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.

Solution approach:
Keyword generation:
To start with the keyword generation an individual needs primary inputs about the certain
categories so that they can generate the ideas about data pulling.
Data extraction and data cleaning:
Once the list of keywords is finalised the individuals need to formulate the queries
inappropriate manner to seizure the right kind of information. For tackling the barriers the
market analysts need to mention their queries inefficient orders. The sales analysts need to
select the right kind of sources to ensure they get right kind of data (Kietzmann, et. al, 2012).
Converting from qualitative to quantitative data:
After extracting the data and filtering it to the useful one the individuals need to convert the
qualitative data into the quantitative one. This process can be completed by utilising the text
mining and also the Natural Language Processing (NLP) based tactics.
Acquisition resolved and rudimentary listening nomenclature formation and fine-
tuning:
For analysing the acquisition intent the individuals will need to create the nomenclature
formation which will be based on the secondary researchers.
Developing indications:
After the completion of Acquisition intent and sentiment analysis, the content gathered can
be further classified as,
 Greater probability of lead.
 Neutral probability lead.
 Lower probability of lead.
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(Figure 4: Social media analytics).
(Source: Tech target network, 2014)
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Reasons to utilise social media analytics in business:
Social Media Analytics or (SMA) is certain times referred to Social Media Monitoring
(SMM) which is an enhancing market for technology. The market has grown by around 38%
in the past few years as per the IDC. A research done quickly can assist the business owners
to upgrade their capabilities. There are many reasons that the social media analytics to be
used for the benefit of the business as it provides complete details about the products and the
steps taken by their competitors in the market. All the ongoing trends can be analysed easily
with the assistance of social media analytics. Few of the reasons for utilising social Media
Analytics are provided below (Tsimonis and Dimitriadis, 2014).
Gaining competitive advantage:
By utilising the social media analytics the business owner can develop the competitive
advantage as it assists in fascinating the decent learning about the brands and me what way
the consumers utilise the products and services. The ways in which the society looks at the
companies can also be identified with the help of social media analytics. The data is basically
hinted in the major portfolios of intelligence, additionally, it is utilised to track down the
performance of the same business intelligence portfolios. Social media analytics also assist
the companies to track down the activities of the competitors and determine what kind of
problems or barriers the customers are facing to use the products and services they provide.
This also assists in knowing how the competitors are working and at what level they are
becoming threats to the individual’s business (Kim and Ko, 2012).
Learning from the customers:
Social media analytics has created vast opportunities for the salespersons and the marketing
team to enhance their base of competitors and develop their services with the assistance of
viewing the feedbacks of the customers on the social media sites. An environment where the
businesses can compete with their clients is also developed as they will be providing the
solutions to the problems that the organisation would have been facing.
Enrich the products and services:
The chief reason for utilising Social media analytics is to enrich the products and services as
there are millions of blogs and posts available by the customers where they express their
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views and demands, the sentiments of clients are filled in those comments. This all can be
utilised by the organisation to develop their products and services and provide the consumers
with services they are seeking for. Social media analytics can also be said as a virtual
therapist who mockers out the concerns of the clients, finds the reasons for those problems,
develops certain solution suitable to the situation and then further provides them to the
customers (Malthouse, et. al, 2013).
Healthier target marketing efforts:
The marketing efforts are to be minimized by many of the business owners which is only
possible with the assistance of Social media analytics and the opportune data on the
psychographic and the demographic factors that are obtained about the products and the
usage of the services. All the data gathered is then utilised for the targeting of all marketing
segments and all the online marketing campaigns.
Market innovation:
Few of the Social media analytics tools provide Natural Language Processing (NLP) which is
a semantic analysis of the social media. The tools can be utilised to determine the gaps in
capabilities in the market (Trainor, et. al, 2014).
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Limitations of Social media analytics in business:
As with all the profits from social media, analytics comes with certain the limitation. The
wealth of information is available on the social media which can be utilised for the enhancing
of business. Certain limitation of Social media analytics are,
Query construction:
The aspect of query construction is very much vital but it is really overlooked, it may be
complex for a normal user to understand such complex data. Due to the complexity, the
advanced models also can’t be properly implemented; even some of the common named
entities are hard to disambiguate (Okazaki and Taylor, 2013).
High numbers of reviewers don’t mean success:
There is a superficial way to look at the data and collecting the information having a higher
number of reviewers doesn’t mean the final decisions of business will be right as many
customers would get influenced by the other individuals and post the false reviews rather
than their personal sentiments.
Impact of videos is hard to measure:
One can easily measure how much time a person spends on the web pages and views the data
but it is really complex to measure what effects the videos available make on their minds. It
is not easy to know that how much time the viewer was paying attention to the video (Picazo,
et. al, 2013).
Privacy protection limits the collection of data:
Many users of social media often keep their data private and use many tools that are
protecting their personal data this makes little hard for others to know about their sentiments
and desires.
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Conclusion:
As per the task completed above, it can be concluded that the social media plays a vital role
in assisting the business owners to know about the sentiments of consumers and take
decisions as per them. The business owners can also measure the requirements of the clients
and the new steps taken by the competitors to get ahead. Even if the competitors are
performing poorly Social media analytics assists in knowing the current trends in the market.
The advantages of using social media analytics are additionally clarified underneath
alongside the manners by which social media analytics can be used to create leads.
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