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Social Media Monitoring: 7 Reasons Why It is Important for Your Business

In recent years, social media has surfaced as a powerful marketing tool. It continues to be an integral part of marketing strategies across all industries, but as it is still new, the learning curve is quite steep. As social media marketing and social media monitoring evolve, the knowledge of the field is acquired by marketing professionals through trial and error.

We at Quantzig, understand the challenges that companies face in social media monitoring. It can be frustrating, overwhelming, and often confusing to navigate the world of social media management. But you cannot negate the fact that social media monitoring is crucial for the growth of your business in today’s competitive landscape.

So, to help you out, our team of experts has explained in detail about social media monitoring and how can it help companies to stay up-to-date with social media marketing trends without using up too much their resources.

Are you finding it difficult to monitor the effectiveness of social media investments and digital marketing campaigns? Get in touch with our experts to check how our social media analytics solutions can help.

What is social media monitoring?

Social media monitoring is not just limited to the realm of social media platforms but goes far beyond. If your business has an online presence in the market, customers will more than likely talk about you on websites, social media platforms, review sites, blogs, and anywhere else they get together to share their opinions and ideas. So, if you really want to know who is talking about you and what they are saying, you need to do social media monitoring. In simple words, social media monitoring is the act of “listening” to what the internet is saying about your business. This way you can gain actionable and valuable insights and can stamp out potential wildfires. This may sound a little overwhelming, but with the help of specialized social media monitoring tools, you can actually streamline the process of collecting and responding to comments and feedback.

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customer analytics

Social Media Analytics: The Key to Boost Customer Engagement and Marketing Performance

What is Social Media Analytics?

Social media analytics can be defined as the art and science of extracting valuable and actionable hidden insights from the huge amount of unstructured and semi-structured social media data that enables informative and insightful decision making. Social media analytics helps organizations in capturing and interpreting online conversation, making it easier to segregate valuable inputs. Social media analytics tools can crawl most social media channels, including anything from the main social networks to news sites, forums, and blogs. Social media analytics report gathers data from social media websites and helps in analyzing data using social media analytics tools to facilitate better business decisions. Also, social media analytics is very useful in mining customer sentiment that enhances marketing performance and customer service activities.

Are you finding it difficult to monitor the effectiveness of media investments and digital marketing campaigns? Get in touch with our experts to check how our social media analytics solutions can help.

Benefits of Social Media Analytics

#1: Social media analytics helps to understand your audience

Social media analytics has the potential to help businesses in taking steps towards understanding your audience using social data. This can help in several ways like analyzing your previous posts can help you find your unique and best time to share. Timing is a very important part of social media marketing. If you want your posts to drive more traffic, engagement and sales, you need to post when your audience is online and at their highest level of alertness. Therefore, you need to dissect your social data and find your unique best time to post on the social media platform.

#2: Social media analytics tells about your best social networks

There are various social networks but not all of them will work perfectly for you. Social media analytics helps here as it enables you to identify the platform that can help yield maximum engagements. This is the only way to confirm which social networks work best and measure how much traffic, engagement, and sales you are getting. This data can then be used to focus more on social networks that are working for you and eliminating the one that is not. Furthermore, this data can also be used to prioritize the amount of time you need to manage each of the social networks. Real-time and single analytics dashboard can help you to compare the performance.

#3: Social data can help you produce better content

By tracking your social networks, you can analyze the content that drives the best results. Social media analytics also assists in figuring out the type of content that is performing best. Additionally, it can help in analyzing most shared and viewed content, time spent on them and sales were driven by them.

Empower Your Business with Analytics

With our social media analytics solutions, we help companies analyze the effectiveness of company communications and customer interactions on different digital marketing platforms including social media presence, website, and mobile marketing. Request a free proposal now to check out our complete portfolio of analytics solutions.

#4: Help you understand competitors

One of the most crucial benefits of social media analytics is it helps in analyzing competitors. Social media competitor analysis makes it easy for you to avoid mistakes that your competitors are making and focus more on techniques that yield results. There are several social media analytics tools that can help you see the percentage of traffic your site receives from different social networks

#5: Social media metrics can help you create a better strategy

It is very difficult to create the best marketing strategy in the very first attempt. But by social media data analysis, you can easily figure out the mistakes you are making. This can help in optimizing your marketing strategy by eliminating mistakes. But along with social media data analysis, it is important that you use social media listening to check the impact your strategy is having on your audience. But what is social media listening? Social media listening is the process of tracking online conversations to understand what people are saying about a specific industry, brand, person, etc. By using social listening, it is possible to check in real-time what people are saying about your business online. Furthermore, this can help in modifying the strategy to better connect with potential and current customers.

