Determining what thousands of consumers are saying about a company on social media – at times, hundreds of thousands or even millions – is a huge challenge. Sentiment analysis, the ability to determine people’s attitudes from the comments they make on social media, depends on technologies such as natural language processing and text analytics. It has become one of the focus areas of Big Data initiatives. But sentiment analysis is not the only important use of data from social media. An increasing number of consumer companies are using social media to conduct market research with consumers, as well as to address specific questions about a firm’s products, policies and practices.
The leaders in our survey scored far better than the followers on six measures of listening to consumers and taking action on social media (see Exhibit V-8).
Exhibit V-8: Leaders Listen and Respond Far Better to Consumers Via Social Media
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