What is Sentiment Analysis in Marketing?
Understanding Sentiment Analysis in Advertising
In everyday interactions, you quickly analyze someone’s tone, facial expression, perceived mood and more before you decide how to proceed in conversation. This is the human-version of sentiment analysis: if we didn’t do this, 73% of sarcasm wouldn’t be recognized. What a shame and also not a real statistic.
Marketers do the same thing with online conversations or comments to understand how their brand or product is being received. Fortunately in marketing and advertising, there are ways to make sentiment analysis in bulk a little more automated.
What is Sentiment Analysis?
Sentiment analysis, or opinion mining, is the process of computationally identifying and extracting subjective information from text. It's used to determine the attitude of a writer or speaker with respect to some topic or subject. You might be thinking "What do I need with all these opinions?" But if you're interested in understanding your customers better so that you can create more impactful marketing campaigns, then sentiment analysis will help you out!
In other words, it can tell you how someone feels about something. The goal of sentiment analysis is to automatically identify the overall tone of a text - whether it is positive, negative, or neutral. For example, in the below comments on Google Support, a sentiment analysis would determine that users have negative feelings towards YouTube Pre-roll and mid-roll ads.
The application of sentiment analysis has grown in recent years as our ability to produce and process large amounts of text has increased. Several different methods are used for sentiment analysis, including machine learning algorithms and natural language processing techniques. Plus, it's now used in a variety of settings such as market research, customer service, brand monitoring, political campaign, and public opinion polling. Sentiment analysis can provide useful insights for businesses, researchers, writers, and anyone else who needs to understand the tone of text data. And with the advent of social media, sentiment analysis is more important than ever.
What are the types of Sentiment Analysis?
There are three types of sentiment analysis: subjective, objective, and hybrid. Subjective analysis tries to measure whether or not people like specific topics and products by analyzing their tweets and posts on social media outlets such as Facebook and Twitter. Objective analyses use machine learning and natural language processing techniques to analyze the words used in tweets or posts that can then be translated into positive or negative sentiments about certain topics. The hybrid analysis takes into account both subjectivity and objectivity when measuring sentiment for specific topics or products
Why is Sentiment Analysis Important?
Sentiment Analysis is important because it allows companies to learn more about their customers by understanding what they like (or don't like) about them; this helps them make better decisions moving forward. For example, by using
- Customer sentiment analysis marketers can understand how customers feel about a company or product
- Political sentiment analysis would allow journalists to understand how people feel about political parties or candidates.
- Stock market sentiment analysis gives an understanding of how people feel about stocks and predicts stock prices.
- Social media sentiment analysis assists e-businesses in understanding how people feel about events or topics on social media.
- Brand sentiment analysis would help companies to understand how people feel about their brand.
How Does Sentiment Analysis Work?
Sentiment analysis algorithms fall into one of three buckets: rule-based, automatic, and hybrid. Which type is best? Rule-based sentiment analysis algorithms work by checking against a set of rules we've created to determine the sentiment in any given sentence. Automatic sentiment analysis can be done through machine learning techniques such as Deep Learning or Naive Bayes Classification. Hybrid approaches combine both rule-based and statistical methods for more accurate results. The most important thing to keep in mind when determining which algorithm to use is the data you'll be analyzing; what method will work best for your specific scenario.
How is Sentiment Analysis used in Advertising?
Sentiment analysis is used heavily in advertising. Marketers use sentiment analysis to predict how customers will perceive their product and whether these customers will spread positive or negative information about the product and its competitors. Sentiment analysis can also be used before a new marketing campaign is launched, allowing marketers to determine whether the proposed marketing campaign would likely receive positive customer feedback.
Advertisers also use sentiment analysis to measure the effectiveness of their advertising campaigns. By analyzing customer feedback—both positive and negative—advertisers can determine which aspects of their campaigns are most effective and which need improvement. Additionally, sentiment analysis can be used to identify “brand ambassadors”: customers who are most likely to spread positive word-of-mouth about a product or company
Twitter has been doing a lot of experimentation with data, and one such experiment was using sentiment analysis to target ads. This means that they would use the tone of your tweets as an indicator for what kind of ads you might be interested in seeing. For example, if you're tweeting about how happy you are or about something fun happening, then Twitter will show you more positive and engaging advertisements. If your tweets are negative or sadder than usual, then Twitter will show less engaging ads so as not to upset you further.
Netflix had a lot of data on its customers—they knew what they liked and what they didn’t like by analyzing customer sentiment through social media platforms such as Facebook and Twitter. By assessing whether viewers were more likely to tweet positively or negatively about shows that Netflix offered, Netflix could then tailor ads for those specific demographic groups (and even individual viewers). For example, if someone tweeted “I hate Stranger Things!”
Google uses sentiment analysis in their ads by looking at what people search for on google and then finding keywords that match with those searches. The company also looks at how often people use certain words when they comment on videos or post statuses. For example, if someone is searching "best place for coffee", then Google will show an ad that says "get your morning joe here" near them next time they go online. This way the company can target these specific customers and advertise products.
How Does CatapultX Use Sentiment Analysis?
CatapultX used sentiment analysis to analyze what is happening within a video. Not just the video as a whole, but within frames or moments to better contextualize the sentiment. The AI understands how people feel in reaction to videos, not just what is being said. By doing this they are able to provide a more holistic view of the sentiment and make better decisions about where to place On-Stream video ads.
Future of Sentiment Analysis in Advertising
We are living in a time of massive technological change, and sentiment analysis is one way to help companies navigate the uncertainty. Marketers have long used surveys or focus groups to get feedback on their products, but with advances in machine learning, it will be possible for brands to detect emotional responses without having any direct contact with them at all. This could lead to more effective advertising that can tailor messages to different audiences based on how they feel about the product being advertised. However, there are also concerns over privacy issues when using these sorts of tools; you should always make sure your company has clear policies in place before implementing them into your marketing strategy in the future.