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Why Social Media Analytics?

3 Years ago

In recent years, people have grown socially though virtual channels. We feel that the need of the hour is to understand a user pattern & use it for a better outcome. Social media analytics is all about developing and evaluating analytic tools to collect, monitor, analyze, summarize, and visualize social media data. Data is power & if given a proper channel, one can be a master of social media analytics universe. There are millions of users who leave their footprint on any social media sites via a like, dislike, comment & share. The ubiquitous influence of an iPhone and Androids over the people have resulted in potent and result-oriented use of social media channels and their products e.g. hashtags that make it easier to instantly and broadly share experiences all combine to create a social media landscape that is rapidly growing and becoming ever more part of the fabric of businesses. As the number of users on social media sites continues to increase, so does the need for businesses to monitor and utilize these sites to their benefit.How exactly one can analyze it in a simplest way.The answer is CUP i.e. Capture, Understand & Present. The 'capture' stage involves obtaining relevant social media data by monitoring social platform or listening to various social media sources, archiving relevant data and extracting pertinent information. Remember, not all data that are captured is useful. The 'understand' stage is the most crucial part of this process. In this stage, one can analyze, correlate, connect relevant data for creating a structure, channel, node and employs various advanced data analytic methods to analyze the data retained and gain insights from it. The 'present' stage deals with displaying the structure from Stage 2 in a meaningful way. This framework is derived from a very simple concept of a touch sense technology, broadly applied to electronics models.There is some overlap among these stages. For instance, the understand stage creates models that can help in the capture stage so next time in a capture criteria, one can target relevant data so time, energy & efforts are not wasted. It's almost like a negative feedback control systems where in a a system strives to eliminate negative & form a minimal error systems.To summarize, the social media in its own universe is vast & dynamic. Few apps are already part of our life like YouTube, Twitter, Facebook & many more are joining the race everyday. It's hard to keep up with the data & so a user. Social media analytics tools are a boon to unleash the power of data & create a ROI.