PLANNING AND LEADERSHIP FOR A BETTER WORLD
PLANNING AND LEADERSHIP FOR A BETTER WORLD As we discussed yesterday, more and more companies are deriving business benefits from mining information buried in social-networking data.
So how do you go about getting this valuable information? Many vendors are coming on the scene to offer analytical technology for this market. The idea behind these technologies is to identify customer sentiment toward a particular brand or product, which a business can then translate into marketing fodder.
In fact, online surveillance of social-networking sites is an emerging technology and is proving to be a must-have tool for hedge funds, big banks, high-frequency traders and black-box investment firms that run money via computer programs. The goal: to gather market intelligence from previously untapped sources.
Wall Street is not the only place benefiting from applying big data analytics to social media; vertical markets are benefiting as well. Take, for example, the wine industry, where a social networking analytics tool known as Cruvee is being used to analyze some 1.5 million daily conversations about wine.
Cruvee proves to be a good example of how social media monitoring vendors are meeting the specific challenges of analyzing social data. For example, Cruvee uses complex algorithms that can identify the “language of wine,” where “cab sauv” written on a Twitter feed actually means cabernet sauvignon. It is the design of the algorithms that make the analytics possible.
The trend of using social media analysis as part of business intelligence is growing and is applicable to more than just wineries and Wall Street. Multiple vendors are coming to the market with tools that are customizable and can be used to service both vertical and broad markets. Some of those vendors have developed robust platforms that take most of the pain and complexity out of social networking analytics.
One established player is Sysomos, which offers Heartbeat, a real-time monitoring and measurement tool that provides constantly updated snapshots of social media conversations delivered using a variety of user-friendly graphics. Heartbeat organizes conversations, manages workflow, facilitates collaboration and provides ways to engage with key influencers.
Sysomos is not alone in the growing arena of social media analysis. Founded in 2006, Radian6 offers a suite of products that mine and interpret social media data. Companies are using Radian6 dashboards to monitor trends and tune marketing strategies.
Another company, Collective Intellect, started out by providing social monitoring and analysis to financial firms, but has grown to include monitoring and analysis services for the Fortune 5000. The company offers self-serve client dashboards, which allow customers to tune the analytics for their own needs.
One thing is certain, more and more vendors are coming to the market with social media analytics platforms, companies are going to come to rely on this type of information to better leverage their brands, satisfy customers and grow their offerings.
What's more, the intelligence gathered can be used by companies to create comments, posts and tweets that help to strengthen the brand recognition, as well as keep customers aware of their products. Social networking in the business realm is slowly transforming into the next generation of business intelligence. The time is now--get involved.
Frank Ohlhorst is an award-winning technology journalist, professional speaker and IT business consultant with more than 25 years of experience in the technology arena. He has written for several leading technology and business publications, and was also executive technology editor at eWEEK and director at CRN Test Center.
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