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Social MediaEnabling Smart Decisions

Every day, enterprises across the globe are engaged in two key activities: delivering effectual effects and building decisions that create impact. If you are in the big business of building enterprises that will be more valuable in future than present your decisions need to be driven by smarter data.

Companies today are witnessing a huge explosion in data availability - 90% of the world’s data was formed in the most recent years. Structured, semi- structured and unstructured data across internal business systems and external sources like social media, market data and syndicated study are now creating an incredible opportunity to construct insights, therefore leading to intelligent decisions. However, as this data is generally available to an enterprise’s competitive set, only those who have a vision for leveraging this intellect and are adept will eventually out-compete others.

Introduction

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Introduction

Therefore, firms must be able to convert information into insights, insights into actions, and these actions should lead to positive conclusions. This requires a arrangement of embedding analytics across the organization’s core processes and disseminating analytics knowledge across the board in order to give scalability to data-based decision making.

Views overcome on the Internet Social media has changed the way we commune, work and exist. More than just the millennial generation is alluring online. Sharing opinions and knowledge with a world of virtual “friends” and “followers” has become the new statute. This atmosphere presents both challenges and potential advantages for businesses trying to employ social paths to construct and coagulate customer rapports. This social community engagement has offered a sense of enablement to consumers.

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Buying prototypes and behaviors have forever been modified by the constant accessibility of online channels where customers can research reconsideration, be taught more about a product or service and evaluate prices. This is the conclusion of the power of word of mouth combined with the ease of immediate access to social venues through the Internet, allowing anybody to comment or share an opinion. News of a great product can spread like wildfire. News of a bad product—or a negative experience—can increase just as quickly. And the comments and opinions have a long ledge life on the web. Consumers are holding organizations accountable and are sharing their personal experiences with the world.

Stop, glance and listen businesses can’t assist but take notice of all this online sentiment and opinion. Capitalizing on it has become a business unto itself, known as social analytics. Domineering approach and opinion data to connect customers and understand their predilection is known as social listening. It is the most prevalent form of social analytics today. But is listening in on social media conversations adequate?

Introduction

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Mining social media sites to mine gems of valuable opinion data is an increasingly significant priority for firms seeking new ways of engaging and being responsive to customers. Yet the enormous quantities of unstructured, predominantly text data found in social media can be burdensome and unwieldy to work with unless you have the essential tools to do so. Beyond listening Industry analysts are estimating a rapid shift in the use of social media analytics, away from fundamental listening to a strategy of employing more advanced analytics to help envisage customer behavior and recommend actions that will help influence that behavior.

Advanced social media analytics give organizations the ability to confine and analyze big data quantities of social media content, segment customers in new ways and develop the ability to predict which actions will be the most effective in attracting and retaining customers.

Introduction

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What will our clientele want next?

What is on the consumers’ “wish list” when it comes to desired features in our new product?

Will clients remain loyal or are they looking to defect to a competitor?

What do customers find appealing in the products or services of our competitors?

Social Media Analytics— Transform insight into actionable business intelligence Social Media Analytics can help firms transform massive amounts of social media data into highly effective business insights and actions. Built on the leading analytics platform, it can be utilized to analyze the impact of social media across a wide range of critical functions such as marketing, customer service, product development and supply chain.

Advanced Social Media Analytics -The Challenges

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Social Media Analytics analyzes billions of sections of social media data and offers the results of that analysis in customized, configurable, effortless-to-understand charts and dashboards. With key behavioral, demographic, geographic, influencer analysis and advanced analytics discovery capabilities, Social Media Analytics helps firms go beyond listening so they can take action upon their insights quickly and solve business problems.

How does it work? Social Media Analytics reclaims data in the form of fragments or “snippets” of text from publicly obtainable social media channels, based on queries that explore for specific words or phrases. The data collected in the search outcomes is then loaded into a database and made accessible for analysis. The solution includes pre-defined dashboards that make it effortless to share insights across the organization.

Advanced Social Media Analytics -The Challenges

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Behavioral insights: Categorize the behavior of specific social media participants by initialising them in the categories of user, prospective user, recommender or detractor.

Segmentation: Categorize your audience by geography, gender, marital status, parental status, and influencer scores to help you determine accurately who is commenting on your key topics.

Share of voice: Understand the prevalence and intensity of social media exchang-es regarding your brand, products, services, company reputation or any other topic

Social Media Analytics Findings

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Affinity relationships: Analyze the relationship between any two dimensions or any two attributes within an aspect by measuring the degree of affinity between them. Learn if one characteristic of a product significantly affects the perception of other product characteristics.

Response: Measure the tone and intent of large volumes of discussions across numerous social media channels. Sentiment analysis designates whether a particular consumer comment is affirmative, negative, neutral or ambivalent toward the topics of interest.

Social Media Analytics Findings

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Evolving topics: Use clustering analysis to group related keywords that emerge frequently within snippets of conversations to provide a logical summary of the discussions in the data. Social Media Analytics determines which bits and pieces share the same terms and then obtains topics from these terms. Evolving topic analysis permits you to follow trends and common discussion topics across time periods and in orientation to related keywords.

How can I use Social Media Analytics in my firm?

Designed for more than just marketing utilization, Social Media Analytics can deliver insights that are of value to many departments and lines of business across an organization. There are myriad “use cases” or methodologies that you can generate to explore information about your brand, your market, your firm or your competitors. With Social Media Analytics, you can construct models specific to your own business requirements and gain valuable insights from customer conversations.

Social Media Analytics Findings

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How can you build your own use case?

When you begin to utilize Social Media Analytics, it is imperative to outline your goals and identify the information that you are seeking. What is it that you want to know or need to know and what do you plan to do with the information? Social Media Analytics is a tool that you can grow with and it allows you to refine your process with each use. Engaging resources from other departments or areas of the business is a good first step in identifying whether you need to appraise risks, determine your brand reputation, seek the opinions of the social community to help develop a new product, determine the direction of the market and more. It is also crucial to determine which internal department will lead this effort. To begin, start by asking the following questions:

Social Media Analytics Findings

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What is the most central goal for this project?

What do we aspire to learn?

What challenges could social media research help us address?

What areas of the firm need this insight?

Should we begin with a smaller project first or try to capture the whole thing we can right away?

Do we have an action plan for how to respond to the things we discover?

Social Media Analytics Findings

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As social media becomes more embedded in our culture and our daily lives; its influence to power the value of brands and companies grows with every new blog or public forum posting. The ability of Social Media Analytics to help you harness this energy—understand its content, distribution and influence—can redesign the way you engage with your customers and broader constituencies, transforming relationships to brands, products and services and improving your bottom line. And with Social Media Analytics being offered as a cloud service, it is simple for organizations to get up and running quickly and without the cost or complexity of involving their IT organizations

Conclusion

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About Orchestrate

Orchestrate is a US based business process management organization with Headquarters in Dallas, Texas. Orchestrate offers services to the diverse outsourcing requirements of clients in an extensive range of businesses including IT, finance, mortgage and contact center. We provide a comprehensive suite of technology and services to our clients that help accelerate sales and boost their profit. Our solutions and services help SMEs and enterprises implement technologies and processes that boost their profitability across the organization.

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