Social Media Analytics: The Next Big Thing?

Abstract

The emergence of Internet and Social media has created huge opportunities for marketers to know their customers. User generated content and consumer generated media have brought social networking to a new altitude. People are eager to share what they think, what they prefer and companies are taking its advantage to the maximum. It is not only the one side of the coin which is being benefitted, consumers are also gaining in the form of improved information and opinion from users. For various companies, social media platforms have become primary source of personal information of users. Social media analytics help marketers to identify segments and know customer's appeal towards a particular brand. The present study focuses on the emergence of social media analytics and modelling. It has been observed that despite enormous benefits, companies in developing countries like India are unable to exploit the opportunity to the fullest. The present study is based on exploratory research design where extant review of literature has been carried out. It also focuses on the various methods used by marketers to derive decisions out of data available on the social media platforms. The study also includes a systematic arrangement of reviews and comments collected from a social media platform and a sentiment analysis is being conducted on the data collected. Finally this paper contributes to the area of SMA and induces marketers towards a wise use of social media analytics in their business.