Social Data Analysis – Discover New Business Opportunities Using Big Data

In this new age of social networks, people are transmuting into data agents who share even the smallest aspects of their day to day life activities on social media. There is about 2.5 Exabyte of social data being shared online, every second, loaded with an endless stream of information. This information can be discovered, projected and analyzed intosocial media analysis reports to uncover new opportunities in business and technology for advancements.

Online Social Networks (OSNs) stir out data in enormous volumes with every brief second. According to global scenario, individuals are accountable for proliferating the data into twice the amount, as much for every new year. Figures divulge that 5 billion people own different mobile devices which are utilized to share billions of online texts, videos and search comprehensively every single day.

To scrutinize this bulk of data being shared online, and to channelize them further into correct direction to generate analytics to influence strategic decision making is becoming one of a key criterion to sustain businesses shortly. The analysis of data collected from social media sites can be used to unearth hidden information patterns that can be utilized further for industry transformations.

Socially savvy consumers are expressing their opinions transversely across the Internet. Companies listen and answer back, some even in the real-time. Those that don’t apply or follow this key tactic will tumble behind others who are collaborating and communicating realistically with their prospects or customers through relevant social media platforms.

Further with an implementation of analytics, companies are offering their employees a factual understanding of customers’ requirements, thereby boosting a cohesive view of their business’s operations and the direction of their mission in relation to their exploration for dynamic data.

Big data social network analysis is a part of an imperative tool which can be used to apprehend the insights behind the data or information publicized by an individual on social media. It is a tactic which syndicates numerous data mining techniques, statistical methods, sentiment analysis and machine learning for forecasting, predicting and analyzing the current trends & social data intelligence.

The application of precise big data tools is needed to utilize information and derive analytics from social data to the fullest. These insightful and influential data can drive brands to line up actions and enlighten business strategies. Social data can assist companies in revealing innovative opportunities as well as in discovering incompetence in their business services. This can be drawn from conversations related to specific products, the brand, and the management of their customer services.

Apache Hadoop, the principal technology utilized is an open source, influential and steadfast tool which consists of two constituents, namely, Hadoop Map Reduce framework and Distributed File System.

Apache Storm and Apache Spark are utilized for real-time distributed computation. Facebook utilizes Presto, which is again open source engine that assists in querying data using Cassandra and Hive. Twitter acquired Gnip, a social media analytics tool which assembles the tweets, filters and further resells this data which is highly valuable for marketers and advertisers to execute digital campaigns. IBM bring together the data distributed on Facebook and Twitter about human thoughts, comments and complaints about a definite subject to derive real-time data analytics. This assists in improving their promotional campaigns, discount and pricing offers.

Digital marketers can utilize social media to know more about the content which works and which not in the online marketplaces. By analyzing how and where their target audience’s read, share and converse about content, marketers can twist content tactics and the strategy for achieving both the quality as well as the increase in content reachability. With the upsurge of geo-location data, online marketers can determine whether or not to focus their efforts on the specific technology or business domains.

Conjoining customer data with key social media metrics discloses powerful analytics and insights as profiles develop richer. Buying personas turn out to be flawless as marketers can now segment customers more precisely. Social data analytics can help in tracking your targeted prospects and the customer journey in the marketing and sales cycle and can add stimulus on where, when and how they want to be reached out. It can assist you with lead generation, demand generation and prospect nurturing and assist where marketing dollars should be invested.

Competitive research through various data tools can reveal what is missing in a business or industry, and what can be strategized to fill the gaps build by your competitors. It can also reveal a business’s own slip-ups and make known insights that may have stayed suppressed until they become outward through big data analysis.

The Fortune 100 retailer Sears, that delivers home, apparel and automotive merchandise use analysis for its 1000+ retail stores to better manage business crunches, endorse its stores, services, and different products, getting assistance in taking better business decisions.

The retailer selected an all-inclusive social management platform for its corporate and enterprise workflows that empowered them to discover, trace and direct social data analytics straightforwardly to fitting audiences helping improve the multifaceted dynamics of dealing with social media across the organization. The in-depth insights and intelligence assisted the retail giant work on a deeper indulgent of its prospective audience, industry influencer`s and on its new competitive markets.

Social networks are working on bringing the world nearer. Automated data extraction and intelligence through social networks are exceedingly substantial. The data fetched can assist in boundless ways for business growth, tailored marketing and adapted promotions. Highly innovative and pertinent technologies are needed for enhancing the elegance in the industry and business data-driven expertise, through social data analytics.