Sentiment Analysis – Business Opportunities

For ages, companies have invested money, time and effort in marketing campaigns. Marketing serves numerous different purposes. Besides the introduction and promotion of new products, the image of a brand is of major importance.

Creating a positive sentiment about a brand is the motivation behind large marketing campaigns or corporate social responsibility plans. To evaluate the success of campaigns and demand for future action, tremendous market research is undertaken. In the age of big data, new possibilities to evaluate the sentiment about a brand, a company or a product have appeared – and here, SSIX can make a difference. SSIX aims to provide European small and medium enterprises (SMEs) with a collection of easy to interpret tools to analyze and understand social media users’ attitudes for any given subject. Hence, SSIX can show companies their standing, benchmark them against competitors and follow the developments over time. The idea of sentiment analysis is as old as the idea of marketing but big data tools have created new opportunities for analyses. A growing number of companies offer sentiment analysis and the tools for analyses are constantly refined.

SSIX includes some features that separate the product from competitors and makes it highly interesting for SMEs that have not yet applied sentiment analysis tools – but also for large companies that have used such tools before.

SSIX is multilingual. Many existing tools focus on the analysis of English-speaking data sources. While English is spoken all over the world and has even increased its importance in the digital world, a concentration on English sources always means a focus on English-speaking countries. Hence, a large number of social media posts and news in other languages is not regarded. This means that many countries are either neglected fully or the analysis for these countries is biased by analyzing only those posts that are directed at an international audience. This is obviously relevant for the analysis of large, internationally-operating companies. But it is even more important for smaller companies operating primarily on national markets. A German SME, for example, that has its main customer base in Germany, cannot learn too much from a sentiment analysis based on English data. SSIX can therefore provide thousands of companies with the possibility to use sentiment analysis. Marketing plans can be created based on these results, the sentiment towards the own brand can be compared to main competitors on a national and international level. Based on this, companies can evaluate past marketing activities and actively (re-)position their brand.

But not only companies learn a lot from sentiment analysis – it might also become a political tool. Political actors can evaluate social sentiment towards certain topics and get a different point of view from what they get from classical polls. This can improve the decision-making process.

SSIX is a useful tool for financial topics and the development of financial indices is the core of the development (http://ssix-project.eu/ssix-and-lionbridge-developing-financial-indices/; http://ssix-project.eu/sentiment-analysi-s-dealing-with-perception-in-finance-friend-or-foe/).

But besides this, SSIX can do a lot more. It is a huge advantage for companies that want to learn more about the sentiment about their brand. Political stakeholders can collect information about social sentiment and the media can get information about topics that are of huge public interest.