Investigative Analytics: Social Media Analytics in Action

In this article by Don DeLoach, the difference between structured and unstructured data is explained. And the usefulness of social media analytics, beyond sentiment, is to obtain actionable insight. Actionable insight is obtained from doing investigative analysis – determining what actions need to be taken in order to obtain specific results.

Investigative analysis is the ability to ask a series of quickly changing questions to figure why something did or did not happen, and moving from something like “what do customers feel about my brand” to “how can I increase sales from returning customers?”

By using investigative analytics, a pharmaceutical company that suspected a problem with one of its products could drill into its social media data to determine what exactly is being said about the product, and at which locations, to see if there are patterns. Similarly, through the power of investigative analytics, health-care organizations and government agencies could determine if the clustered outbreaks of a disease or illness indicate whether health-care professionals in a certain territory need more support or training. NPR recently reported on University of Rochester computer scientist Henry Kuatz and his student, who are “mining” twitter data to spot the spread of contagious diseases in city neighborhoods. If successful, this research could enable early detection of outbreaks, rather than waiting for people to show up at hospitals or doctors’ offices.

(see the article here: www.datacenterjournal.com)

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Social Media Analytics: The Best Source in the World

There is bit of a value struggle between the world of social media analytics, and non-structured data that enterprises have had for a long time, such as call records.

Social media sentiment analysis has improved over the last few years though.

Old social media sentiment analytics: Lists of positive and negative words and short phrases are given predefined sentiment values, and the text is then given an overall score based on which words are used.

New social media sentiment analytics: Algorithms use natural language processing to determine sentiment with 70% accuracy. Datasift, a company that analyses the Twitter firehouse, uses Amazon’s Mechanical Turk to test it’s results, using three people per tweet, and looks at 6,000 tweets per week.

This article by   in The Guardian explores how close social analytics are to being the gold mine some suggest it might be.

“Often the most valuable insight is based on transactional and behavioural data. But social media or sentiment analysis gives you more colour to inform your business decisions and actions. If I only had one choice I would take behavioural data every time, but neither is social media something to be ignored. It can add a richer, more human understanding to flesh out information by numbers”, said Peter Worster, partner of data consultancy Conduit.

(See the article here: The Guardian)

 

 

 

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Social Media Management for Banks: A Realistic Look

social media dashboard for banksIn this article by Phil Wainewright of the Guardian, banks experience both the benefits and risks involved in using social media to interact with customers. One of the drivers for social media management is the fact that branch visits have decreased dramatically, and without personal contact, social media is seen as a way to bridge the gap.

A Tweeting With The Bank Manager

Internet and mobile banking have made branch visits a thing of the past, so banks are using social media to communicate with their customers.

In the heyday of telephone banking, finding out what resonated would have been up to First Direct’s call-centre staff as they chatted to customers phoning in their transactions. Today, nine out of 10 transactions at the bank are electronic, removing that opportunity for human contact. Social media presents a much-needed alternative for building relationships with today’s smartphone-equipped, web-savvy consumers.
“Customers no longer use the phone, so they are no longer having that interaction with us,” says Dye, whose team works to build engagement with customers by talking about anything and everything in their social media dialogue. “Our Facebook is a very nice example. Mostly we talk to them about where they’re going on holiday or what their children’s favourite book is.” (Guardian.co.uk)

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Enterprise Social Media Collaboration: It Ain’t Facebook

The popularity of social platforms like Facebook is confusing the enterprise market: you have to have a different set of priorities and ways to measure success when it comes to collaboration and networking in a large organization. There is also the problem of multiple networks and the fragmenting of tasks related to social media initiatives inside and outside the organization. See more in the article below.

Ditch the likes: Why enterprise social media is nothing like Facebook
Summary:  The power of social networks such as Facebook is distorting businesses’ perceptions about their own social collaboration efforts. By Toby Wolpe

Firms are so hung up on the Facebook model that they’re applying trivial consumer metrics to enterprise social media and ending up wondering why it’s not working. In many cases, the misapplication of consumer-type metrics is leading them to misjudge the take-up and effectiveness of social tools, according to Tibco social-computing president Ram Menon.  (Zdnet)

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26 Takeaways for Social Media Marketing: Calls to Action

Social Media MarketingThis article, by , features some key takeaways from an international gathering from marketers focussed on social media best practices. It includes: getting more leads with calls to action (CTA), experimenting with different CTA touchpoints, and giving content the priority it deserves.

26 Social Media Marketing Tips from the Pros

This April, 1,100 passionate marketers from every corner of the world traveled to San Diego for Social Media Marketing World (#SMMW13), to find out. The number of conference takeaways and buzz was immense. For this article, I’ve focused on 26 takeaways from SMMW13, including notable quotes by presenters and their session titles.

From the Social Media Examiner

 

 

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Facebook Makes Changes to All Ad Offerings

From Kremsa.com: an illustration of how Facebook will simplify its ads.

There is an interesting article at Kremsa.com about how Facebook is changing its ad formats. Seems there is a lot of change afoot, and over the next few months we will see new formats and conditions for advertisers to take advantage of. Facebook has been under pressure from shareholders to boost ad revenue and this streamlining exercise might be part of a strategy to maximize ad effectiveness. Part of the problem has been that users are not happy with ads in their social stream.

 

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