Chelsie is a Product Manager, Applied Innovation at Mintel. Chelsie is responsible for the development of innovative new product solutions.
Mintel Purchase Intelligence provides rapid, reliable consumer opinions on new food and drink products in order to create benchmarks to uncover the attributes driving purchase decisions. New product developments and advancements in text analytics now allow Purchase Intelligence clients to view consumer verbatim sentiment analysis to better inform their NPD strategy – but what exactly does that mean?
What is Sentiment analysis?
Sentiment analysis is a process that uses machine learning to identify and categorize opinion expressed in a piece of text as positive, negative, neutral or mixed. With more than seven million open-ended comments included in Purchase Intelligence data, it would take human beings significant time to tag sentiment, so we’re letting artificial intelligence do the work for us!
How does it work?
In order to tag millions of verbatims with sentiment, we are using Amazon’s industry-standard natural language processing model. Each working day we send our new verbatims to Amazon Web Services (AWS) and get them back with tagged sentiment. We’ve implemented a solution to ensure Amazon’s model works well for Purchase Intelligence.
What does it mean for you?
The open-ended feedback in Purchase Intelligence has been a popular feature because of the granular detail it offers. However, the time it takes to find thorough feedback can be daunting. With AI-powered sentiment analysis, the time it takes to find constructive feedback is cut in half.
We’re harnessing the power of Al to empower our clients to make better business decisions faster with a deeper understanding of why consumers buy products.
Learn more about Purchase Intelligence here!