What is Social Media Analytics?
In this era of social media and networking, Social Media analytics is a process for the extraction of unseen and unknown insights from the abundant data available worldwide. It is considered a science as it methodically involves the identification, extraction, and evaluation of social media data using various tools and methods. It is also an art for interpreting insights obtained with business goals and objectives. It focuses on seven layers of social media: text, networks, actions, hyperlinks, mobile, location, and search engines. Various tools for social media analytics include Discovertext, Lexalytics, Netlytic, Google Analytics, Network NodeXL, Netminer, and many more.
What is the Importance of Social Media Analytics?
Improve productivity of your organization:
By using various tools to analyze social media, companies can summarize customer reviews and formulate strategies to improve the quality of products, thereby increasing the productivity of the organization. The profitability of the organization can be enhanced by identifying loopholes and making improvements in the weaker sectors.
To analyze potential competition:
Utilizing various analytics tools also helps in identifying competitors in the market. It assists in focusing on methodologies to achieve better results. Comparison charts provide insights about the organization's brand and its standing relative to competitors in the market.
To enhance customer reach:
Managing the customer journey through social analytics is crucial for retaining them. Constantly engaging with your consumers enhances social presence and understanding, leading to further improvements for your business. It considers semi-structured and unstructured data, summarizing it to identify meaningful insights. Engagement rate tracks how people are involved with your content and campaigns.
Improve product quality:
Customers often provide product reviews on social media platforms. Companies analyze these reviews and feedback to enhance product quality. Non-positive comments can be used by organizations to improve negative aspects, thus enhancing the overall customer experience. Customer feedback and complaints provide opportunities for improvements.
Social Media Analysis also aids in trend analysis and the identification of high-value features for a brand. It gauges responses to social media and other communications, facilitating meaningful decision-making for organizations to improve productivity.
Comments and reviews about products and services are collected, extracted, cleaned, and analyzed using various tools. Categorization of these comments reveals the intention about the brand. Natural language processing methodologies are employed to understand the intensity and group comments into positive, negative, or neutral categories regarding a product or service. Summarization charts about customer sentiment reveal future prospects for product usage and guide corrective actions accordingly.
Utilizing various types of social media analytics, such as Descriptive, Predictive, and Prescriptive analytics, offers tremendous benefits to organizations, including increased productivity, profitability, improved decision-making, better customer understanding, and enhanced product quality. The Dr. D. Y. Patil School of Science and Technology, Tathewade campus, Pune offers B.Tech. programs in "Computer Science" and "Artificial Intelligence and Data Science," which can help students integrate social media analytics tools into various applications.