4 types of social media analytics explained - Analytikus

Depending on the business objectives, social media analytics can take four different forms, namely, descriptive analytics, diagnostic analytics, ...  AllPostsEdTechEspañolAIAdvancedAnalyticsPodcastWebinarsDataSciencePOWERBIByAnalytikusSearchLogin/SignupDr.GoharKhanMay2,20192minread4typesofsocialmediaanalyticsexplainedDependingonthebusinessobjectives,socialmediaanalyticscantakefourdifferentforms,namely,descriptiveanalytics,diagnosticanalytics,predictiveanalytics,andprescriptiveanalytics.Socialmediadataisthenewgoldandanalyticsisitsdiggingtool.SocialMediaAnalytics(SMA)istheartandscienceofextractingvaluablehiddenbusinessinsightsfromsocialmediamediadata(Khan,2015).SMAturnsthevastamountsofsemi-structuredandunstructuredsocialmediadataintoactionablebusinessinsightsforinformedbusinessdecisionmaking.TypesofSocialMediaAnalyticsDependingonthebusinessobjectives,socialmediaanalyticscantakefourdifferentforms,namely,descriptiveanalytics,diagnosticanalytics,predictiveanalytics,andprescriptiveanalytics.1.DescriptiveAnalytics(IsReactiveinNature)DescriptiveSMAtacklesthequestionsof“whathappenedand/orwhatishappening?”Descriptiveanalyticsgatheranddescribesocialmediadataintheformofreports,visualizations,andclusteringtounderstandawell-definedbusinessproblemoropportunity.Socialmediausercommentsanalysis,forinstance,fallsintothedescriptiveanalyticscategory.Commentanalysiscanbeusedtounderstandusers’sentimentsoridentifyemergingtrendsbyclusteringthemesandtopics.Currently,descriptiveanalyticsaccountsforthemajorityofsocialmediaanalyticslandscape.2.DiagnosticAnalytics(IsalsoReactiveinNature)DiagnosticSMAanalyticslooksintothequestionsof“whysomethinghappened?”Forexample,whiledescriptiveanalyticscanprovideanoverviewofyoursocialmediamarketingcampaign’sperformances(posts,mentions,followers,fans,pageviews,reviews,pins,etc);diagnosticanalyticscandistillthisdataintoasingleviewtoseewhatworkedinyourpastcampaignsandwhatdidn’t.Enablersofdiagnosticsanalyticsincludeinferentialstatistics,behaviouralanalytics,correlations&retrospectiveanalysisandoutcomebeingcauseandeffectanalysisofabusinessissues.4.PredictiveAnalytics(IsProactiveinNature)Predictiveanalyticsinvolvesanalyzinglargeamountsofaccumulatedsocialmediadatatopredictafutureevent.Thus,itdealswiththequestionof“whatwillhappenand/orwhywillithappen?”Forexample,anintentionexpressedoversocialmedia(suchasbuy,sell,recommend,quit,desire,orwish)canbeminedtopredictafutureevent(suchasapurchase).Alternatively,businessescanpredictsalesfiguresbasedonhistoricalvisits(orin-links)toacorporatewebsite.5.PrescriptiveAnalytics(IsalsoProactiveinNature)Whilepredictiveanalyticshelptopredictthefuture,prescriptiveanalyticssuggestthebestactiontotakewhenhandlingascenario(Lustig,Dietrich,etal.2010).Forexample,ifyouhavegroupsofsocialmediausersthatdisplaycertainpatternsofbuyingbehavior,howcanyouoptimizeyourofferingtoeachgroup?Likepredictiveanalytics,prescriptiveanalyticshasnotyetfounditswayintosocialmediadata.Themainenablersofprescriptiveanalyticsincludeoptimizationandsimulationmodeling,multi-criteriadecisionmodeling,expertsystems,andgroupsupportsystems.References1.KhanG.F.,2015,Sevenlayersofsocialmediaanalytics:Miningbusinessinsightsfromsocialmediatext,actions,networks,hyperlinks,apps,searchengine,andlocationdata,CreateSpaceIndependentPublishingPlatform.2.TuncayBayrak,AReviewofBusinessAnalytics:ABusinessEnablerorAnotherPassingFad,Procedia-SocialandBehavioralSciences,Volume195,2015,Pages230-239,ISSN1877-0428,http://dx.doi.org/10.1016/j.sbspro.2015.06.354.SomeopinionsexpressedinthisarticlemaybethoseofaguestauthorandnotnecessarilyAnalytikus.Staffauthorsarelistedinhttps://www.analyticbridge.datasciencecentral.com/profiles/blogs/4-types-of-social-media-analytics-explained#Machinelearning#data#bigdata#datascience#artificialintelligence#ai#analytics0views0commentsPostnotmarkedaslikedPOST