The power of social media analytics

Social media has a capacity to offer online communication replacing physical proximity, and has completely transformed the way businesses are done today in the digital world. Using social media for marketing is very much cost-effective for reaching out to a geographically diverse range of customer base. Business performances can be enhanced by reaching out to a wider range of prospective customers and satisfying the need of the existing customers. Business performance requires tracking business metrics and measurable key performance indicators to show the progress of business goals. Social media is a great platform to track key business performance indicators for Small and Medium Enterprises (SMEs) in a cost-effective manner. However, in Australia, only 33% of SMEs are using social media and hence are not benefitted from the advantages social media provides in improving business performances. This paper presents a literature review on the use of social media, social media analytics (SMA), social media marketing (SMM), and how they can be used by SMEs to enhance their business performances. This study introduces a new conceptual framework assisting SMEs in developing their presence on social media and using social media to enhance their business performances based on social media use, social media analytics, and social media marketing. The conceptual framework also aims to enhance the technical, operational, conceptual, and relationship competency of SMEs.

Social media has opened several new marketing channels to assist in business visibility as well as provide real-time customer feedback. With the emergence of new internet technologies, businesses are increasingly recognizing the value of social media and web presence in the promotion of their products and services.Harnessing the Power of Social Media and Web Analytics documents high-quality research to empower businesses to derive intelligence from social media sites. These emerging technological tools have allowed businesses to quantify, understand, and respond to customers conversations about their corporate reputation and brands within online communities. This publication is ideal for academic and professional audiences interested in applications and practices of social media and web analytics in various industries.

The Australian wine industry is dominated by small and medium enterprises. Many of these businesses incorporate primary, secondary and tertiary activities which require a range of management skills to succeed in an increasingly competitive market. The motives of owner/managers for being in this industry are varied and potentially impact on the success enjoyed by their business. Using interviews with the owner/managers of small businesses this paper explores these varying motives, how they may change, and their impact on strategies and business performance. Findings suggest two possible dimensions of motivation: firstly a dimension ranging on an axis from passion for making wine to being solely interested in a 'business for profit' and secondly a dimension around being in business for personal or external reasons. Clusters of wineries are identified based on these dimensions, highlighting the diversity of small business owner/managers motivations in this industry. Further, the reasons for entering and staying in the wine industry may change over time.

The aim of this paper is to assess how inflation affects the financial performance of businesses operating in Kosovo. More precisely, the impact of inflation and profit tax on the profitability of businesses is analysed, as well as the relationship between the profitability of businesses with the inflation level, the profit tax, the net wages level and the GDP level of Kosovo for the period 2018 - 2021. In this study, the quantitative approach was applied and the descriptive and verification method was used as the research method. Analyses performed include linear regression analysis and linear trend analysis. The data used in the research are secondary data provided by the financial statements of businesses operating in Kosovo published by the Ministry of Finance, Labour and Transfers. The research sample included 120 businesses. The results of this study show that, for the analysed period 2018 - 2021, inflation and profit tax have a positive impact on the profitability of businesses in Kosovo, as well as there is a positive relationship between the profitability of businesses with the inflation level, the tax on profit, the net wages level and the GDP level in Kosovo. This study contributes to the literature as evidence that makes clear the impact of inflation on the profitability of businesses in Kosovo and can serve as a good basis for other researchers who analyse similar aspects in the future.
 
 Received: 20 March 2023 / Accepted: 13 June 2023 / Published: 5 July 2023

The demand for supply chain decisions is unending and continuously demands that managers be well equipped to make rational and effective decisions cost effectively to enhance business performance. This research aims to investigate the perceived influence of tactical, operational and strategic supply chain decisions on overall business profitability within the context of Kurdistan’s real estate companies. This study contributes to the academic understanding of the role of supply chain decisions in real estate profitability, providing a foundation for further research in the field. 3 hypotheses linking tactical, operational and strategic supply chain decisions with overall business performance were formulated. A multiple regression model was estimated using 362 questionnaire observations collected from Kurdistan real estate companies’ supply chain managers, project managers, procurement officers, and executives involved in decision-making processes in Erbil. The findings demonstrated that tactical, operational and strategic supply chain decisions positively impact overall business performance. Of paramount importance are the findings denoting that tactical supply chain decisions insignificantly enhance overall business performance because of their short-term nature. The study concludes that understanding and effectively implementing tactical supply chain decisions can lead to a direct and significant impact on overall business profitability. To optimize tactical supply chain decisions to positively impact overall business profitability and ensure a competitive edge in the market, real estate managers can strategies encompassing the application of data-driven decision making, integrated supply chain planning, optimize inventory management, vendor and supplier collaboration, streamlined procurement processes, and efficient transportation and logistics methods.

