Social Media Analytics Picture this: you're a data analyst who's been tasked with finding the next big method to analyze customer trends and wants. Well guess what? You've got a direct line to your customers already – social media. Social media analytics are a treasure trove of customer insights, wants, and information just waiting to be explored! Hi, my name is Alex Roberts, This is Sarah Smith, Mohammad Islam, and Michael Charles, and today we're going to show you how you can use social media to drive success in your company Social Media Analytics Alex Roberts, Sarah Smith, Michael Charles, Mohammad Islam

Agenda Social Media Analytics Overview Hootsuite Analysis Hootsuite Analytics Demo Implications for Future Analysts

Social Media Analysis Overview Adoption Social media analysis market projected to hit $9 billion in 2022 Objective Use social media activity to analyze, predict, and control consumer behavior Tools Sprinklr, Hootsuite, Facebook, and Twitter each have analytics dashboards Results Toyota identified key influencer and increased engagement by 1000% Key takeaway – Social Media analytics is a growing market with clear results. Entering the social media analytics market early enables you to become a Subject Matter Expert, which will be highly valued as the market matures

Social Media Analytics Value Increasing Revenue Reducing customer service costs Track progress and better allocate resources Feedback on Products and Services Improving public opinion of your business Now that we have done an overview, I want to tell you a little about the benefits. Knowing what your customers like and do not like about your products can be the difference between making or losing money. Everything listed below will help generate revenue. Social media analytics can reduce customer service costs because if you better serve your audience it is more likely you can give your customers what they want, which will lead to reducing your customer service costs. This leads right into tracking progrss and better allocating resources. If you can figure out what you are doing right and what you are doing wriong you can spend more money on certain aspects of your business to take it to the next step. Also feedback on your products and services is so important because customers can clarify aspects of your product or service that they are either confused on and maybe even things they would like to see or add in your product or service. Also something that people forget about is using social media analytics can help you manage your company face, which in turn can improve the public opinion of your business. Although there are plenty of benefits to social media analytics there are some limitations

What tools deliver and Businesses require Limitations Unstructured Data Price What tools deliver and Businesses require The core capability Analytics is capable of delivering robust answers to the question of what happened. It is less capable of explaining why. Something that many businesses are lacking is the core capability to filter through their unstructued data. It can be very complicated to to sort through data to make meaning out of it. An additonal limitation is the price. As I mentioned that most businesses lack this core capability, so they have to hire someone else out to sort through it for them which comes at a price. And finally when using social media analytics the biggest misconception about using analytics is that analytics tell you what happened, but they do not tell you why. People expect analytics to provide answers and while they do it will often take additional research to find the why of what happened. While there are limitations there are some ways to overcome these limitations

Overcoming Limitations Machine Learning  Artificial Intelligence Advances  Pricing Fluctuations As machine learning and artificial intelligence have advanced, it's become easier for businesses to quantify in a scalable way the information in social media posts. It has become a much simpler process that is allowing more businesses to use social media analytics. Also many of the tools out there that are available to help you with social media analytics have become much cheaper overtime. Pricing has significantly gone down allowing small businesses to also participate in social media analytics. Pricing also often fluctuates, meaning companies give deals often so you just have to watch out for them. Now we would like to show you a demonstration of how these analytics tools work

Implications & Impact Enabling Real-Time Decisions More Involvement Public Vs. Private Data Shortening the B2C cycle As Michael as just shows us social media analytics can be a very powerful tool. So what are the implications, what will the future look like, and how can we as budding technology analysts use social media analytics?  One of the greatest benefits of social media analytics is that it allows companies to make real time data driven decisions based on where their traffic is coming from, who their top referrers are, and which products or services have the greatest customer engagement. Mobile applications and email alerts make it even easier to access this information. If a company sees that its product has been well received by a specific customer group, they can focus their marketing spending to that group, thereby reducing costs and generating more sales. The availability of these real-time insights also enables businesses to respond to more customer feedback, and customers now have the chance to decide what product features they want. People are much more likely to post to social media than contact the companies customer service line. However even though companies have access to these new sources of customer data, information on social media isn't always deidentified, and  knowledgeable analysts need to be careful of current laws and regulations. In general the insights gained from SMA allow businesses to analyze more customer data and translate those insights into business decisions almost immediately, shortening the time it takes them to deliver the perfect, most profitable, products. 

Q&A

References Hootsuite Analytics Demo - https://www.youtube.com/watch?v=Os919yQ1UMA Growth Icon, http://cdn.onlinewebfonts.com/svg/img_461890.png Social Media Analytics growth numbers, https://globenewswire.com/news-release/2017/12/22/1269983/0/en/Social-Media-Analytics-Market-Global- Market-Size-to-Reach-9463-54-Million-by-2022.html Dashboard Icon, http://cdn.onlinewebfonts.com/svg/img_233159.png Social Media analysis objective, https://www.gartner.com/it-glossary/social-analytics Analytics Tools identification, Hootsuite: https://www.bloomberg.com/news/articles/2017-02-28/hootsuite-the-unicorn-that-never- was,  Sprinklr: https://www.forbes.com/sites/brucerogers/2017/02/06/how-ragy-thomas-built-sprinklr-into-social-media-management-powerhouse/; Facebook and Twitter: https://www.brandwatch.com/blog/social-media-analytics-tools/ Gears Icon, https://image.flaticon.com/icons/svg/60/60473.svg Results of Social Media Analysis, https://www.netbase.com/blog/social-success-stories-inspire-2018-strategy/ Trophy Icon, https://static.thenounproject.com/png/14225-200.png