The use of internet has gone beyond its initial expectations and parameters. Interaction through social media has become the widest use of this technology and how! The rise of increased users and the need for online presence has given way to social networking sites, blogs, forums and many more tools. Since the whole world is online, so are the services and products on offer by various companies. This entire online sphere of existence has given way to a smart analysis tool, what we popularly call social media analytics.
Social media analytics refers to the gathering and analysis of data from online resources and map the trends of consumers. We express our entire lives on various online platforms like Facebook, WordPress, YouTube, Flickr, Twitter, Instagram among others. This data is used to measure how the product is prevailing with its users and what is the general consensus on the abilities of the product. This gives the business an insight into the consumers’ minds and can be used to determine a future course of action. Social media analytics helps companies take business decisions based on how its product is trending in terms of social media presence in the form of reviews, complaints, satisfaction levels etc. This enables a more real time picture than just the sales and revenue numbers. Having access to customer opinions at such a base level is beneficial for a company, and by properly leveraging this information gathered from millions of netizens, a company can take a step closer to its business goals of increased revenue, reduced customer service costs, feedback through customer opinions and improving the product overall. Social media is used to mine something called ‘customer sentiment’. I know there is a ‘say whaaat’ expression on your face right now, questioning how an emotion or sentiment can be gauged through an online medium. Let me quell your curiosity, when I tell you it is done through the language and content a consumer used to express their opinions. Certain keywords are parsed, the general tone of the message, status, tweet etc. is analyzed and a report is made on what is the overall opinion of the product in the market.
This might seem irrelevant to some, stating that as long as there is a revenue stream, there isn’t a need for anything else. But you do want that revenue stream to grow don’t you? Social media analytics helps realize how the product will grow based on current user trends and opinions, and how it can be improved further as per the consumer needs. It is always necessary for a business to have an eye on the future of the product and know how to extend its lifecycle for maximized profits.
Social media statistics throws up countless bundles of data, what we have come to call big data, and analyzing such huge amounts of data and making relevant and cognizant reports out of them is no mean task. Social media analytics employs various big data tools and techniques for getting the precise information needed by a business about its product and customers. Big Data gives analysts ample opportunities to explore the various aspects of trends and usage and gives a holistic view of the penetration of the product or service into the everyday lives of the consumers. From this emerged various software technologies and programming languages such as Tableau, Python, Apache Spark, Business Intelligence, and Predictive Analytics among the major ones. The demand and utilization of software to employ Big Data strategies is at its peak now and finds use in elections, marketing strategy, media, retail, science etc. As the data grows, so does the need to analyze and assess it.
Social media analytics has become an integral part of business solutions and strategies rather than just being a supplementary tool. An individual with these analytic skills is highly sought after and this is where we @LearnSocial have captured the opportunity. Our courses on various Big Data technologies and implementation have helped numerous learners get on board with the trend and give them a competitive edge, so why should you be any different. Log on right now and explore your options!!