There is no direct correlation between total information technology (IT) spend and business profitability ‐ an outrageous claim one might think. But this is the fact of the matter as proved in research we have carried out with Andersen Consulting. It does not mean that IT never improves business performance ‐ it means that how money is spent is more important than the amount. So what makes IT investments pay off and deliver long‐term value to a business?.

After a period of decline at the turn of the century, demand for customer relationship management (CRM) software is rebounding. Our investigation of the Australian context, however, shows that a large proportion of companies are still undeveloped in terms of their application of software to support their customer management strategies. Less than 40 per cent of companies use CRM software. When it is used, the software is more commonly deployed for customer retention and customer development purposes. It is less extensively used to support customer acquisition, but when this does happen it results in more cost-effective marketing campaigns. Companies that do employ CRM software are generally satisfied with their return on investment (ROI) from the software. Our data suggest that companies’ level of satisfaction with software performance varies directly with its reported impact on business profitability. The performance of the software in meeting companies’ expectations of customer retention is a statistically significant predictor of profitability. Larger companies tend to be less satisfied with software ROI, while service companies appear to be more likely to adopt CRM software than companies in other sectors. We find that the intelligent application of CRM software can yield improvements in business performance.

PurposeTo explore the alleged causal link between Investors in People (IIP) recognition and improved business performance and profitability.Design/methodology/approachFour in‐depth case studies using semi‐structured interviews are used to gather the appropriate data.FindingsThe data collected challenges the direct relationship frequently proposed between IIP recognition and increases in business performance and profitability. Although it could be argued that changes are usually necessary in companies in order to align the organization with IIP standards and requirements, the cases explored instigated such changes independently of the pursuit of IIP. Only after these changes had taken place did the organizations consider a pursuit for IIP recognition. Thus, the findings point to a complex amalgam of factors at play in the micro and macro environments of the organizations studied rather than just an IIP‐profit/performance cause and effect nexus. In consequence, the reasons for these IIP recognized organizations performing better than non‐IIP organizations were due to their efforts prior to recognition and not because of it.Research limitations/implicationsFurther research is needed to explore and generalize the rhetoric and realities behind the alleged causal link between IIP recognition and increased business performance and profitability.Practical implicationsHR practitioners and managers need to exhibit caution before considering IIP recognition. The potential benefits suggested by advocates of the standard are not guaranteed, regardless of any alleged casual link.Originality/valueThis gives HR practitioners and managers a valuable and timely alternative discourse and perspective when considering employee development towards IIP recognition and the possibility of improved business performance and profitability.

The Positive Effect of a Market Orientation on Business Profitability: A Balanced Replication

The study develops an artifact for decision support in capital raising campaigns that employs the power of social media analytics (SMA) to allow a better matching between investors and companies. The paper uses the design science approach to propose an artifact which pioneers the investment landscape by providing a method to focus investors’ attention on a selected set of companies and identifying investors groups for targeted capital raising. The artifact is based on SMA that employs machine learning techniques to provide insights from unstructured social media data and textual data from capital raising campaigns. The study demonstrated the application of the artifact using data from CrowdCube to assist with decision-making during capital raising campaigns. The application of the artifact is further validated through the focus group evaluation. Unlike existing approaches, the proposed artifact views investors as heterogeneous groups with different preferences and needs identified through social media.

