According to Business Research and Insights, the global market size of sentiment analytics was around $5.02 billion in 2023. They predict that this number will grow to $10.03 billion with a CAGR of 7.9% by 2032.
Why such big numbers?
Businesses have become more interested in decoding what people are saying about them on social media. This has resulted in the rising popularity of sentiment analytics. These businesses want to gather insight through social listening because they are emphasizing more on brand reputation management which can fuel demand in the long term.
But to get ahead in the race, you need to follow a key trend in the market, “AI-powered sentiment analysis is reshaping the future of marketing.” That brings us to our discussion on DeepDive, an AI-powered social listening tool designed to extract meaningful consumer insights from the ocean of social media.
Market Sentiments in Social Media
Your business definitely has a Facebook, Instagram, and X account. Wouldn’t you want to know how people are engaging with your content? And I don’t mean just the number of likes or shares on the post. What sentiment are consumers showing about your brand or product on social media? Why do they feel positively or negatively about your brand? These are the questions that matter.
However, deciphering these wide ranges of emotions is very challenging. Just to give you a rough idea, on average around 95 million posts are shared on Instagram daily. Finding posts relevant to you is like finding a needle in a haystack. Add the complexities of the Bengali language to that and you just find yourself in a pickle.
Hence, you need AI-powered tools to dive deeper into comments, posts, images, and videos, and gain insight into the customers’ minds. The better you get at acquiring market sentiments, the more you can identify emerging trends in the market.
Why Does Sentiment Analysis Matter
Through sentiment analysis, you can identify the emotional tone, positive, negative, and neutral, of a digital text. These are the umbrella terms. There can be more subtle sentiment meaning behind conversations. Consumers can use sarcasm to show their frustration or just to be funny. So, brands need a clearer picture of customer moods.
But is understanding this sentiment really that important?
When the onslaught in Gaza began, many global countries saw a decline in their sales in Muslim-majority countries because of their ties to Israel. Coca-Cola was one of them with a 23% decrease in sales. As a solution, Coca-Cola released an ad that claimed that its products are in fact produced at factories in other countries including Palestine, trying to divert the public from the brand’s association with Israel.
Thanks to this attempt, the movement to boycott Coca-Cola in turn received more traction. Bangladeshis termed the ad as “insensitive” and “inaccurate” and mocked Coca-Cola for its ludicrous attempt. Amidst the backlash, they took the ad down.
Firstly, it was due to failure in proper sentiment analysis that Coca-Cola decided to go for a strategy that sparked more outrage than support. Secondly, it was because of evident consumer sentiment that the company took down the ad before sustaining more damage.
Understanding sentiment meaning can and should heavily influence your strategies. Otherwise, you will have such a crisis in your hand as Coca-Cola did.
Challenges Posed by Bengalis Language
Bengali language has a plethora of dialects, idioms, and cultural subtleties, that can obscure the actual sentiment meaning behind social media content. On top of that, there is a predilection towards typing Banglish (Bangla + English) text among people, which compounds the challenge.
However, with DeepDive, you can overcome all these obstacles and get genuine feedback. DeepDive has a multilingual capability, allowing businesses to understand the context of Banglish words. It is the only social listening tool in the market to identify Bangla, English, and Banglish sentiment and context in the market. In addition, it can identify a range of emotions that give brands better insight into market sentiments. This tool comes in very handy when you are trying to improve your overall brand sentiment, which FYI is very essential in today’s marketing landscape.
Powerful Applications of DeepDive to Gain Insight
Why are Bkash, Olay, PepsiCo, Praava Health, and other big brands trusting DeepDive?
Handling Crisis
DeepDive can analyze trends by identifying negative emotions against your business. For instance, DeepDive was able to identify a defamation strategy against Bkash. Through its advanced digital analytics, it identified the key attributes of the defamation strategy. Using this insight, helped Bkash form an action plan that mitigated the crisis. DeepDive’s sentiment analysis helped identify the negative sentiment brewing in the market and nip the problem in the bud.
Competitor Analysis
Your business can identify strengths, weaknesses, and gaps in the market by analyzing what the competition is doing. DeepDive helps you to understand the market sentiments under competitors’ posts. In addition, it can help pinpoint conversion drivers by monitoring product mentions and engagement. Also, it can go through multiple platforms, and screening reviews that can help you identify room for improvement in your services.
Sentiment Analysis
This goes without saying that DeepDive helps you get the context behind each conversation. This means you can understand the true sentiment or meaning behind online reviews or social media posts. As you get better at understanding customer emotions, your responses to their queries and issues will also improve giving a sense of assurance to the customers. The barrier posed by the nuances of the Bengali language drops significantly because of DeepDive.
Moreover, it assists you in finding sentiment towards specific product features and services as well.
Calculating Digital Reputation Score
With the help of a digital reputation score, you can measure your brand’s overall perception in the market. DeepDive monitors NPS for you to find areas of improvement. You can also conduct a geo-centric reputation analysis by identifying high-engagement regions of your brand. Furthermore, you can compare your score with a competitive benchmark to know where you stand.
Conclusion
The perks of having an AI-powered sentiment analysis tool like DeepDive are innumerable. You can conduct social audits, keyword analysis, data collection from private groups and communities, and tons of other cool stuff.
Be it taking advantage of an opportunity or identifying a potential issue, DeepDive has got you covered by deciphering market sentiments. DeepDive transforms raw data into strategies for your business. It can conduct both text and video sentiment analysis. In short, you will never have a shortage of insight into consumer minds.
DeepDive has helped brands like Praava Health to improve their NRR by 243%. And will continue to do so. So, get on deck before it’s too late and book a demo with us today!
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