Consumer demands are growing and Artificial Intelligence (AI) enabled sentiment analysis is something that can help you understand what your customers are thinking with tailored messages, products and campaigns to ensure you meet the needs of your customers and let them know that you are listening to them.
Artificial Intelligence (AI) enabled sentiment analysis presents huge opportunities for automation and supporting today’s consumer. The level of knowledge needed to remain competitive will soon be impossible for humans to process, but sentiment analysis provides this opportunity with the possibility to exceed every single customer’s expectation.
AI systems can outperform entire teams of humans, with greater accuracy, and in some cases, AI can iterate so quickly that it invents innovative solutions by itself that humans have never even considered. This is mostly due to the vast amounts of data that the specialised technology can analyse and consider in seconds. The sources that AI can use to make these conclusions are also incredibly diverse, allowing it to conduct sentiment analysis from unstructured data.
What is Sentiment Analysis?
Sentiment analysis is an artificial intelligence technique that uses machine learning and natural language processing (NLP) to analyze text based on scale and opinion which is positive to negative. AI develops algorithms based on information it is given. It’s one of the hardest tasks of natural language processing but it gives you the possibility to gain in-depth insights from social media conversations, online reviews, emails, ticket purchases, and more.
The benefits of AI enabled sentiment analysis for companies and customer experience are incredible, providing ways to tailor the customer journey, optimize messaging, improve customer engagement, or even identify top influencers in your customer base. AI can understand the emotional motivations that result in purchase intent and with enough access to data, it can not only understand what caused customers to convert but accurately predict what they will need next.
“Sentiment analysis algorithms could mean an end to irrelevant email, advertising and messaging for consumers.”
Sentiment Analysis, Data and the Customer Experience
In 2017, 90% of the world’s data was created in 2 years according to figures from cloud computing company Domo. It is unsurprising that humans are unable to decipher this vast amount of information, and scalable AI provides the only viable solution.
Marketers’ minimal analysis of convenient, incomplete data will no longer be necessary. AI has the power to give marketers all the context they need to reach out to their customers effectively. Sentiment analysis could therefore, mean an end to irrelevant email, advertising and messaging for consumers and focus on the experience.
Ekta Chopra, Chief Digital Officer at E.L.F. BEAUTY, keynote at one of our Digital Marketing Summits talks about customer experience and says ‘…it’s not just about selling stuff. It’s gone beyond selling it’s now become an experience that you need to bring together online. How do you do that when your consumer now has so much choice? You need to build an ecosystem and be where your consumer is. That could be social channels, an app, a site or walking into a Walmart or Target and living the brand and that experience that you want to offer them at every single touch point.’
IBM released a trailer explaining, promoting their world-famous AI Watson:
Marketers know that customers won’t just accept generalised messaging so the move to AI seems inevitable. However there are considerations with AI and sentiment analysis such as privacy limits. GDPR restricts access and some of AIs autonomous decision-making capabilities and AI is only as powerful as the amount of data it can consume, so the accuracy of the technology depends on the erosion of personal privacy. As a result, it is highly likely that China will develop more powerful AI than other nations.
That being said, the sheer volume of information that exists on social media alone should be enough for marketers to leverage startling accuracy on demand. Compared to the blindness of POS data, even a restricted AI system could dramatically improve customer relations if nothing else. Provided it is handled carefully and educated against its development of biased models.
“The accuracy of the technology depends on the erosion of personal privacy.”
Sentiment analysis promises to achieve the impossible for marketers, which may be far too tempting a prospect to ignore. The arrival of new technology has caused a wave of digital disruption in recent years. Businesses that have struggled to keep up have either disappeared or lost significant market share. Companies are acutely aware of this, so it is unlikely that the potential of sentiment analysis and AI will be underestimated.
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