Social Analytics is a term that has existed since the eighties and essentially pertains to reporting on relevant trends.
Today, the term applies to the world of social media where virtual conversations about your company and your brand take place. These conversations can be either positive or negative and, in both cases, may influence the organization’s bottom line results.
This is why it is so important to keep an active watch on social media and to play an active part in engaging and interpreting what is being said about your organization. But without technological help, the extremely large scale and stream of conversations, or data, can be overwhelming. Thankfully, a large number of platforms exists that can measure the effect of social media, the number of fans, their involvement in your company and the results.
Dr. Morten Middelfart, who holds two PhD’s of which one is in computer science, says: “Social Analytics is also Big Data Analytics, as the new platform will analyze large amounts of streaming data with focus on important key words, such as your company name, products and even what is being said about your competitors. Twitter is a great example of social network traffic and trends. You can compare it to placing a traffic counter on various relevant intersections to get a feel for what is going on in the social information highway.”
Social Analytics is not enough
Things start to get really interesting when you have the ability to put social media data up against the data that you’re already in control of, such as your company’s CRM system, Morten Middelfart says and elaborates: “Social Analytics is a supplement to your existing data. You cannot run your business on Social Analytics alone.”
TARGIT makes it possible to gather data from different data sources that you want to analyze. ”A Business Intelligence solution is the right tool”, says Morten Middelfart and continues, “because it can monitor your data and warn you of certain trends. With predictive analytics technology you can receive notifications in advance if a certain trend has influenced your company’s ability to meet important goals in the past.”
The most interesting thing about Social Analytics is, according to Morten Middelfart, the option of following trends within conversations. ”It is much more dynamic and authentic than a Google search. And here, Twitter is fantastic as well. Insert the keyword you wish and follow the conversation about the word. This is how close you can get to your stakeholders”.p>