Who uses Social Media Analytics Software?

Social media analytics software can also be used by police officers to understand the cases related to bank robberies, sexual assaults, and homicides. The police department can make use of social media analytics software for tactical purposes, which help detect mob violence, riots, or isolated criminal activities. Police need tools to measure and monitor the various types of communications on social media, to understand the mood of the people, evaluate if the change in mood can disturb the peace, and also come up with solutions to overcome such issues. Data mining from real-time online data as well as stored data can be ingested into the social media analytics software to analyze user profiles related to victims, perpetrators, or witnesses. Vendors such as Talkwalker are also providing enhanced picture analytic capabilities to the social media analytics software, which can be used by law enforcement agencies to detect the actual perpetrator.

Sales and Marketing Management

Social media analytics software gets information from various social networking streams, such as Facebook, Twitter, and blogs. The information can be used to improve social media marketing campaigns and sales. It can create new opportunities for companies to market their products and services based on specific events, such as weddings, graduations, births, and deaths. To improve the sales, companies need to target customers who not only make significant purchases but also keep track of their liking, to show them other goods, which would likely be bought by them. Businesses need solutions to analyze the unstructured data to understand their customers’ behaviours and detect the trend. For instance, if a new house is purchased, insurance follows suit. Advanced analytics, such as predictive and prescriptive being incorporated in the best social media analytics software makes it possible to identify events and come up with marketing strategies specific to that customer. Retailers are also making use of social media analytics software to generate valuable insights.

Customer Experience Management

The customer experience management application helps organizations track interactions with their customers at every stage of their relationship with the company. Better customer experience management helps improve customer satisfaction, loyalty, and brand value by meeting customers’ expectations. social media analytics software has emerged as an inevitable tool to improve the customer experience management application, with a comprehensive analysis of customers’ conversations over social media platforms, thereby ending up in devising enhanced business strategies. The companies have been practicing to monitor social media sites to be acquainted with customers’ reviews about their products, services, mode of sales, and competitors. Customer feedbacks received through reviews, comments, and tags is a wealth of information to improve business performance and brand reputation.

In recent times, the use of social media sites has improved drastically, with increased penetration of smartphones among customers. Customers have been keenly surfing social media sites before making any purchase or availing any service. Such analysis by customers has provided the opportunity for companies to perform sentiment analysis. Therefore, companies have been analyzing the touchpoints to map out the customer journey, beginning from their first instance of product citation. Thus, best social media analytics software has made this complex customer experience management process quite simpler.

Competitive Intelligence

Organizations can meet customer demands better than their competitors with the help of competitive intelligence application. Competitive intelligence requires deep knowledge of economic forces and consumer trends to analyze the complete market landscape. The competitive intelligence application includes the collection and analysis of information related to products, customers, and other variables affecting the business.

Competitive intelligence consists of various intrinsic evaluations based on pricing, service, attention metrics, perception, and reach. It ensures that businesses can understand market trends and quickly adapt to changing market circumstances. The data can also be used to provide visibility into customer feelings related to their competitor’s products and relevant trends specific to any industry. Though the use of social media analytics software for building competitive intelligence has not been reached to the full strength, the use is expected to fuel up in the coming years with increasing competition. Several industry verticals have started analyzing social media data to gain a leading edge over their competitors. Samsung has taken the lead in the sale of its new launch, Galaxy S III, over its rival Apple, during the iPhone 5 launch, based on competitive intelligence gathered through social media responses. Similarly, industries such as retail and eCommerce, BFSI, healthcare, and travel and hospitality are taking social media data seriously to maintain their brand reputation.

It was found that the traditional competitive intelligence method was unable to perform real-time analytics and come up with effective solutions to cater to the rapid changes in customer preferences or market conditions. Social media analytics software makes use of listening, monitoring, and analysis, to understand data in real-time and recognize the quick changes depending on any business environment.

Risk Management and Fraud Detection

Data generated through social media is finding its use in risk management and fraud detection applications. Risk managers can make use of the data to understand what is being said about their company and utilize their resources to create risk management strategies. Social media analytics software analyzes the data in real-time. The speed with which the data is identified and addressed has a significant impact on determining the effect and scope of the incident. For instance, 2 researchers from the University of Tokyo examined how Twitter, a real-time communications platform provider, can be used for earthquake detection. Each tweet can be compared to sensory information and just as sensors play an important role in the Internet of Things (IoT), tweets generated by the users can also be used for risk management.

The other uses of the risk management and fraud detection application include identifying location-based risks, identifying and mitigating reputational risks, determining risk exposures, and identifying and responding to disasters. social media analytics software can also be used to claim fraud mitigation by using essential information about the location and date associated with the photos posted online by that user. It can also be used to detect and identify frauds and create a social graph to link frequent fraudulent users. Insurance companies can make use of monitoring and analysis to perform user profiling and analyze users who place too many claims. The company can also use social media data related to location and pictures to validate the information provided by the user.

Public Safety and Law Enforcement

The role of social media in maintaining public safety and law enforcement is said to be increasing because social media is a rich source of information for identifying people, locations, criminal activities, and gathering evidence. Social media also helps understand the acceptability thresholds of various investigative techniques currently being used by law enforcement agencies. For instance, agencies create fake profiles on social media portals to befriend or follow any targeted suspect. After getting online access to his/her private life, the data can be monitored continuously to track important information about the suspect, which would otherwise be difficult to get. Profile analysis can then be performed on all users who are continuously in touch with the suspect to know about his/her team.

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