No matter your organization, the right data can make the difference between good and bad decisions. For trade associations, these decisions can have a major impact on membership, organizational growth, and overall impact. To make the most of your insights, it’s critical to ensure that collecting and learning from sentiment data is one of your trade association’s strategic research priorities.
To unpack this, let’s start by defining our terms.
What is a trade association?
A trade association is an organization designed to support corporate members or their targeted communities drawn from profit or non-profit entities in a specific industry, economic category, profession, or market segment. The US economy reflects 42,756 trade/professional associations with over 125,132 members representing hard assets of $61 billion. On average, membership fee revenues per trade association is nearly $900,000 annually.
The typical trade association attracts and engages members and active customer groups who are voluntarily willing and ready to fund/support the trade association’s activities. This covers:
- Lobbying their interests to regulators and government bodies.
- Onboarding recruits and bolstering employee skills with workshops, conferences, and education.
- Networking stakeholders with entities that can accelerate participants’ standing in the socio-economy.
- Publishing third-party research and data references to create awareness of new opportunities.
- Promoting brands and value propositions in directories, SM channels, and other industry references.
- Conducting surveys and online polling to generate data accumulation in hotspot areas.
Here’s a more detailed breakdown:
What is sentiment data?
It refers to cognitive signals and emotionally driven feelings/motivations expressed in text, video, or audio material on social media, documents, news, reviews, surveys, websites, articles, and recorded conversations.
Why is uncovering sentiment data a challenge?
Old-school polling has limited applicability in sentiment probing, and the same challenges restrict quantitative techniques that use multiple choice, yes or no, and scoring formats. Why? Sentiments are by nature psychographic, frequently touching raw nerves the respondent is unwilling to discuss openly. Indeed, respondents tend to skew their answers toward what they want interviewers to think of them versus reality.
That’s why sentiment surveying must be far more subtle, integrating qualitative questions with straightforward quantitative analysis. For example, a reaction-type question in an NPS survey questionnaire may ask, “Would you recommend our brand to your best friend?” YES or NO.
- Either way, you’re left guessing why the respondent would or wouldn’t recommend it.
- To counteract that pitfall, the qualitative question “Why did you answer the previous question the way you did?” may open things up considerably. How? By revealing emotional insights. Consider the following:
- Researchers have found that digital technologies match up to uncovering the “why” behind reactions bolstered by software and digital applications.
- These tools leverage machine learning (ML), natural language processing (NLP), and AI-empowerment to scan audio and written feedback.
- Their algorithms identify emotion-centric behavior patterns that drive a targeted population’s behavior in a fraction of the time it would take even a trained human team.
- Indeed, voice inflections, conversational tones, and stringing of words combine to tell a more accurate, profound story.
Why is sentiment data an important study?
Businesses in all industries fighting for a competitive edge have found themselves operating in markets where product and service features on a physical and functional plane within various pricing categories are more or less equal. For example:
- When patent protections (if any) disappear, competitors react with rampant and rapid product copying.
- Generally, your competitors’ first reaction to your brand value proposition is to pirate or copy whatever they can (often risking patent infringement), which they do with impressive skills.
What’s left as the primary differentiator is an emotional connection with customers based on reputation, influencer opinions, belief in a promotional theme, reviews, customer support, loyalty rewards, and other emotion-centric motivators.
In other words, when product features are the same as many others on the market, the dividing line between leaders and laggards depends on the brand image along compelling sentiment lines.
The description above is only the tip of the sentiment analysis iceberg. Its impact on trade association activities reveals broader implications, delivering benefits beyond micro-marketing advantages. If this resonates with you, read on.
The impact of real-time sentiment data on trade association policy
1. Risk Management and Pain Point Identification
Modern-day analytics allow public emotion tracking across multiple digital channels using sentiment classification and trend detection methodologies. These pick up emerging crises or potential panic situation signals.
For example, contemporary algorithms can routinely connect survey data showing a trend of industry association members expressing worry about job stability to a third-party report reflecting a drop in consumer confidence. With data like this as a springboard, the sentiment analysis tools will begin ringing real-time digital alarm bells as one or more of the following occur:
- Interest rates rise.
- Inflation gallops ahead.
- Government tariffs impact traditional distribution channels.
- Rising unemployment reports rear their ugly heads.
