Analyzing Social Media: Benefits and Limitations for Businesses

This report provides an overview of social media analytics and its impact on business development. It discusses how companies utilize social media analytics for various purposes, including enhancing marketing campaigns, improving customer service, and generating leads. The report highlights the benefits of social media analytics, such as understanding customer sentiments, identifying market trends, and assessing the effectiveness of marketing strategies. It also explores various tools used for social media analytics, including Sprout Social, Snaplytics, and Buzzsumo, and discusses their specific functionalities. Furthermore, the report addresses the limitations of social media analytics and emphasizes the importance of combining it with other data sources for a comprehensive understanding of the market. The case of Cabcharge Australia Ltd is mentioned as an example of a company leveraging social media analytics.

REAL-TIME ANALYTICS
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Contents
Abstract:.....................................................................................................................................3
Introduction:...............................................................................................................................4
Discussion of topic:....................................................................................................................5
Different companies utilising social media analytics:...............................................................6
Benefits derived from Social media analytics:...........................................................................8
Tools used:...............................................................................................................................10
Lead generation:.......................................................................................................................11
Sentiment analysis:...................................................................................................................12
Solution approach:...................................................................................................................13
Reasons to utilise social media analytics in business:.............................................................15
Limitations of Social media analytics in business:..................................................................17
Conclusion:..............................................................................................................................18
References:...............................................................................................................................19
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Abstract:
Television, Newspapers, Radio or other such ordinary media transmit information just
towards a solitary course; the clients are not equipped for devouring such information that the
media offers to them as they have less capacity to share their own musings regarding a
matter. The social media analytics joins of investigating the information via web-based
networking media for taking business-related choices. The data for such choices are generally
assembled from the blogs, web-based social networking sites, gatherings or other such
platforms. The information gathered from such stages is then additionally changed over from
qualitative to quantitative with the help of various NLP and text mining strategies.
The online networking platforms, for example, YouTube and Instagram have enabled the
clients to transfer recordings and interface with each other through the comment section, this
makes a two-way correspondence which helps the entrepreneurs to speak with their
customers on day by day terms. At specific cases, it can be said genuinely that the
information via web-based networking media can be untidy at visit times as the data
introduce there aren't just messages yet additionally of slangs, acronyms, language,
recordings and different pictures, this all can be described as unstructured information which
is especially mind-boggling to deal with.
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Introduction:
In the present scenario, social media has made it possible to have a two-way form of
communication which assists the business owners to communicate with the individuals on
consistent interims. Web-based social networking incorporates an extensive variety of
information with the online networking sites such as Twitter, Facebook et cetera to the
collaborating encyclopaedias. Social media analytics implies gathering information from the
web-based social networking platforms and after that breaking down it further. The
undertaking isn't anything but difficult to deal with and it is considerably more mind-
boggling to process the information and utilize it for benefits of the business. The assignment
will make information about the Social media analytics and the manners by which it upgrades
the benefits of the business.
Social media analytics helps in uplifting the business and evaluating the impacts of marketing
campaigns, making clever decisions for business so that a strong strategy for future needs can
be developed and enhancing the experience of customers so that they can get satisfaction and
brand awareness can be fabricated. Social media analytics in the context of Cabcharge
Australia Ltd will also be done, which is an Australian public company listed on the
Australian Securities Exchange. The tonality and slant examination will likewise be done
underneath and the different devices that can be used for online networking investigation are
additionally clarified in the errands beneath. The instruments will be clarified with the goal
that the entrepreneurs can comprehend which apparatus will best fit their business
prerequisites and they can use it for benefits. The confinements of the task will likewise be
clarified in the assignment directed underneath.
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Discussion of topic:
Social media analytics assists in mining the sentiments of the clients so that the social media
companies can support the marketing and other client service abilities. Some of the most
archetypal intentions of social media analytics are amplifying the presence of business,
running the campaigns with the assistance of social media, diminishing the costs of customer
service with appropriate monitoring process of social media and generating genuine
feedbacks from clients on the customers and services (Aral, et. al, 2013).
Social media analytics:
Social media not only assists to make communication between the entrepreneurs and the
clients but also a path to get learning about the desires and behaviours of the consumer. In
social media analytics, the activities performed by the clients on their social media accounts
are seen as their voices which are vital for the business organisations to hear. The sessions
will be exposing the analytics tools that can be utilised by the business owners to alter the
information available on social media sites into marketing acumens (Ashley & Tuten, 2015).
(Figure 1: Social media analytics).
(Source: Social media metrics, 2015).
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Different companies utilising social media analytics:
To assist the expansion of brands on or off the internet platforms many organisations have
dedicated themselves to the practice of social media analytics. Many companies that
manufacture the goods and technology depend profoundly on the word-of-mouth
recommendations so that they can generate their business. Social media helps the retailers in
heavy data about their consumers that they may never be able to achieve with the assistance
of traditional data collection method, this makes social media analytics a wealth creator for
companies. As social media creates a two-way interactive system for generating interaction
between the brands and the persons. The retailers can be able to find out easily which service
is more favoured by the clients. The chief visions of companies like Cabcharge Australia Ltd
are to be the first choice of individuals for the personal transport business of Australia
(Bruhn, et. al, 2012).