#6: Social media analytics shows you how a social media campaign is performing

For any business running a social media campaign, it is imperative to track it regularly. Social media analytics comes to rescue and help in checking if it is panning out the way you intended it to. If things are not working as you planned, you can make the required changes to your campaign and rectify the mistakes. Also, if results are not optimum, you can nip it in the bud.

#7: Helps in tracking the needs of your target audience

For businesses to reach their full potential, it is essential that they understand the attitudes and preferences of their target audience. If you can really find out what your audience wants, you will know what and how to provide it. Social media analytics gives a myriad of opportunities to do this by using the appropriate tools. Also, the social media analytics report provides valuable data that can be utilized for the growth of the business online. By identifying the patterns in the needs of the customer and their behavior it becomes easy to gauge at the marketing effectiveness.

We understand the challenges companies face in analyzing social media discussions on the business’ campaigns and products and keeping track of the opinions of their followers to proactively resolve customer issues. Our analytics solutions provide best-in-class frameworks to analyze the brand sentiment, understand the effectiveness of the promotional activities, and provide information on the competing brands. Request a free demo below for more insights.

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Social Media Algorithms – The Reason Behind Uncontrolled Addiction

It’s amazing how interconnected the world has become thanks to social media. People from all around the globe are socializing and connecting because of it. You can stay abreast of what your friend is doing in one part of the world while sitting on the complete opposite side of the world. Also, its surprising how intensely social media can get its users hooked, its almost as if every other content or post is of interest to them. But how can that happen? Not everything interests a particular people, and they might not be interested in everyone in their friend circle. That’s where social media algorithms come to play. They take into account multiple factors including users likes, dislikes, and preferences and displays them feeds, which they would like the most. Consequently, it leads to users getting addicted to social media and spend hours scrolling through feeds – a phenomenon coined infinite scrolling. However, it was not always the same in the past, as posts would be ordered in chronological order, which could cause you toFree demo miss posts from your close friends. So how did we progress from seeing everything to see only the things we like?

Social media algorithms

Leading social media platforms use algorithms to determine if the user will like a particular kind of post or not. They go through all the posts in a user’s feed and sort the posts that are popular and relevant to them. If users are shown all kind of posts from everyone, then their feed will get overflooded with unwanted stuff, subsequently losing interest and quitting the app. However, such intelligent feeds pose a challenge to the marketer who needs to come up with original and refreshing content to fight for some real-estate in the users’ feed. So how leading social media platform’s use social media algorithm to keep their users happy?

Facebook algorithm

Facebook has abundant metrics to determine user preferences. They always look into what users like, share, comment on, and post on their site. The Facebook algorithm makes sure that users see posts they most likely will engage with. Facebook takes into account the content available, considerations about the content, and considerations about friends to come up with an overall score. Such score enables Facebook to sort posts based on users likeliness. For instance, considerations about the content factors in signals such as time spent on the content, number of comments, story type, engagement with the publisher, nature of information, the person sharing a link, and the time of post. Each factor is given weight as per its importance in order to calculate the overall score. Also, content shared by friends and family spark more interest and engagement from the user. To drive such user engagement, Facebook killed its EdgeRank algorithm and now has close to 100,000 weight factors to rank news feed.

Instagram algorithm

Instagram is another social media platform owned by Facebook itself and focuses mostly on image-sharing. Instagram also recently started sorting posts based on user preferences rather than chronology. For big businesses with thousands of followers, it is estimated that only 10% of the audience actually sees the posts. The Instagram algorithm reviews the number of likes, comments, video views, hashtags, saves, shares, and DM’s to calculate the relevance of the post. This can be quickly confirmed by going over to the search bar in Instagram, which will show you relevant posts from unfollowed people or pages. It also takes into account the time of day a content was posted and the engagement it gets. For brands looking to reach their customers, it will now be essential to know when a majority of their user base is active so they can generate more engagement.

Twitter algorithm

Twitter reports that more than 500 million tweets are sent each day – and the number can go as high as 150,000 tweets in a single second. On a platform such as Twitter, updates can be easily lost in the shuffle. As a result, Twitter algorithm helps ensure most essential tweets appear at the top of users timeline. Twitter can figure out if a user is always replying, retweeting, or linking someone’s tweet and show that account’s tweet first. However, unlike other social media, Twitter may also show tweets from people user’s don’t follow based on signals which indicate its popularity and how people in user’s network are interacting with it. Unlike Facebook and Instagram, users can choose to revert to chronological feed in their settings. The Twitter algorithm factors in total engagement, post timings, use of rich media, location, hashtag, and pictures and videos to make it more relevant.

