These days having an edge in a domain requires more than just knowledge of it and good connections with the key players. Oftentimes, you need to have a solid understanding of the market pulse as well as some insight in how your competitors are faring. Because the conventional information that most organizations operate with can only get you so far. To go beyond that, you need to have something that is not accessible by everyone, at least not readily accessible. However, managing that while still operating within legal and moral parameters is not an easy task.
The problem with this situation is two-fold. First of all, the information related to the market pulse or the competitors likability is in data that is not readily available through a survey always. Also, this information is not easy to mine, even if you have access to people’s opinions in text format. Beyond that, there is also other issues, such as the fact that this information is accessible by your competitors, as the data it dwells in is usually freely available. All these issues are easier to understand than solve and if they are not addressed, they are bound to have unpleasant repercussions.
Implications of These Problems
These issues have several implications, particularly regarding the bottom line. Specifically, not having a clear idea of the market pulse can lead you to an overly conservative strategy or even a misguided one, when launching a new product or service. Also, if you are not sure that you have an advantage over your competition on a certain market or niche product, your next step can be a costly one, while your organization’s reputation may suffer. Besides, can you really be sure you are applying the most effective or most targeted marketing strategy if you are not sure you are addressing the right people (i.e. the ones most likely to buy your stuff)? Conventional business processes can only get you so far…
How Sentiment Analysis Can Help
Sentiment analysis can be of great aid for these issues. For starters, it can process data streams containing text related to what people are talking about, helping you assess how they feel about a certain topic (aka sentiment polarity). What’s more, many of these data streams are freely available through places like Twitter. Also, sentiment analysis can be applied to your own company’s text data, be it emails, call logs, and any other relevant document. Finally, sentiment analysis can be useful for analyzing general trends in the market, based on blog articles, news reports, etc. thereby providing actionable information related to your company’s strategy. Beyond these examples, there are even more ways this methodology can be of use, that are dependent on the domain of your organization.
What You Can Do Right Here Right Now
In order to make the most of all this, you can take one or more of the following steps. Firstly, you can learn more about this topic through a reliable source, such as a book or a SafariBooksOnline video. Also, you can contact Data Science Partnership (DSP) for a consultation or two, opting to explore the various ways you can make use of your data (or any other data available on the web) for a sentiment analysis that can benefit your organization. Finally, you can hire a sentiment analysis expert through DSP, so that you can incorporate this methodology in your pipeline, without having to rely on any external vendors. Whatever you decide, you are bound to gain a lot from this powerful data science methodology.