We must have heard quotes such as, “Data is the new currency”, “Data is the new oil”, or “Data is the new economy”. Almost every industry is using data analytics, in order to make remarkable success in today’s age. Businesses are demanding for secure, cost-effective, and robust data management solutions. If a business is capturing the power of YouTube, Facebook, Twitter, LinkedIn, then it has huge potential of growth. The social media analytics market is expanding like never before. In this blog, we will discuss about the meaning and the uses in industry.
What is social media analytics?
Social media analytics is the propensity to collect and find meaning in the data accumulated from the social channels to favor the business decisions. It also helps in measuring the performance of the activities based on such decision by using social media. In more simple words, social media analytics is a wider term and not just about followers, likes, retweets, clicks, and previews. It includes specifically designed platforms which work similar to the web search tools.
Importance of social media analytics in today’s world
The current world thrives on fulfilling the expectations of the consumers. A bad product spreads the bad review which can further reach out to target audience like wildfire. Consumers are sharing the reviews with their friends & family, coworkers, and with the larger audiences. Social media analytics aids the organizations to acknowledge these experience and utilize them to: –
- Reading between the lines and understand conversation
- Find out the trends regarding brands and offerings
- Compute the responses to social media sites and other communication channels
- Figure out high value features for a service or product
- Find out what competitors are saying
These insights can be used to make tactics for example, addressing on a angry tweet or avoid tweeting something that may create controversy. These strategies affect a diverse range of business activities:
-Product development
Understanding tweets and reviews can give a clear idea about to know customer’s pain points, desired features. If you know these important aspects, then the developers can fabricate the products in accordance with the trends.
-Competitive analysis
This is an important factor in the today’s world of cut throat competition. It is now imperative to know what competitors are doing and what is consumer’s response for their products. The organizations are improvising according to the feedback.
-Customer experience
In this era of experience led businesses, behavioral analysis of the customer can be applied across all the social media channels. This is the best method to capitalize from the micro moments of the customers.
–Operational Efficiency
An exhaustive analysis of social media can help out the organizations in improving how companies compute the demand of the particular product. This information helps in optimizing the resources and to manage suppliers and inventory.
Effective social media analytics
Below written are some typical steps which are taken in a typical social media approach.
- Segmentation
It is a crucial need in social media analytics and categorizes the social media participants by age, geography, parental status, and marital status. Segmentation helps in identifying the influencers in those categories.
- Clustering analysis
This can uncover the unexpected insights and concealed conversation. It brings relationship between phrases or keyboards that appear more than not.
- Sentiment analyses
It measures the intent and the tone of social media comment. Generally, it includes natural language processing technologies to understand the consumer’s sentiments. Sentiment analysis particularly tell about the negative, positive and neutral attributes.
Market Synopsis
It is estimated that social media analytics market is anticipated to grow at a CAGR of 33% and to reach at a revenue of USD 50 billion. The social media analytics market was expected to be around USD 5 billion by 2024.
In a nut shell
From the above article, it is evident that social media analytics market holds significant opportunities for growth. If you also want to invest in this market, then it is prudent to understand the intricacies. The team of Research Nester has prepared an exhaustive report incorporating various important parameters such as market players, growth drivers, latest news, etc. These parameters are important for making a sound decision.
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