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How Sentiment Analysis Helped a Leading Insurance Company Understand the Customer’s Perceptions Toward their Products and Services

The Business Challenge

A leading insurance company was facing certain challenges understanding the opinion of the customers and assessing the opinion and attitude of the end-users. Moreover, the client wanted to understand the customers’ perception of the products offered and develop strategies to respond to their campaigns and product launches. Moreover, the client wanted to seek ways to leverage sentiment analysis to scale across virtually unlimited channels. The primary aim of the engagement was to leverage sentiment analysis to monitor how customers feel about the brand. The insurance industry firm also wanted to develop a proactive engagement strategy to monitor interactions.

Solutions Delivered

To help the insurance company establish its presence in the market, the engagement also focused on improving customer experience and their competitive position. With the help of sentiment analysis, the client was also able to refine business models and design marketing campaigns to assess the perception of customers around their activities.

Additional Benefits Offered by Quantzig’s Sentiment Analysis:

  • Identified the potential competitors in the insurance company space and gained relevant insights on the brand
  • Potentially tapped into customers preferences and determined the perceptions of the customers toward the brand
  • Streamlined the use of social media channels to enhance product performance

 

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Sentiment analysis of a customer is essential for providing seamless customer experience but it is challenging to execute. Even well-established businesses can find themselves coming up with excuses to delay, defer, and deny. Request a FREE proposal to know more about our sentiment analysis solutions.

Insurance Industry Overview

With the recent changes pertaining to interest rates and equity, insurance companies have started focusing on their offerings to improve profit margins. Moreover, with the global economic volatility and the changing regulatory landscape, leading insurance companies are looking to implement long-term growth strategies to improve their product portfolios and deliver customized offerings to the customers. To improve their presence in the market, insurance providers are including sentiment analysis as a part of their marketing strategy. Moreover, sentiment analysis also helps businesses in the insurance space identify and categorize opinions and determine the customer’s attitude toward the products and services. Leading businesses in the insurance company can also leverage sentiment analysis to handle large volumes of customer feedbacks and understand the preferences of the customers.

Benefits of Sentiment Analysis Solution

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7 Tools to Completely Revamp Your Social Media Strategy

“Social Media is about the people! Not about your business. Provide for the people and the people will provide for you.”
Matt Goulart

Social media has brought the world closer and made it more connected. It has taken the phrase “Customer is the King” to a whole new level by giving the people power to make or break a brand. Given the wide reach of social media, and the ease of accessibility, it is essential for companies to identify the optimum social media strategy to engage and retain their customers. Here is a list of the popular social media management tools that will help you take home the trophy for marking your online presence:Free demo

Hootsuite

Do you have multiple accounts and find them hard to manage? Hootsuite is here to save your day! With the help of this social media management tool you can easily manage multiple accounts, schedule posts across all major social media platforms and add multiple account managers with ease. Hootsuite also has a robust training platform that will help you rethink and reconstruct your social media strategy.

Hubspot

Hubspot is a social media management tool that not only helps you to monitor and publish across various social media platforms, but also facilitates you to get closed-loop reporting data. i.e. while you see which channels drive the most engagement, you can also track down further in the funnel to see the quantitative data on channels that drive actual leads and sales. Based on these analysis companies can alter their social media strategy accordingly.

MeetEdgar

You often post something and later forget about it, so how about an app that re-shares your evergreen post without you having to take the pain? MeetEdgar is a social media management tool you need to drive more traffic by automatically re-sharing popular old posts from your page.

TweetDeck

Want a shortcut to be an active member of the twitterati bandwagon? Tweetdeck is one of the best reasonably priced paid platform that makes it easy to follow several conversations at once and schedule content in a snap. Tweet deck helps companies to build their social media strategy around twitter by easily following the activities of prominent players and formulate better marketing strategies to grab more eyeballs from the Twittersphere.

To know more about the how to build an effective social media strategy using social media management toolsGet more info

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Social Listening Helps a Leading Banking Firm Analyze Unstructured Data

The present world is encircled within the boundaries of social media, where organizations are using it to reach out to the right people at the right time with the most insightful content. To leverage the benefits of social media, organizations across the globe are opting for social listening tools to effectively monitor conversations about the company, competitors, and other topics of interest. Also, beyond the conventional monitoring process, social listening allows the businesses to enhance content marketing campaigns, human resources, product management, business development,  and customer support. With the help of special tools, social listening can help the company to implement an effective social listening strategy to track, analyze, and respond to conversations. Consequently, organizations should deploy the right tool such as Google Alerts or expensive suite software to monitor online customer support forums and further encourage customers to support new product features.

