Predictive Analytics II: Text, Web, and Social Media Analytics - Social Analytics

5 important questions on Predictive Analytics II: Text, Web, and Social Media Analytics - Social Analytics

What is meant by social analytics? Why is it an important business topic?

cfr Gartner: "Monitoring, analyzing, measuring and interpreting digital interactions and relationships of people topics,ideas and content.
It is important for business because its purpose is to gain insight about existing and potential customers' current and future behaviour, and about the likes and dislikes toward a firm's products and services.

What is a social network? What is the need for SNA?

A social network is a social structure of individuals/people (or groups of individuals or organizations) linked to one another with some type of connections/relationships.
SNA is needed to identify local and global patterns, locate influential entities and examine network dynamics.

What is social media? How does it relate to Web 2.0?

Social media refers to the enabling technologies of social interactions among people in which they create, share and exchange information, ideas, and opinions in virtual communities and networks.
It is a group of Internet-based software applications that build on the ideology and technological foundations of Web 2.0 and that allow the creation and the exchange of user-generated content.
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What is social media analytics? What are the reasons behind its increasing popularity?

It refers to the systematic and scientific ways to consume the vast amount of content created by Web-based social media outlets, tools, and techniques the betterment of an organization's competitiveness.
Increasing popular because it allows organizations to understand consumers as never before.

How can you measure the impact of social media analytics?

Best Practices (as there is not a well-established methodology).
Track the elusive sentiment
Continuously improve the accuracy of text analysis
Look at the ripple effect
Look beyond the brand
Identify your most powerful influencers
Look closely at the accuracy of your analytical tool
Incorporate social media intelligence into planning

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