Understanding Social Media Analytics
Understanding Social Media Analytics,Recent days,social media gathered so much attention among enterprise.It’s so much that ,we still talking about the buzz word all around.Unlike ERP,CRM or BI,there is no common standards among Social media .Enterprises are struggling to find meaningful information around.No common standards,hence every organisation looks at the social media data and come-up with their own interpretations.So what’s it there for the enterprise
Enterprise focus on following broad areas:
CUSTOMER | EMPLOYEE | COMPETITION | PARTNERS
Key questions are
- What are my customer talking about my products/services in social media?
- What are my employees talk about the firm?
- What does competition do in social media?
- What are the sentiments across my brands and so and so on
We all know Enterprise Information Systems provides insight from Transactions.
Social media analytics provides insights from Expressions 🙂
Though there are humongous data available in Social media websites.It’s often comes up with following challenges to consume the data and make some insights from it
- Collection of information
- Storing and formatting data
- Running algorithms around the data
- Creating Insights
- Collection of information
Let us assume that we have 70% of data we can get from Facebook and rest of it from twitter,youtube etc.Facebook changes the Graph API protocols often,henceforth pulling data schemes undergo tremendous changes.It’s often struggle to firm up the schemes.Its also applicable with lots of other key social media website.
2.Storing and formatting data
Storing the social media data is night mare as it involves lots of cleansing and formatting.Storing the Unstructured data is big challenge for enterprise.Hence there is no single scheme which can solve the problem .Organisation have to come-up with the multiple storage options and format it in bits and pieces
3.Running algorithms around the data
Nature of social media data is so much diverse ,needs to be handled pro-grammatically to get some insights around.We need to understand the relevance of analyse required for enterprise and come-with Enterprise based algorithms.Key word grouping,sentiment analysis are some of the common approaches.
Imagine the volume of data,storage,data cleansing and structuring the data from social media websites,its literally impossible to get some insights out of all the platforms.We can use big data technologies,Python and lot more however,it allows mountain climb to come-up with insights
Understanding social media analytics is complex work considering the above fact.Team or organisation needs to be very meticulous on understanding the social media analytics world.
Having said the above,there are companies who does social media analytics like Brand-watch,Social bakers and many more……
Following are the key solutions around Social media analytics:
- Promotional Effectiveness
- Brand Insights and follower-ships
- Competitor Benchmark
- Affinity analysis
- Network Analysis