Sentiment trajectories automatically evaluate and score the negativity generated by these integrated economic events, rating the public response on a spectrum from mild concern to extreme fear or even outrage.
2. Disruptive Touchpoints Create Opportunities
Of course, whenever severe pain points enter the picture, an opportunity arises for those with a heads-up before unwary competitors wake up to the threats. Retention strategies that anticipate the oncoming storm will:
- Allay fears.
- Create employee and customer brand confidence.
- Establish compelling routes to a competitive advantage.
Any association that can measure and foresee public reactions in real-time and deliver early warning signals to its members/customers will help protect their reputations. How? By enhancing brand images among vendors, customers, staff, and stakeholders. The more associations repeat these sentiment data feedbacks, the more company participants rely on them to guide their strategies.
3. Real-Time Insights on Public Response
Stakeholders want to know what they must do regarding sustainability, accusations of greenwashing, customers’ ID protection, meeting industry-best customer support standards, and more. Real-time analytics cover public interest articles in online and offline publications, surveys, reviews, recordings, the news, and industry legislation. How? Using qualitative technologies to read:
- Word and text intimations.
- Voice stress or frustration levels.
- Customer satisfaction responses.
- Positive and negative feedback on pulse surveys.
For example:
- Ongoing developments in the pharmaceutical industry are always big news, with every new announcement having public ramifications. Vaccines, in particular, occupy sensitive territory that pharmaceutical rainmakers and healthcare providers, armed with public sentiment insights, can address. They help shape communication tactics quickly and impressively.
- Massive public interest in AI-enhanced technologies has infiltrated renewable energy, blockchain verticals, contactless customer self-service, and Fintech’s attack on traditional banking.
Emotions attached to these environmental and economic upheavals surge, but never in a straight line. Knowing the ups and downs and when they occur can swing trade association feedback in all directions.
One thing is certain: every association’s governing body responsible for policy development must include sentiment data analysis to serve members’ and targeted audience needs optimally. The results speak for themselves everywhere we look:
- Fintech companies have honed their marketing strategies to deliver incredible transparency and ID security.
- Most restaurants and hotels have perfected their sustainability messages.
- Health practitioners have successfully thrown water on vaccine conspiracy theories.
- Private equity firms are competing with publicly traded companies on an equal footing.
4. Trade Associations Segmenting Sentiment Data: Adding Depth to Members’ Marketing Strategies
Trade associations that follow a path of demographically and behaviorally stamping their derived sentiment data add dimensions to their member/customer insights. How?
- Markets today are complicated, varying significantly by region, education categories, race, age, religion, language, culture, marital status, and gender. Segmenting them into relevant demographics promotes pinpointed focus.
- Trade associations using the latest digital tools can further divide (1) above into behavioral categories that include aspirational influencers, work preferences (e.g., remote and hybrid), leisure priorities, and omnichannel shopping support, to mention a few.
- Finally, by overlaying sentiment insights on the defined segments derived from (1) and (2) above, researchers create a market research framework that delivers exciting opportunities to those members who use the information effectively.
Conclusion
Sogolytics is a customer and employee experience company with team talent and skills that fall front and center of trade associations’ sentiment data policy requirements, providing AI-enhanced software that covers the arena from corner to corner. There’s no better resource for online surveys around qualitative questionnaires or technologies that scan audio, visual, and text data probing for emotion-driven patterns.
Integration with advanced NLP and text analysis technologies is the optimal trade association solution for gaining real-time insights that meet members’ crucial demands around data-driven decision-making. There’s nothing old-fashioned or traditional about the Sogolytics approach. On the contrary, you’ll discover modern and contemporary methodologies, customer support, real-time reports and dashboards, and sophisticated analytics at your fingertips that allow you to monitor, analyze, and respond to:
- Text data for an in-depth understanding of customer and employee opinions.
- Sentiment trends
- Emerging issues or opportunities.
- Customer feedback nuances.
- Emotional intensities on a broad scale.
- Actionable insights that drive customer experience, employee satisfaction, and business performance improvements.
- Your organization’s growing needs, including the capacity to cover a variety of data sources in different languages.
So, contact us today for a no-nonsense, no-obligation conversation about your trade association needs in the sentiment arena and every other vertical surrounding it.
