Social Media Analytics: Understanding the Functional building blocks Pros and Cons Introduction Every day, prospective consumers and customers propose feedback and engage in online discussion about businesses on sites like Twitter, Facebook etc. Social media, which are easy-to-access tools that allow digital communication and teamwork, are progressively making an influence on the global world. Social media has stretched from its beginning in the end user space to the point at which its result on brand and commercial reputation can be immediate and influential. Thus companies are discovering the importance to scrutinize and quantify this emerging space. The source of data for Social media is wide spread: Blogs (Blogger, LiveJournal), Micro-blogs
Business owners need strategies on how to use Internet marketing to promote and their products or services. The world of marketing has been altered by online marketing strategies as not only large group can benefit of them. In fact, an online marketing campaign can be run with a small budget. The main expanse is the time consuming or human resources meaning that anyone can technically build an effective online presence. Online marketing is a tool that in addition to be cost effective, can permit to reach a target everywhere in the world.
In a conventional marketing department scenario, analyzing market trends tends to be easy, as most of the data resides within marketing databases. But in contrary within a social media based unstructured data, it causes trivial noteworthy challenge for the conventional analytics tools to judge and evaluate the business trends. Google analytics, HootSuite, Simplify, uberVU, Sprout Social and other such tools can help process information and can endow with tremendous analytics competence that can assist in finding out how social media can help concern and gain revenue by becoming more conscious about consumers or patrons reaction to promotions and products. The Nielsen survey shows that 90% of consumers worldwide trust recommendations from people they know, while 70% trust consumer opinions posted
Connected yet disconnected—is this really what social networking has turned us into? Knowing that social media has some issues, have you ever wondered whether social media is a comfort or a menace? We can solve the many issues of social media so that social networks remain to be a credible source of information, a means for public awareness, a platform for connecting with other people and for strengthening offline and online relationships, a medium for crowdsourcing and solidarity, and a place for engaging in business. Zuckerberg (2018) wrote in a Facebook post that social media enables people to spread information faster than ever before. In fact, a poll showed that a majority of traditional media reporters relied on social media to check for breaking news (Weaver & Willnat, 2014).
Other outlets like official websites or paid search marketing cost a fraction of what a major television advertising campaign would.” (Marketing Schools, 2012) The Internet also creates fascinating new opportunities for companies to profile and target better their customers. The interactive dimension of the web makes easier a company's ability to track, store, and analyze data about their segmented market and customer's demographics like personal preferences, or online behavior. Thank of those data, advertiser are able to provide a more personalized and relevant ad experience to their
The key to a successful social media presence is a narrow focus. Research where your audience can be reached, decide how you want to convey your message and then determine which social sites are right for you. For instance, an accounting firm ought to have a LinkedIn and Facebook account, but is unlikely to require an Instagram or Vine account. If you want customers to take you seriously, interact on a regular basis and keep your channels hopping with activity. 3.
The articles examine the social media can assist customer knowledge management (CKM). The case study stated in this article is about Starbucks, which they are using CKM to communicate with their customer in order to success in the market. By using social media, they achieve competitive advantage, lower production cost, increase innovation and more understand their customer needs to improve products. In contrast, it also bring disadvantage, where the customers share wrong knowledge through social media that will affect perception of other people. There have three strategies about CKM, which are management of knowledge for customer, from customer and about customer.
Donne Torr mentioned some reasons why social media is important. When forming a social media strategy for a company, it is better to gain knowledge from the insights and experiences of other individuals in the business. Get opinion from the businesses that make use of social media sites and are proven effective on the company’s success. Businesses all over the world are seeing ways on how social media is encouraging success and development, whether it’s getting more followers or growing customer commitment. Here are some of the things any business people should know on how important the social media is on businesses.
Why is e-commerce important in these difficult economic times? E commerce helps organizations to enhance efficiency by performing the following: 1. Providing support for customer self-service by equipping patrons (Web users) to complete transactions independently. 2. Nurturing customer relationships by focussing Up-front efforts on increasing customer loyalty, not necessarily on maximizing sales.
FACTORS AFFECTING ONLINE CONSUMER BEHAVIOR Today online consumers have more control and bargaining power than consumers of physical stores because the Internet provides a lot of activities to build connections between consumers and producers and also the availability and credibility of information about products and services being offered. According to Geissler and Zinkhan (1998) they claimed that the Internet changed the balance of power in favor of consumers and became easy for them to have a shopping comparisons and evaluation without being pressured by vendors or sellers. Online shops lessen the cost of transaction to benefit both consumers and vendors. However, online businesses also have disadvantages compare to physical stores. In online