ORM HELPS BRANDS ANALYSE SENTIMENTS!
Lately Indian brands have started to feel the need to monitor consumer sentiments; whether it's for resolutions, public relations, or competitive intelligence. The primary reason being a fragmented media and changing consumer behavior that is crippling traditional monitoring methods in the Indian market. It’s widely acknowledged that brands engaging in comprehensive online reputation management are a step ahead of their competitors. Understanding a sentiment provides an edge to improve business operations and or strategize the future course.
One of the key advantages of sentiment analysis from the many is categorising the positive and the negative with little or no stress on neutral opinions. Mostly it’s like either you are for the brand or against it. Moreover it largely assists in deriving inferences that determine the attitude, emotion or opinion of anyone towards anybody, be it a brand or individual. Currently, social media is being used as a tool for and against brands bringing CRM activities in the public domain that was hitherto unheard of at least in India.
“Nokia… Connecting People!” This was quite a catchy line around 2005-06. Unfortunately a decade down the line Nokia failed. Industry pundits counted many a reasons why it failed, however the crux was its poor judgment of popular sentiment. Nokia could not successfully monitor or analyze and act on what the user wanted leading to its downfall. The million dollar question that pops in mind is; why did this once grand brand fail to do so? Perhaps, the leadership knows best!
On the contrary, Xiaomi (MI) came out of nowhere and made its presence felt in the Indian market. With a strong understanding of the domestic sentiment and a perfect groundwork combined with strategic alliances with ecommerce giants enabled it to create a promising market share for itself. Xiaomi has definitely displayed its penchant for quality while offering value for money. It’s evident the brand is here to stay for a long time.
From beautiful, best, brilliant, excellent, fantastic, great, incredible, phenomenal, superb, and much more to awful, bad, boring, clichéd, hideous, stupid, sucks, terrible, waste, worst are sentiments embedded in an ocean of conversations on the web. It becomes a tricky situation if a careful sift is not done to identify sarcasm from appreciation.
While ORM being the bigger picture, sentiment analysis is just a part of this huge ballgame. And by no means it’s an easy ballgame. Analyzing trends, identifying brand bias, targeting advertising/messages, gauging reactions, evaluation of opinions… you name it! Deciphering an existing customer’s mind is relatively easier than someone nowhere close to your brand. It is very difficult to survey customers who didn’t buy a company’s product/services. This is where sentiment analysis becomes all the more relevant for decoding opinions, attitudes and emotions.