With every passing year, artificial intelligence is becoming more advanced, more reliable, and more accessible. As a result, there are an increasing number of applications for organisations of every size and in every industry.
Social media analytics is nothing new, but those with the pulse on new advancements in AI are reaping the benefits of more granular and actionable insights for their business.
We look at what social media analytics entails and explore how new AI technologies can be applied to deliver valuable information for effective decision making in business.
What is Social Media Analytics?
First, a quick 101 on social media analytics.
Most people think of social media as Twitter, Instagram, TikTok, Facebook, etc. But the term social media extends to anywhere that consumers share their opinions, experiences and feelings online. That includes product reviews, consumer forums, blogs and much more.
Social media analytics is the process of gathering and analysing data from these sites for the purpose of making better business decisions.
Social media analytics is an ongoing process. Online data is forever generated and forever in flux, so businesses of all sizes should regularly conduct assessments to keep up to date with what consumers are saying.
Why is it Important?
- Measure the success of a social media campaign
Social media analytics allows you to assess the effectiveness and value of your marketing campaigns. Discover which messaging and content best resonates with your audience. With the right tools, engagement and sentiment data is easy and quick to gather and use as KPIs for marketing analysis.
- Customer pain points
Online customer review sites are rich in useful information about your existing customers’ experiences with your brand, product or service. Discover regularly occurring customer pain points and leverage that information across your business.
For example, if customers perceive that your product lacks a specific feature or function, that’s highly useful information for your product development team. Your customer service team can also use customer pain point information to structure a cohesive response for regularly occurring issues.
- Brand sentiment
Social media analysis is a solid way to measure the health and reputation of your company. At a time when most people read consumer reviews before making a purchase, positive brand sentiment on social media is critical to brand health.
With regular social media analysis you can spot a PR crisis in its early stages and formulate a response before it’s too late.
- Competitor analysis
Analysing social media data comes with a great benefit: it’s easy to get a large amount of publicly accessible data on your competitors.
You can run a like for like analysis against other companies within your industry and get insights into your performance differs. Identify where your competitors excel and use that information as a benchmark. Your marketing team can leverage this same information to pinpoint where you have the competitive advantage, and centre your messaging around the distinguishing features of your product or service.
- Consumer intelligence
Social media analytics can also help you to identify different customer profiles within your audience. Beyond simple demographic information, with the right tools you can discover the type of content your audience most connects with, their likes, values and preferences and even their personality traits. This can help you to build better relationships with your existing consumers, improve customer service and even boost sales by refining your messaging to attract the people most likely to buy your product or service.
Social Media Analytics and Artificial Intelligence
It’s notoriously difficult to accurately extract data from written text. The majority of social media data is unstructured, that is to say, it doesn’t fit neatly into an excel sheet. To add to the challenge of analysing social media data, human language is complex. There are many ways to express the same idea and we can be nuanced and indirect – things that computers have a hard time decoding.
What’s needed is a special branch of AI known as natural language processing (NLP), but not all NLP models are the same. Some require an intensive amount of training by a linguist, others require a large amount of data in order to be accurate. All of this makes advanced social media analytics AI highly impractical at best and in most cases prohibitive in terms of time and cost.
Symanto AI stands out not only for its groundbreakingNLP technology, but also the added capabilities it brings to social media analytics.
- Low training NLP technology
Symanto is at the forefront of NLP research and technologies. Our models require very little training. We’ve also developed several ready-to-go use case models for several industries: like Banking, Consumer Electronics, E-Commerce, Hospitality, Pharma and many more.
- Accurate on short excerpt of data
While some NLP AI requires a vast amount of text data to be accurate, our models are effective even on text excerpts as short as 10 words. From topic and sentiment detection to psychographics (see below), with Symanto’s superior accuracy, you’ll get more precise, granular insights for better decision making.
- Use on review sites, blogs and more
Most social media listening tools are designed to work on the traditional social media channels e.g Twitter, Instagram, YouTube etc., but not important sources such as Google reviews, Amazon product reviews and other forums. The result is multiple information silos which are difficult to form into one cohesive database.
Symanto technology makes it easy to gather data from multiple sources including all of those mentioned above, and get a cohesive, like-for-like analysis.
When it comes to consumer intelligence, Symanto offers ground-breaking personality trait detection technology, based on the work of Carl Jung, to reveal more about the people behind the reviews. For example, a sample of text can reveal whether someone is more driven by rationality or emotions, or whether they have an emotional connection to your brand.
Leverage this information to hone your marketing and customer service communications, optimise engagement and boost sales. Compare your customers’ psychographics to those of your main competitors to see if your business is already attracting a specific niche of consumers within your industry.