Ronnie05's Blog

Social media analytics: The new marketing paradigm (Part II)

Posted in Social context, media and advertising by Manas Ganguly on May 17, 2013

This is the second of a two part post that explores the scope of Social Media Analytics as a tool for the new age marketing paradigm. In Part I i have laid out the key benefits of Social media Analytics

A few quick Examples where SMA is being used effectively
1. Comcast looks at negative feedbacks and outbursts of anger, to detect and respond to service outages and product problems
2. London Hedge Fund, Derwent capital mkes trades basis the financial calm or anxiety from social media data
3. China manages citizen outrage through measured responses to specific online complaints about matters such as Police corruption

Social; media Analytics in Action -

Social; media Analytics in Action –
Economic Times

The Ecosystem
As with all other business systems, the demand for specialist service providers has engendered host of specialized SMA service providers – Many of these companies started out with basic services such as creating social media accounts and pages, and have now graduated to playing the role of social media consultants. They developed a software platform that can sift through billions of bits of data on social media and analyse it through selflearning algorithms. Combining SMA with Semantics and other media (TV being the largest), associations, patterns and trends – provides a whole new dimension to brands and marketers. By 2016, large corporations are expected to spend around $9.8 billion (Rs 55,000 crore) on social-media advertising and social media programs, from $3.8 billion in 2011, according to research firm BIA/Kelsey.

Covering 1 out of every 7 person on this planet, Social media and Analytics is the world’s largest focus group, the largest town hall. Companies that figure this out and manage things will thrive in the next 10-15 years. Companies that don’t will fail.

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