This research aimed to examine the effect of cluster location, business organization, working capital, and human resources on business performance in fisheries MSME. A quantitative design was used by developing 2 multivariate statistical models with 4 independent variables, namely cluster location, MSME organization, the number of workers, and production costs, as well as 1 independent variable, including the performance of MSME businesses measured by production results or harvests, sales turnover, profits, and assets. This research was carried out in Klaten, Boyolali, and Sragen Regencies using census sampling of 167 fisheries. Cluster location and MSME affected business performance. Management of production costs had a positive effect on harvest results, sales, profits, and an increase in business assets, while the number of workers only affected harvest and business profits. The characteristics of the MSME fisheries cluster are not analyzed, and cooperative performance superiority does not provide deeper insights into the business processes. Furthermore, direct measurements of the efficiency of capital in the MSME fisheries cluster have not been discussed. Nevertheless, this study contributes to the policymaking in MSME cluster development to support regional economic growth. MSME businesses should pay more attention to managing cluster location, organizations, and capital management as measured by production costs and number of workers to improve business performance.

The aim of this research was to assess the impact of business communication on business profitability using Citibank Greece as the case study. Communication has been for a long time a great tool of improved performance in organizations because it contributes in bridging the gap between the organstaion and its different stakeholders. However, little focus is normally given on how communication influences profitability of different businesses. Therefore, the aim of this study was to determine the link between business communication and business profitability by employing literature and contextual based research instrument. The research was conducted as a descriptive survey from where data were collected using an online survey questionnaire. The analysis of data was conducted using various expository statistical methods of analysis. Finally, the obtained results strongly suggest that effective communication in business has an obvious and indisputable influence on business profitability and performance.

The rise of social media has transformed business marketing strategies in Nigeria, particularly for small and medium-sized enterprises (SMEs). With widespread internet access and the increasing use of mobile devices, SMEs, especially in the phone accessory sector, are turning to platforms like Facebook, Instagram, and WhatsApp for low-cost, interactive marketing. Despite these opportunities, many businesses in Ibadan struggle to effectively leverage social media marketing, often due to a lack of structured strategies and digital skills. This study examines the effect of social media marketing on the sales volume and profitability of phone accessory businesses in Ibadan, Nigeria. A descriptive survey method was used, targeting phone accessory dealers in Ibadan’s Challenge, Dugbe, Mokola, and Iwo Road areas. A sample of 157 respondents participated, with data collected through structured questionnaires. Statistical analyses, including ANOVA, were used to test the relationship between social media marketing and business performance. Statistical analysis confirmed that social media marketing explained only a small fraction of the variation in sales and profitability, with R-squared values of 0.008 for sales volume and 0.003 for profitability. The F-statistic for sales volume was 1.274 with a p-value of 0.261, indicating no statistically significant relationship, while the F-statistic for profitability was 0.491 with a p-value of 0.484. The results suggest that while social media marketing holds potential, its current implementation in the study areas is ineffective. As such, businesses should invest in digital marketing training, improve customer engagement on social media, and adopt targeted strategies like influencer collaborations.

This chapter reviews customer relationship management, social media platforms, and social media analytics, and discusses how social media platforms and social media analytics are used to support social CRM. Social CRM emerged by integrating social media with customer relationship management. Social media offers companies an array of innovative ways to interact with their employees, customers, partners, and other stakeholders. As the user base of social media is growing rapidly, it is crucial for companies to understand their social media platforms, develop a plan to continually integrate social media with CRM, analyze social media data with social media analytics, and quickly respond to the needs of customers. To help CRM managers utilize social media analytics systematically, this chapter discusses various analytics methods and presents analytics processes for social media data.

This chapter reviews customer relationship management, social media platforms, and social media analytics, and discusses how social media platforms and social media analytics are used to support social CRM. Social CRM emerged by integrating social media with customer relationship management. Social media offers companies an array of innovative ways to interact with their employees, customers, partners, and other stakeholders. As the user base of social media is growing rapidly, it is crucial for companies to understand their social media platforms, develop a plan to continually integrate social media with CRM, analyze social media data with social media analytics, and quickly respond to the needs of customers. To help CRM managers utilize social media analytics systematically, this chapter discusses various analytics methods and presents analytics processes for social media data.