Social networks not only offer companies a platform to communicate with stakeholders, but above all a huge reservoir of data - big social data. These can be collected, summarized and evaluated using suitable methods and procedures, so-called social media analytics. From this, companies gain knowledge about the preferences, interests and needs of their target groups. The development is still in its infancy, but various areas of science are intensively researching to change this.
• The creation and analysis of big social data are very promising, albeit technically still demanding, as automated, algorithm-based methods still have significant weaknesses.
• For corporate communication, measuring user-generated content in social media is nevertheless useful in order to improve dialog communication with stakeholders and customer relationship management.
• In order to be able to use big social data, social media analytics process can be applied.
• Social customer relationship management concepts (SCRM) aim to gain in-depth knowledge of (potential) customers from social media in order to then address them specifically and bind them to the company.
The use of social media analytics
The analysis of data from social media using social media analytics can be used for:
• General monitoring with an exploratory character in order to identify current or critical topics - for example in the context of issues management or listening.
• Static or dynamic reputation analyzes as part of a C2C management, in which the opinion in social media about the company is analyzed at a specific point in time or continuously.
• Suggestions for innovation management by filtering and analyzing suggestions from social media users.
For social customer relationship management:
• Social Customer Relationship Management: The recognition of so-called life events, these are important events such as weddings, is viewed as central because they are linked to the specific needs of the customer.
• Customer-to-Customer (C2C) management: The management of existing reference groups can be improved through social media and new communities can be established more easily.
• Consumer engagement: Companies should endeavor to activate customers so that they generate and disseminate content. Customer engagement can also mean integrating prosumers more closely into all company processes using digital information and communication technologies.
Mining social media data
Data mining is a technique of extracting and finding patterns in huge data sets by linking practices at the interface of machine learning, statistics, and database management systems. You need to understand what data mining can do for your business and, then, we'll analyze some of the practical use cases of data mining in your business.
Why your company need data mining
Many industry consultancies can help your business get more out of your data, from ingesting it to analyzing it against industry standards and beyond, what others are currently doing with your data.
There is a wealth of knowledge and experience that can be gained and extracted from the data that your business could be capturing. It is important to learn how to use that data and make more informed business decisions.
Many consulting firms such as Hyperlink InfoSystem offer advisory services to help you understand what your data is telling you and your company. It also helps with the planning and large-scale implementation of new data programs.
As a data consultant, companies should focus on the complex and exciting topics their data uncover for their business. Often times there is no other way to find out what the problems are or what the real cause of the problem is until you capture the data, drill it down, and organize it so you can see the patterns and better understand where this is coming from Problem is coming.
This also applies to organizations that are not having problems, but not moving forward with new initiatives or not growing at the required or desired rate. A company's data consultants perform this data extraction and then this data is analyzed to find these previously unknown patterns for Find your company.
With this form of data analysis, many new ideas are brought to an unknown or unprecedented surface. That's the power of big data.
How data mining benefits your business when done right
If you receive data that is not collected and stored for this analysis, it is necessary to upload it. Data mining professionals can work so that you have a system in place to collect your data and then make sure you can review and analyze the data to make sense for the company and management.
Information is only practical when you learn it, and experts cannot make decisions until it is clear and valuable. This is where consultants and their data mining come in, and that's why you would hire data mining experts to do the data mining for you.
After configuring the method, you can enter the information you want to see and the system will provide it to you. The data will be there, fully recorded and organized, labeled and completely ready for analysis. It just takes a trained advisor to show you what the data is saying and how to best use that data for future business decisions.
Practical applications of data mining in companies
Data mining is nothing new. Over time, people have gathered information in order to use it for the purposes that suit them. Both sides will always try to find out how big the other force is in time of war.
Hence, they are able to make the necessary adjustments or strategies. Unprocessed data, also called raw data, is meaningless. It is only when the data is processed that it becomes meaningful. Data mining is defined as a way of turning raw data into something useful.
In the past, data analysis was limited to a group of people who had the ability to interpret them. But anyway, today there are many different companies that offer analytics consulting or data analysis consulting.
Social media data is available to the businesses. Business owners just have to find a way to extract and understand all of this before taking any further action. In fact, data mining can help companies, but only if companies know how to use what is gathered and apply the knowledge gained appropriately.