Cabcharge has been investing high amounts for connecting with their clients and understand
their requirements. They are determined to catch the attention of clients by fulfilling their
requests and capturing all the opportunities to understand the requirement of individuals in
the market. Cabcharge keeps on tracking the market trends through social media analytics
and quickly uplifts all their facilities as per the needs of consumers. The processes of
cabcharge get even more expedient when the data collected from social media is mixed with
the internal data of the company. The chief uses of social media analytics for the different
businesses are of flame detection, knowing brand perception, generating leads, analysing the
vitality of content posted, managing the reputation, perceiving trends, analysing the
perception of novel products, determining social listening of the government and so on.
Partnering with a major and trending social media platform by a company can result in heavy
profits and assistance in determining the requirements they make as per the newest market
trends. Majority of people get influenced by the post made on social media and look an
activity as a trend if it starts getting shared again and again which further influences their
purchasing behaviours (Castronovo and Huang, 2012).
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(Figure 2: Cabcharge).
(Source: Free vectors, 2018).
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Benefits derived from Social media analytics:
The process of social media monitoring assists in determining the real-time discussions
happening on the social media about a precise product or a service so that the business
owners can take opportune actions. Social media has empowered the consumers in very well
manner to speak about their thoughts on the products in an efficient manner; it has become
very much crucial for the business owners to know about what is going on the social accounts
about their services. Some of the profits derivatives from the social media analytics are,
Associations that are having an exact observing procedure of social media accounts can take
help of the of social media platforms to create the mindfulness and enhancement devices by
sharing their insight and administrations (De Vries, et. al, 2012).
 Finding out the spaces where customers and other competitors are hanging out, what is
the discussion about and on which platform is it carried out?
 Determine the target market and trends that individuals are falling for.
 Keeping a track of the clients as well as the competitor's sentiments.
 Determining the key influencers in the niche market with the network analysis.
 Identify which strategies old competitors are utilising to attract consumers.
 Assessing the efficiency of diverse social media campaigns.
 Developing a community of online brand ambassadors.
 Enhancing the product features.
 Finding out what areas can be a threat to business.
 Develop knowledge about what kind of content consumers are more attracted to.
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(Figure 3: Social media analytics).
(Source: Segue, 2013).
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Tools used:
There are a vast variety of tools that can be utilised for social media analytics; this tool assists
the experts in marketing to perform all their analysis activities. The tools can be utilised for
multiple channels. The best tools are like Radian6, Sysomos, Hoot Suite and so on. These
tools are different as other just focus on specific networks like Facebook, Instagram, etc.
Some of the best social media analytics tools are,
Sprout social: Each and every business should have a decent social media analytics tool,
with the sprout social media analytics tools business owners can perform their activities
across various platforms like Facebook, Twitter, etc. (Dijkmans, et. al, 2015).
Snaplytics: Snaplytics provides the data about the performance of users on their snaps, this
tool also assists in getti9ng insights on the own Instagram stories also. The best alternatives
to this tool are Delmondo and Storyheap.
Iconosquare: This is a social media analytics tool which is made especially for Instagram.
The insights that are provided in this tool in addition to their normal photos and videos make
this tool a standout among the others in this section.
Buzzsumo: Buzzsumo is dissimilar than the other social media analytics tools, this tool looks
at how the content from other website performs on social media rather than just measuring
the individual performance on the social media. One of the best ways to spread content is by
utilising the social media tools, so it is very much crucial to understand the demands of the
audience through social media analytics (Erdoğmuş and Cicek, 2012).
Tailwind: In the social media landscape Instagram and Snapchat are the most famous
players; with the assistance of Tailwind the business owners can track the trends of their
follower’s engagement on the social sites. The best alternatives for Tailwind are Viralwoot
and Pinterest analytics.
Google Analytics: Google analytics is not a proper social media analytic tool but it is one of
the most crucial ways to keep a track of the social media campaigns. With this tool, one can
know how much traffic they can attract to their websites from the social media platforms.
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Lead generation:
The ginormous volume of unstructured data is developed each and every second after the
development of social media; the data consists of very much crucial and relevant information
about the brands and the competitors. Social media analytics tool assists in knowing about
the diverse perception of the competitors on the brands and the demands of the competitors.
Social media is said as the connection between the consumers and the brands. The bets of the
marketers for generating leads think about the social media as a tool for generating the leads.
Social media is said as the internal part of the sales process in the present scenario that assists
in knowing the prospects of developing the relationships between the business owners and
the clients. It is all about the lead generation for the high-cost product marketers (Gensler, et.
al, 2013).
The sales team is very much attentive in the high quality of leads than anything else in the
market. The expansion power and the outward reach of social media tools make it a powerful
tool for generating the leads. Social media allows all the users and the sales team to what
prospectus are thinking about the particular products and services. The new ideas generated
by the competitors are also decently studied by the sales team. Social media analyse the
opinions of the consumers and then further converts them into the insights.
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Sentiment analysis:
Sentiment analysis means analysing the thoughts and the expectations of the consumers, as
the data over social media is more bent towards the content which is in neutral form.
Prescient models alone won't get the job done as an arrangement system to group "Positive",
"Negative" and "Unbiased" sentiments. An outfit approach involving prescient displaying
alongside custom characterization rules in view of Naive Bayes Classifier would accomplish
higher exactness. The sentiment calculation process incorporates of,
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Predective modeling
Diverse alogorithms like decision trees and neutral networks are utilised to know
about the tester with own sentiments.
Manual sentiment classification
It takes random tasters of around 10% of dataor 5000 data points whichever is lesser.
Text mining
Extracts dominant concepts from all the past tweets and creates variables to record
almost hundred concepts.