How to Use Big Data to Leverage Social Media Analytics
Social media platforms are probably the most popular mediums to connect with friends, family, and also potential customers. Companies are making use of these mediums to its fullest by advertising their products, connecting with customers, resolving their concerns, and almost everything that is possible. But, there is more to social media than just being a medium of connecting with customers.
The data that is extracted from the social media platforms or created as a result of social media interactions classify as big data because it fulfills the volume, velocity, and variety criteria. Social media analytics can change the way businesses work.
Social media analytics help in taking customer interaction to a different and a more personal level. Companies usually create a social media page where customers can directly post reviews, recommendations, requirements, etc. The data from these interactions can be analyzed either by a big data analytics services company or experts within the organization to understand the concerns or requirements and offer solutions or products that cater to these requirements.
The results of the analytics help identify business opportunities. Companies can analyze data from different platforms and understand the trends in aspects like why customers are not purchasing something, what kind of things are they more interested in, what medium are they more comfortable in, etc. The companies can subsequently work on making use of these opportunities and improve revenues. The answer to these questions can help companies take care of long-term and short-term concerns individually.
The analytics enable companies to recognize the hits and flops within no time. Using social media as an analytics tool is also a great way of understanding where you stand versus your competition. A quick survey on any popular social media website can in no time create data pool that analysts can use to gauge success and failure of company initiatives. This is useful in making companies eliminate spending on initiatives that have bleak future.
The movements of your competitor can be tracked using social media and you can use social media analytics to strategize your offerings competitively. The data or the analyses that you get by studying trends in the competitors’ products serve as a great way of creating strategies that have an edge. This keeps you abreast with your competitors.
Effective Analysis Leads to Better Results
Now, you are aware of the benefits that social media analytics offer. Depending on your type of business, the benefits of social media analytics can vary. These can be greater or lesser, but the benefits will surely be there. Majority of the companies that opt for social media analytics have an online presence and they want to use the bigdata consulting outcomes to leverage on the opportunities.
It is not practically possible for a person to analyze big data sets and therefore, there are multiple analytics solutions readily available to help form clusters, put tags, streamline data, and segregate the information that is required. If you are willing to bring about a drastic change in the way your business operates on the basis of social media analytics then, it is important that you choose a technology that is expert in social media analytics.
Good Results Require Good Sources
Social media analytics like all other types of big data analytics require data sets that can be analyzed. It is extremely important to have a good reliable data source before spending a fortune on social media analytics. Social media has many advantages, most important being the access to all. This advantage can be a disadvantage at times because the reviews, recommendations, etc. might not always be genuine. If your data pool relies heavily on such sources alone then, there are chances that the analytics would be incompetent and insufficient.
Having a genuine data source does not mean that everything would be accurate but it means that the majority of the information would be from genuine users who are capable of creating reliable data. This data when analyzed will provide analysis that can really help businesses in developing effective strategies to curb customer complaints, adopt mechanisms that create happy customers, and delve in initiatives that customers look forward to.
The benefits of social media analytics using big data are immense and companies want to employ all possible techniques to leverage the opportunities. However, it is important to understand that the benefit depends on the nature of your business and how well you are able to execute the strategies that are framed on the basis of the analytics. In all of these, the relevance of genuine data source that is filling your data lake cannot be undermined. Having a sound big data analytics tool is as important as having a good data pool and a good execution team that knows how to leverage the opportunities.