Quantzig’s social listening solution helps the client to adequately mine texts from social networking websites, blogs, and discussion forums. The client can further glance at the volume, context, and sentiment of online conversations and make real-time strategic decisions.QZ_DEMO

The Business Challenge

With evolving customer expectations and increasing emphasis on ‘personalization,’ a leading bank in the US had to depend on cold-calling to gain insights into customers’ needs. The client could no longer rely on relationship managers to satisfy and retain potential customers. Also, the client was facing challenges with the cold-calling success rates, which was less than 5%. They wanted to shift from a ‘one-size-fits-all’ model to a model that focuses on enhancing customer relationships by segmenting customers and mining their conversations on social media using machine learning approaches.

Key Objectives of the Social Listening  Engagement:

  • Analyze the web and social interactions to personalize customer services
  • Understand the conversion themes around a particular area of interest such as auto loan, mortgage, and investment
  • Understand primary concerns around the bank, policies, and primary reasons for switching to competitor brands
  • Sentiment about the bank’s products and services
  • Offer products as per the customer’s requirements and through their preferred channels

Our Approach

To gain actionable insights into the social listening landscape, Quantzig’s team of experts applied forward and backward listening approaches. Also, the team monitored relevant conversations both for current data (forward listening) and historical data (backward listening). Tracking topics for the previous year helped create a baseline of social media sentiment for specific events in customers life. To validate the obtained information, the experts also collated data from various sources such as Facebook, Twitter, and web portals for storing in a central repository.

For robust entity extraction, Quantzig’s social listening team applied natural language processing techniques and derived insights into names, locations, and life events such as graduation, marriage, and childbirth. In addition, we also leveraged the use of taxonomical term recognition dictionary to categorize and classify information based on the client’s business objectives.

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Social Listening Solution Benefits:

  • Analyzed comments related to internal and external events as well as larger demographic changes
  • Auto-classification of comments related to drug effects into categories such as auto loan, home loan, mortgage, and investment,
  • Identify the locations and regions that were important in terms of volume of comments and interest rate comparisons
  • Create a tag cloud for issues
  • Leverage the use of top modeling to classify comments, phrases into major categories automatically
  • Use algorithms to automate classification of comments into various categories

Social Listening Solution Predictive Insights:

  • Create interactive dashboards to ease decision making
  • Create network graphs to visualize the relationships between various terms and concepts as well as identifying influencers
  • Identified important issues that various customers were discussing in terms of pricing, interest rates, and policies.
  • Visualize positive, negative, and neutral sentiments for various products and services using pie-charts and word cloud
  • Visually represent the locations on a map to identify locations of interest in terms of frequency and volume of comments

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infiniti research

The Top 5 Hottest Trends in Social Media Analytics

Marketers prefer using social media not only as a brand promotion platform but also to know their customers in-depth. Traditionally, marketers relied on the data gathered from market research to understand customer experience and brand loyalty. Today, they rely on social media analytics to gather insights and information on the brand image, brand awareness, and brand loyalty as customers are more than willing to share their experiences with a brand.

Businesses are already using the conventional social media analytics tools to measure KPI’s focusing on engagement, reach, leads, and conversions. But the trends in social media are changing so rapidly that companies are constantly looking for new ways to monitor customer experience more effectively.

Here are some of the hottest trends in the field of social media analytics:

Sentiment Analytics

Sentiment analytics uses machine learning and text-based analytics to understand the attitudes and opinions of the customer. By going through all the feedback and comments about the brand, the algorithm can analyze whether a piece of writing is negative, positive, or neutral. These algorithms use multi-level analytics by considering the tone, words, phrases, context, and patterns to score the sentiment.

Influencer Analytics

Paid media is reaching a saturation point, and customers are looking for new avenues to get product reviews andGet in touch feedback. The majority of the customer identity word-of-mouth as a key influencer for their purchasing decision. To capitalize on such influencers, marketers are resorting to social media analytics to identify, keep track, and leverage on their brand influencers. Influencer analytics tracks the amount of activity and visibility across the platform, measures its effect on brand awareness and sales, and analyzes actions and events driving negative and positive discussions to identify their top influencers.

