concepts become so inextricably linked that it is difficult to recall that they are distinct creatures. One such combination is text analytics and sentiment analysis. They are both methods for extracting meaning from customer data and are both essential components of a successful customer experience management programme. They are not, however, the same thing.
Over time, what other people believe has become an important aspect of data collection activity. As individuals begin to use modern technology to make decisions, new obstacles and possibilities emerge as the popularity and availability of opinion-driven resources such as personal blogs and online review sites grows. Sentiment analysis, often known as opinion mining, is the process of identifying and extracting information from source materials using computational linguistics, text analytics, and natural language processing.
One of the most prevalent uses of text analytics is sentiment analysis. The basic part of sentiment analysis is data analysis on the body of the text in order to comprehend the opinion conveyed in it, as well as other crucial aspects such as modality and mood. Generally, sentiment analysis works better on material having a subjective context than on text with merely an objective context. This is due to the fact that when a body of writing has an objective context or perspective, the language normally shows some ordinary assertions or facts without expressing any emotion, sentiments, or mood. Subjective text is text that is typically expressed by a human who is experiencing ordinary moods, emotions, and experiences. Sentiment analysis is frequently utilized, particularly as part of social media analysis, for any area, whether it is a business, a new movie, or a product launch, to determine how people react to it and what they think of it based on their thoughts or sentiment.
Textual data in the form of unstructured datasets is divided into two categories:
Factual (objective) vs. subjective (subjective): Sentiment analysis is most effective when applied to material with a subjective context. In general, social media, polls, and feedback data are highly opinionated and convey human ideas, judgments, emotions, and sentiments.
Feature/aspect-based analysis: It entails identifying feelings or views by evaluating several aspects of an item. For example, the picture quality of a digital camera, the screen of a cellphone, and the security of a bank, among other things.
However, sentiment analysis for text data may be calculated at multiple levels, including sentence, paragraph, and document levels. Often, feelings are assessed by considering the entire document or by aggregating the sentiments for individual sentences.
The categorization of the polarity of text in the document is a fundamental task in the sentiment analysis process. Attitude analysis determines if a document exhibits a positive, negative, or neutral sentiment by assessing its polarity. More extensive analysis, on the other hand, uncovers even complicated emotions like as happiness, rage, despair, and sarcasm, among others.
Sentiment analysis applications include:
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1.They distinguish several types of content.
Text analytics reveals what is being written about the most. You can observe which themes are popular, which concepts are frequently related in the text, and even who is bringing up which issues the most. When sentiment analysis is applied to the same information, it informs you if the themes are being treated favorably or negatively. Sentiment analysis may also be used for non-text input such as video, audio, and photos — for example, someone smiling at you has a better sentiment score than someone swinging their fist at you.
2. They give many types of early warning.
When a new subject surfaces in your data, text analytics might warn you that danger is on the way. For example, if the phrase “spoiled” appears frequently in the feedback from your restaurant chain, you should investigate it immediately. Sentiment ratings can also be used to identify possible dangers. In this scenario, a decrease in sentiment score suggests that some component of your business has made your clients dislike you.
3. They function differently.
Text analytics uses patented Natural Language Processing (NLP) technology to interpret text-based data in the same manner that the human brain does. It recognizes bits of speech, knows which words and concepts are related, automatically corrects for errors, and extracts meaning using proprietary algorithms. It may apprehend patterns and trends across a whole database or dive down to realize a single tweet.
Sentiment analysis examines the meanings of words and phrases, as well as how positive or negative they are. Clarabridge assesses sentiment on an 11-point scale, which gives a more detailed picture of sentiment than the usual “positive-neutral-negative” options used in manual sentiment coding. Consider the following sentence:
I really liked the laptop, but this deal should have been simple, and it wasn’t.
While a three-level scoring system would need us to select whether to prioritize the love of the laptop over the difficulty of the sale in order to ascertain the overall sentiment, the Clarabridge sentiment analysis scale allows us to break the statement down more explicitly. The phrase “liked the laptop” receives a +3, but “should have been simple and it wasn’t” receives a -4. While the overall attitude of the phrase is unfavorable, the two issues may be studied independently to get a more accurate picture of the customer’s thoughts.
Conclusion: The methods involved in acquiring client data and assessing their thoughts might be daunting, but they are essential for any firm that wants to stay competitive and relevant in the global market. Text analytics and sentiment analysis must be used in tandem to improve user experience, and doing so manually would normally take months.
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Net Promoter®, NPS®, NPS Prism®, and the NPS-related emoticons are registered trademarks of Bain & Company, Inc., Satmetrix Systems, Inc., and Fred Reichheld. Net Promoter Score℠ and Net Promoter System℠ are service marks of Bain & Company, Inc., Satmetrix Systems, Inc., and Fred Reichheld.
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