On the day of the 10 year anniversary of Facebook, most of us recognize how social media has revolutionized the way we communicate online.
Social networking has been proven to be popular with the public at large over the years, with no signs of the trend slowing down. Consequently, businesses have adopted social media as a way to keep in touch with their customers. More recently, the corporate world has begun to harness the power of social media differently - through gathering and analyzing the large quantities of opinionated data available on social media sites concerning their company or products.
So how do they do this? Companies can use software tools that gather and analyze data on the web using a process called sentiment analysis. Sentiment analysis, also known as opinion mining, is a process that looks at large volumes of text in order to gather specific information, called sentiments. Sentiments are defined as personal opinions or feelings that an author has concerning a particular subject. Ultimately, the goal of sentiment analysis is to derive the writer’s attitudes, opinions, and conveyed emotions in a particular piece of writing.
A good reputation is critical for any company or brand, and the viral nature of social media communcations makes online repuation management even more critical. In this week's Super Bowl, many of the advertisers took to the web to monitor reactions to the commercial while they were happening. Volkswagen set up their own social media "war room" to monitor major trending topics Twitter during the Super Bowl. They then reacted to the trends to create related tweets and videos on the spot. This reinforced connection with the customers, while at the same time effectively managing their brand on social media.
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