An introduction to Social Media Analytics

hello and welcome to class for now we are starting to talk about social media analytics let's start with an introduction to the subject and what better way to start than with an interesting story the story goes that the Washington Police Department had launched a manhunt to nab one of their own officers a man called Captain John Anderton now John Anderton was supposed to be a murder suspect however the funny thing about this story is that the murder had not actually taken place the victim was still alive and the would-be murderer John Anderton wasn't even aware that he's going to commit a murder but the Washington Police Department had specific information that he will be committing a murder in 36 hours and to prevent that they had launched a manhunt to catch him now the story seems unreal and out of this world I won't really blame you because it's not really real I'm talking about a story taken from a movie called Minority Report you may have watched it it's a Steven Spielberg movie Tom Cruise wasn't it released in 2002 Maddie you've seen it yes long ago did you like it loved it loved it especially the part about knowing that someone will be committing a murder in 36 hours it was too cool but yeah the cool thing about this was that they were using pre-emptive technologies in order to prevent crimes and that's something that may happen in the future now we are still a few decades away from the 2050s when you know this movie is based but factors that data and stats is already being used by governments and governmental organizations to prevent future things from happening or even predict future happenings and take corrective measures if required we've seen some of the dictatorial and oppressive regimes of the past and even some of the current ones have been using social media data and other data that's available on the Internet to to actually you know monitor citizens activities to see which way the wind is blowing and to be able to control people in some ways if possible not not just dictatorial and oppressive governments even democratic governments like the United States government has has been in the eye of the storm Edward Snowden made some startling revelations of how the US government has been snooping not just on other world leaders but even on its own citizens and the US government came up with the explanation that they are doing it in order to prevent terror attacks from happening in fact they are claiming how since 9/11 there's been no terror attack in the u.s. primarily because they are using stats and data to prevent these sort of happenings or these sort of incidents to happen again so we are seeing that data especially social media data is providing a goldmine of information for for governments to cull analyze and predict you know future happen future events and take corrective actions the u.s. police force in fact is using analytics tools to identify gang members and their activities and is using it to prevent new recruitment from taking place now whether they are already doing it or not government's the world over are recognizing the importance of the ability to mine this dazzling amounts of social media data that's available to spot and analyze the hidden pieces that will identify useful information and trends not only related to national security but also disaster management identifying citizen issues reactions to policy announcements and more and just like governments companies are also looking at this data and analyzing it for their own advantage Unilever for example analyzes social media data not just to track product reviews and you know what people are saying about their products and brands but also to track consumer sentiment on new ads that they are releasing also new age companies like dot-coms especially if you look at the uk-based sports apparel brands Agoura comm they ran a challenge contest on Facebook where participants had to share content to be eligible for the prize the contest posts on facebook also included links to a landing page where people could enter details to start receiving offers and other communication from Zagora the marketing team at Zagora tracked the data generated by Facebook quite closely and they saw that Facebook led to about 5,300 click throughs to their website and there was about a 41% conversion rate from those click throughs now from the multiple contest that they ran on Facebook they were able to refine their campaign on Facebook eventually leading to a stage where today they're getting 17 percent of their sales directly through Facebook that's how effectively they utilize little bits of information that they were able to get out from Facebook refining their strategy at each step eventually leading to greater revenue for the company that's the power of effective social media analytics now I'm pretty sure you would have definitely tracked the number of likes comments that you get on your facebook posts now what you're doing there is really analyzing the data that you're able to capture at first glance from you know when you log into Facebook likewise if you want to go a little deeper so if you have a page on Facebook you will get insights from Facebook that can give you a top level view of how people are interacting with your with your Facebook page you know I've seen so many people use these free tools that are available to track their Twitter interactions so so individuals are also using data to analyze and see you know how their how their social media interactions are progressing and refining it as they go along now what makes social media such a goldmine of stats and data is that every action on social media like let's say likes or favorites or comments or retweets or reap ends each action can actually be recorded and stored now because all this data and stats is available analysts can actually dive into it analyze it interpret it and use it make sense of it for decision makings for them cells of other organizations zillions and zillions of data is being is being generated out of social media every day in fact Facebook by the end of 2013 was handling 300 petabytes of data every day and it's a number that has only grown exponentially since then if you're not really sure what 300 petabytes of data actually means one petabyte is equal to 1,000 terabytes and 300 petabytes a day makes it let's say if you were to have mp3 music of 300 petabytes it will take you 600,000 years to run through that playlist a lot of big companies have got into social media data mining and analytics and even social media tools and platforms are looking at analytics in a big way if you were to look at the big companies there are big companies like IBM SAS Adobe Oracle sa PHP all these companies have departments tools and products specifically for social media data analytics a lot of startups have actually come up and continue to come up in this space there are companies like Simply Measured Sysomos socialbakers net base brand watch Indian companies in fact have been at the forefront of social media data analytics companies like simplify 360 germinate thought was an metric observa blue ocean all these are Indian companies in this space who've actually made a mark for themselves in social media data analytics of course Google is a name that's synonymous with anything to do with Internet and Google Analytics from 2012 started providing data from social media as well social media platforms like Facebook provides detailed reports in their insight section other popular web analytics tools like HubSpot have also started providing social media data so we are seeing a convergence of web analytics and social