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Social media analytics (SMA) refers to the approach of collecting data from social media sites and blogs and evaluating that data to make business decisions. This process goes beyond the usual monitoring or a basic analysis of retweets or "likes" to develop an in-depth idea of the social consumer. This is considered the basic foundation for enabling an enterprises to:
Social media is a good medium to understand real-time consumer choices, intentions and sentiments. The most prevalent application of social media analytics is to get to know the customer base on a more emotional level to help better target customer service and marketing.
The initial step during a social media analytics program is to figure out which business objectives can gain an advantage from the data that is collected and evaluated. Standard goals include maximizing business earnings, decreasing customer service expenditures, obtaining feedback on services and products, and enhancing public opinion about a business division or specific product. As soon as the business goals are determined, key performance indicators (KPIs) to perform objective evaluation of the data must be outlined.
The advantages of implementing social media tools include: