Analysing Data Points To Measure A Social Media Account's Performance Is Called Social Media Analytics

 

Social Media Analytics

The process of gathering data from social media platforms or other digital sources and processing it to produce insightful data that can be used in business decision-making as well as to raise brand awareness among consumers is known as Social Media Analytics (SMA). These perceptions aid in the analysis of consumer attitudes for marketing and customer service initiatives. Unstructured data volume growth is one of the key factors propelling the social media analytics market. This vast amount of data enables the sales and marketing division to assess the results of marketing initiatives, which enhances their ability to make business decisions and enhances customer satisfaction.

In order to gain insights from the unstructured data present in the form of reviews, comments, blogs, tweets, Instagram, and many other forms, businesses are heavily utilising Social Media Analytics. Consumer confidence, robust economic growth, rising disposable income, and other dynamic fluctuations in economic variables are pushing businesses to adopt competitive intelligence assessment in order to establish a solid foothold in the market. Social media websites, which are easily accessible, have a lot of user-generated content available. For instance, because the information is readily accessible online and can be accessed from a distance, tourists often base their restaurant selection on Yelp reviews and ratings.

Applications of Social Media Analytics-

·        Sales and Marketing Management

·        Customer Experience Management

·        Competitive Intelligence

·        Risk management and Fraud detection

·        Public safety and Law enforcement

Types of Analytics-

·        Predictive Analytical

·        Prescriptive Analytical

·        Diagnostic Analytical

·        Descriptive Analytical

There are many business advantages to integrating social media content into a competitive intelligence framework, including better decision-making and operational excellence. Currently, a number of industry verticals are undergoing digital transformations to modernise their processes and expand their customer bases. For instance, mobile e-commerce is one of the most practical substitutes for traditional stores and is rapidly increasing in popularity. Organizations now rely heavily on the accurate insights obtained through these digital channels as it aids in the development of their strategic moves and developments as a result of this enormous transformation.