In 2022, we find ourselves in the complex
age of authenticity and scepticism, which means that consumers want more out of their purchases. Simultaneously, however, they have a lot of doubt in the values and sincerity of brands. It is for this reason that it has become critical for businesses to shift their focus onto their consumers and their brand sentiment.
Curious about how this new era has affected consumers and why brands should be more considerate of the opinions of their conscious customers? Let’s dive in:
Consumer culture in 2022
Since the Covid-19 pandemic hit and sent people into isolation, consumers no longer make light-hearted purchases. Instead, they are hungry for genuine connections and are seeking out brands that represent something
bigger and
better than their products — like a cause that they themselves can get behind.
They want the values of a brand to resonate with them and to feel as though their investment in this brand means more than
just a simple purchase. However, their desire to connect with a brand is often overshadowed by their distrust. Hence, businesses constantly find themselves under the scrutiny of their consumers.
This is so much so, in fact, that the term 'cancel culture' has become increasingly prevalent
since 2020.
Cancel culture refers to when consumers find ways to call out, chastise and boycott a brand if they disagree with the brand’s ideas, actions and motives.
Consumers do this because they are looking at today's brands as powerful entities that can and should determine and drive change. They have become more conscious of the activities of brands and are quick to react when these businesses have placed a toe out of line.
Although many brands believe that cancel culture is "
just noise", it can have adverse, long-lasting effects on the reputation of a business and they can lose a large sum of clientele in a matter of days because of it.
With the importance that consumers place behind every purchase, they have become quick to withdraw their support for a brand or business if they believe that its activities no longer align with their own respective values or interests. In fact,
Forbes notes that a whopping
64% of consumers worldwide are willing to either buy from or 'cancel' a brand just because of the stance that it takes on a social or political issue.
How understanding sentiment can help
Sentiment analysis allows you to keep an eye on your brand mentions and gain an understanding of whether your brand is being discussed
positively or
negatively by the public or the media. What’s more is that it places you in the shoes of the consumer — you are able to perceive your brand vicariously through their perspectives. But how does it do that?
By using
NLP technology to process media clips, Focal Points is able to sort this data in accordance to whether it has a negative, neutral, positive or mixed sentiment. So, if a review of your brand appears in the media that states that your brand provides "excellent service", it will be processed and categorised as having a positive sentiment.
Knowing what consumers think about your brand allows you to manage its reputation in various ways. This is because it allows you to find opportunities to enhance your business and improve its future strategies by gaining a better understanding of what your customers prefer. How so?
Firstly, sentiment analysis allows you to monitor negative sentiment and contain it or turn it around before you find yourself 'cancelled'.
Secondly, it allows you to get to know your customers in an extensive way and gives you an insight into what resonates with them. Therefore, you can continue to discover new approaches, trends and topics through which you can forge
positive and
sentimental connections between your business and consumers.
Positive sentiment derives from consumers who feel that the brand they are referring to is constant and stable in its mission and service. With this in mind, it is important to note that
43% of your customers will choose to spend more money on a business that has their loyalty. Therefore, the best way to ensure a loyal consumer base is to have insight into the sentiment that they share regarding your brand.
*Image courtesy of Pavel Danilyuk from Pexels