Social media has been responsible for the creation of millions Terrabytes of data which contains the preferences and opinions of millions of people. This data has a potentially high value to organisations and marketers in building stronger brands and businesses.
Social media analytics provides real time in-depth customer insights and sentiment analysis by mining data available publicly on social networks and use of predictive analysis to discover hidden patterns and trends.
These insights into the data can be used to :
✓ Improve customer relations and loyalty by identifying and addressing customer issues
✓ Identify new opportunities
✓ Optimize Social Media marketing campaign
✓ Maximize sales by targeting specific customer profiles and individualized offers
✓ Improve customer service
✓ Drive product development at new and emerging markets
There are many aspects to the process of implementing Social Media Analytics. These include:
- Data capture from Social Media sources
- Data analysis to determine and comprehend conversations, opinions and trends
- Prediction of customer behaviour and generation of recommended next actions/purchases
- Engagement so as to provide individualised promotions and offers
Appropriate tools for implementing this include:
- Software platforms and crawlers that are able to mine Social Media, for instance, by targeting blogs and accessing Facebook and Twitter APIs.
- Sampling real time information using criteria such as topic orientated keywords and Twitter hash tags.
- Linguistic technologies such as NaturalLlanguage Processing.
- Sentiment Analysis which uses specified criteria in order to determine the sentiment of phrases and sentences automatically.
Far from being a one solution fits all, developing a Social Media Analytics strategy needs to be individually tailored. We are happy to talk to you about your requirements and provide the most appropriate approach for what it is that you wish to achieve using Social Media Analytics.