Social Media Analytics - Definition, Benefits to Consumers and Business

Social media analytics is the practice of gathering information from social media platforms and analyzing it to make informed business decisions. It helps in better engagement, innovative opportunities, marketing strategy, and customer services. Benefits to consumers and businesses include better interaction, newer opportunities, improved marketing strategy, and better customer services and reputation management.

Running head: SOCIAL MEDIA ANALYTICS
Social Media Analytics
Name of the Student
Name of the University
Author Note

1SOCIAL MEDIA ANALYTICS
 What is Social Media Analytics?
Ans: The practice of the gathering of the information or the data from the platform of social
media webpage and the analysis of the information that has been gathered with the successful
utilization of the tools of the social media analytics for taking any types of the decisions in the
business or entrepreneurship is basically defined as the social media analytics. It basically refers
to the view or the approaches of the gathering of the data or the information from the blogs and
the sites in the social media and analyzing and interpretation of the gathered or the collected data
so that a correct and fruitful decision for the business growth can be taken. The procedure of
going beyond the regular monitoring or the analysis of the retweets for the development of a
deep idea regarding the consumer or the users of the social media platform constitutes social
media analytics. In the book ‘Seven Layers of Social Media’, khan defined the term social media
analytics as the science and the art of the extraction of the expensive or the valuable insights that
have been hidden in the vast unstructured and semi-structured data in the social media for
enabling insightful and useful decision making for the business (Khan 2015). The social media
analytics program aims a business objective that can achieve an advantage from the collected
information or data for evaluation and consideration in its initial step. Some of the basic standard
goals include decreasing the expenditures of the customer services, enhancing of the opinion of
the public regarding the business, obtaining of general feedbacks on products and the services
and finally innovative strategies for the maximization of the business earnings. To summarize,
the social media analytics tool helps and allow a business organization towards the successful
gain of competitive edge over the market competitors.
 What are the benefits to consumers and business?
Ans: Social media analytics provides a business organization with an unprecedented chance
towards the establishment of a fruitful connection with the clients and the customers. There lie
numerous benefits of the tool towards the benefits and advantages of the business organization
and the customers, some are illustrated below.
1. Better engagement or interaction with the customers: Social media analytics are utilized
for the identification and targeting the values and the recommended channels of the
clients for two ways, B2C and proper communication. According to Abrahams et al.
(2013), social media analytics helps in the evaluation of various approaches for the
identification of the customer values, requirements. Furthermore, undirected
communication procedure is fruitful for persuasive and informative communication in the
business platform and helps in the improvement of the marketer to consumer
communication.

2SOCIAL MEDIA ANALYTICS
2. Newer and innovative opportunities of the business: Social media analytics helps in
revealing the untapped and hidden opportunities of the business by proper identification
of services and products. Furthermore, identification of the distinctive phrase which
propagates widely and results in newer business trends is one of the major contributions
of the social media analytics. These help the business organization to determine newer
and innovative ideas like the introduction of new product, new outlets or redesign of the
organizational management program.
3. Improvement of the marketing strategy of the business organization: Contents that are
generated by the customers generally includes important and valuable information or data
regarding the experience of the clients or the customers with the services experienced or
the products. These data are generally available and displayed in the review column of
the webpage of the company and also in personal social media webpage and can help the
organization to understand the issue faced by the customers and can improve their
services or products of concern. Social media analytics provides important insights for
the development or refining of the strategies related to sales or marketing. According to
Hu et al. (2013) there lie relative impacts of the ratings and the comments over the
business sales and thus social media analytics contributes to the opportunity for the
improvement of the strategy.
4. Better customer services and reputation management: Improved and new customer
services are one of the important factors that many of the firms strive in the current
competitive market structure. Providing a valuable and better portfolio of the stock to the
customers is the major contribution of the social media analytics towards the betterment
of the customer services to the firm (Fan and Gordon 2014). Furthermore, social media
analytics helps to maintain and monitor the external and the internal reputation of the
business organization and apart from the risk in the financial field; it helps in taking into
account the possible reputational risk of a business firm.

3SOCIAL MEDIA ANALYTICS
References
Abrahams, A.S., Jiao, J., Fan, W., Wang, G.A., and Zhang, Z. 2013. "What's Buzzing in the
Blizzard of Buzz? Automotive Component Isolation in Social Media Postings," Decision
Support Systems (55:4), pp. 871-882.
Fan, W. and Gordon, M.D., 2014. The power of social media analytics. Communications of the
ACM, 57(6), pp.74-81.
Hu, N., Sian, K.N., and Reddy, S.K. 2013. "Ratings Lead You to the Product, Reviews Help You
Clinch It? The Mediating Role of Online Review Sentiments on Product Sales," Decision
Support Systems (57), pp. 42-53.
Khan, G.F., 2015. Seven layers of social media analytics: Mining business insights from social
media text, actions, networks, hyperlinks, apps, search engine, and location data. Gohar F.
Khan.