Customer Service Chatbots

The amount of engagement and messages requiring response has been on the rise year over year. Many brands are turning to customer service chatbots to increase their customer service resource. Instant acknowledgment and response and constant engagements drive positive customer sentiment. Chatbots use word recognition algorithm to offer solutions to some of the customers’ Frequently Asked Questions (FAQs)

Automation of Content Sharing

Customer engagement is one of the most crucial aspects that drive brand loyalty. The current content hungry crowd demands regular content updates. Marketers are presented with many tools that automate the content sharing process across all the social media platforms.

Human Analytics

AI and algorithms have come a long way to change the landscape of social media analytics, but aren’t flawless. It still struggles to identify complex human behaviors and emotions. For example, a comment which reads,” My flight got delayed, excellent service,” may be interpreted by an AI as a positive sentiment because it emphasizes excellent service. A human touch is essential to avoid a PR disaster and also get a deeper understanding – which is beyond any AI’s understanding.

To gain more insights on the trends in the web and social media analytics

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Why You Should Be Using Sentiment Analysis in the Age of Social Media

Sentiment analysis uses natural language processing to determine whether a piece of writing or a social media post is positive, neutral, or negative. Also often referred to as ‘opinion mining,’ sentiment analysis tools can ascertain the writer’s tone and general opinion on a specific topic. Sentiment analysis looks beyond likes, hits, and ratings to measure what consumers feel and think about a brand, product, or business.

Advanced vs. basic sentiment analysis

Techniques and approaches to sentiment analysis can be broadly grouped into three different categories: knowledge-based, statistics-based, and hybrid. Knowledge-based techniques classify text based on the presence of unambiguous words that indicate affect, mood, and tone (such as ‘angry,’ ‘sad,’ or ‘happy,’). Statistics-based techniques use algorithms and elements from machine learning to try and determine the object, subject, and other grammatical elements of a sentence. Hybrid techniques use elements of both knowledge-based and statistics-based techniques.

Less advanced sentiment analysis tools often run into issues when faced with sentences that use contrastive conjunctions. For example, a basic sentiment analysis program might not be able to properly determine the tone of a sentence like “The juice bar is nice, but the service was awful.” Basic programs can often get confused by the use of two conflicting mood indicators (‘nice’ and ‘awful’). Binary sentiment analysis programs, however, are able to use the word ‘but’ as an indicator that the sentence contains two different tones and will analyze each part of the sentence separately, generating two (or more) scores for the sentence rather than one. Binary sentiment analysis is currently the best choice for businesses as it offers greater tone detection abilities for complex sentences and pieces of writing.

 

Social media makes sentiment analysis a necessity

Sentiment analysis is an extremely effective method for businesses to get feedback on their products, marketing methods, and overall brand perception without directly surveying consumers. In the age of social media, businesses need to use advanced binary sentiment analysis solutions to be aware of the narrative surrounding their brand outside of traditional reviews. Sentiment analysis can be applied to posts on social media that mention the business in addition to those that are sent directly to them, giving businesses a greater understanding of their brand perception on a very wide scale.

This is especially helpful for social media platforms that have an enormous number of posts and users and a great variety in the makeup of posts. A good example of one of these platforms is Twitter, where consumers discussing a business do not always use the company’s username—they often say “I love Burger King” instead of “I love @BurgerKing,” for example. Using Twitter sentiment analysis also allows businesses to see how their brand is mentioned in conversations. These could also include conversations that aren’t directly reviewing or commenting on the quality of their brand, service, or product. For instance, analyzing a post that said something like “Meeting everyone at Burger King after the movies; I hope no one is late!” would still benefit the business and would give them a better understanding of consumer habits, preferences, and patterns.

Twitter sentiment analysis and other sentiment analysis tools allow businesses to respond both directly and indirectly to consumer feedback. For example, a business that found, via sentiment analysis, that their blobssfish mascot was putting people off despite not having received direct complaints about it could subtly introduce changes—replacing the blobfish with something decidedly more friendly, like a koala, or making tongue-in-cheek jokes at the blob fish’s expense. Expedia Canada used sentiment analysis in this way when they noticed that the violin music used in one of their television commercials was annoying customers enough that they were posting very frequently—and angrily—about it on social media. Expedia changed the music, airing a new version of the commercial in which a violin was repeatedly smashed. This showed consumers that their opinions were heard and valued by Expedia, and showed a humorous side, improving Expedia’s brand perception.

 

The bottom line

Because we are living under the reign of social media, sentiment analysis is a business’s best option to decide and implement an effective marketing strategy. It helps businesses understand consumer preferences, dislikes, habits, and overall brand perception, and what customers are and are not receptive to in terms of advertisements and marketing. To properly and thoroughly engage with consumers and help build or improve brand perception and reputation, businesses should utilize advanced binary sentiment analysis tools.

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