Description: MOBI is part of an emerging technology that can tell a company almost instantaneously how people are feeling about a particular business, executive, product, stock, or advertising campaign
Automated sentiment analysis is an emerging field that overlaps with many others such as business intelligence, customer service, and brand reputation management, and the market is hard to measure. Many types of sentiment software use a technology known as text analytics, which extracts insight from text, such as in social media, news articles, or internal documents and databases. The market for text analytics alone may rise to $978 million in 2014 from $499 million in 2011, according to an October 2009 report by Forrester Research (FORR).
The technology makes it possible for nearly anyone to analyze consumer feelings without having any inside knowledge of the company. For example, WiseWindow looks at certain industries such as the airline industry. The company has been able to determine that a new Southwest Airlines (LUV) ad campaign that touts a frequent-flier program isn’t as popular as a previous one, says WiseWindow Chief Executive Officer Sid Mohasseb. The previous “Bags Fly Free” campaign emphasized that, unlike rivals, Southwest doesn’t charge for checked baggage. “They’re losing market share of opinion,” he says. Mohasseb declined to say which airlines, if any, are his clients. Southwest declined to comment. Read rest of story
Questions for discussion:
- What is “sentiment analysis” and how can a business benfit by using it?
- Are there any downsides to using this form of Business Intelligence?