Sentiment analysis has seen an enormous growth since September 2006, up until present day. This is largely due to the high number of social media websites that can be found online today. Google Trends forecasts that the trend will continue to grow, which goes to show that many people have become interested in this concept and how it has been able to grow for the generation of social network users.
The majority of companies are able to gain a lot of advantages from sentiment analysis, and traders are also able to gain a lot of advantages from it as well. Sentiment analysis involves linguistics, text analytics, and language processing to obtain subjective information from its source materials. Sentiment analysis is also sometimes known as “opinion mining.” The process of sentiment analysis is to determine the ways that specific people or groups of people react to specific topics. Facebook and Twitter are the two most popular social media websites for opinion mining, although opinion mining can be done on nearly any social media platform.
Companies can benefit from sentiment analysis because it allows businesses to identify positive points about the company or brand, which can help the company to develop a better digital strategy. Companies can discover who is interested in their brand and why they are interested in their brand, which can be extremely useful information for marketing and advertising. This can also help to benchmark a company’s performance compared with their competitor and may give certain companies an edge over others, and give traders an edge to see what companies are worthwhile to purchase options on. Businesses can track reviews of their brand to measure their online presence. This can help to shift the brand’s marketing in a positive way, leading to increases in profit. For this reason, opinion mining is often seen as a positive for companies who wish to improve their marketing strategies.
To perform sentiment analysis, companies will often either develop their own tools to do opinion mining, while other brands and businesses may outsource and rely on companies that specialize in sentiment analysis to do their marketing research for them. Either way, sentiment analysis can be an extremely helpful research tactic for any company who wants to tailor their online presence to make more sales and generate positive conversations and advertising.