media analytics and sometime in the future there may not actually be a distinction between the two as clear as there is today there's demand for a lot of professionals and this space is continuing to reinvent itself because it's an it's a space that is emerging and we see a lot of innovation and and you know path breaking stuff to be happening in this space in the future and this space is only going to grow there's no doubt about that now we know that marketers love data because data and its analysis is what provides them proof of you know which are the investments that worked for them which are the investments didn't that did not work for them and they can use it for decision making about future campaigns and activities that they may do for their brands now despite all that's happening in the social media data and analytics space marketers are actually still not very happy with what they are getting out of their social media investments one of the reasons is that they are not able to see a direct ROI from whatever they are investing into social media I think part of the challenge of ROI measurement or social media is the fact that social media itself does not necessarily always result in a very specific user action like a purchase if you look at the sources of data they are very disparate so if you are on social media if you are running a campaign on social media the bigger the organization you are the more likely you are to be running it on different platforms at the same time so as a marketer you would want to be able to analyze the whole piece at a single place but because the data sources can be so desperate even though there are solutions trying to bring them all together but clearly you know that the area is needs improvement then technology could be an issue like you know in some cases a lot of social media analytics is focusing on sentiments and and telling marketers how people are reacting to brand campaigns as you were mentioning or product launches etc but those technologies while improving all the time are not yet at a level where they actually you know make a significant difference or give you a very real picture so for example sentiment analysis is roughly at 70% accuracy right now the best solution so until that moves to 95 percent accuracy or you know at its it's impactful at that level people will find that they are able to draw our conclusions by looking at the data visually then and you know following analytical tools and the third factor that can come in is the strategic issues within the organization where we often see that the team behind social media is running on a completely different track as compared to the rest of the organization so while the person responsible for social media is talking about how engagement and brand mentions have increased on social media someone sitting at the top is saying oh but this year our focus was on quality you know why are we what is social media doing for quality improvement and those kinds of gaps exist which is why I think marketers while seeing the benefits of social media understanding that it's a very crucial part of the mix are still not sure about how they can imagine is that or make everyone in the organization believe that this is a value for us but despite these flaws and drawbacks of social media data that exists at this point in time there is clear evidence to suggest that organizations using social media effectively are performing better on several business parameters than those that are not for example small businesses that blog regularly are reportedly generating hundred and twenty five percent more leads than similar organizations that are not blogging regularly 80 percent of sales people that are active on social media outperform those that are not and over 75% of b2c brands and companies and over 40 percent of b2b companies have acquired customers through Facebook but beyond percentages and stats there are stories of success that reveal how social media data is already having an impact on business decision making like the story of Dell that we heard from Patrick Morrissey who is the vice president of marketing at data sift data sift is one of the largest analysts of Twitter data he talks of the time when social media analytics revealed to Dell that sentiment suddenly went negative for a specific product of this this was sudden and completely outside of expected sentiment Dell response was to dig into details conduct an internal review make a global price change and they reverse the sentiment back to positive all in a matter of 24 hours – basically that's the piece with which they spotted the trend and took corrective action and within 24 hours the sentiment went from negative to positive yeah and this as we mentioned this is from technology that's not even you know add 100% right now now our focus while discussing the various aspects of social media analytics will be to help you reach a stage where you are able to effectively harness the tools and technologies available to you to derive actionable insights from social media just like the team at Dell dead but before mentioning the different topics we'll cover under social media analytics let's spend a couple of minutes talking about what the term social media analytics actually means Wikipedia summarizes social media analytics as measuring + analyzing + interpreting interactions and associations between people topics and ideas this simple definition highlights the most important point to remember when it comes to the term analytics in reference to social media that simply recording and presentation of data does not constitute analytics to really gain any benefit from storing all the data that your social media efforts will generate you also need to analyze and interpret the data that you see the real impact of analytics is felt when all the analysis and interpretation leads to actionable insights like in the case of Dell or in the case of cigarro an actionable insight could be a new product idea identification of a set of influences to reach out to maybe a competitor strategy that you could adopt or even the kind of content that you need to develop to drive more engagement in every case it will provide the organization with a specific action to take that may positively influence the impact of your social media efforts or any other function within the organization that is social media analytics for you over the next few discussions our aim will be to provide you with a framework for social media analytics that'll help you determine what needs to be measured how you can analyze what you see and then draw insights from it so analytics it is we'll see you again in the next section

  1. The social media analytics market is likely to grow with a CAGR of 28.7% during the forecast period of 2019-2025.
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  2. Social media marketing with social media analytics is a boom than just knowing to running campaigns.

  3. Hi, guys, would like to recommend this tool to generate Social Media Reports and Analytics (Facebook, Instagram, Linkedin, YouTube and Google Analytics)

  4. You must look at our Saas based product called Konnect Insights.

    Konnect Insights is a complete social listening, ORM, and analytics tool and is preferred over many other tools because of its all-in-one capabilities, in-house search engine that gives data from all over the web (blogs, forums, news, complaint sites and social media) based on just keywords, and also because of BI tools that takes reporting to a different level. Here is a small video to explain these features.

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