Are you engaged in social media monitoring for your company? Given the large amount of unstructured data on these sites, text analytics in social media can be exceptionally beneficial. When you need to determine positive, negative, or even neutral attitudes about your company’s products and/or services, sentiment analysis software can assist you with accomplishing this goal.
If you’re unfamiliar with text analytics, it is able to convert unstructured text data into meaningful and useful data. This process can measure and provide your company with the following types of information:
- Customer opinions
- Product reviews
- Sentiment analysis
- Entity extraction
All of this information is important to have in order to make fact-based decisions, such as whether or not adjustments should be made when advertising and/or marketing a new product. When consumers are introduced to a new product on a social media site, they will often post their reactions. One of the purposes of sentiment analysis, for example, is to discern how potential customers may react to a specific product. When the product is already on the market, however, sentiment analysis can also determine the reactions of purchasers that post reviews and other commentary.
While this type of information is often used by corporations, it is also used extensively by security and government agencies that are conducting research on people. Since social media sites are also concerned with security, which includes cyber bullying and other types of issues that may warrant government intervention, text analytics in social media has additional benefits.
On a monthly basis, it’s interesting to note that Facebook alone has nearly two billion active users throughout the world. As a result, there is an incredible amount of data being produced every second. According to the International Data Corporation, less than one percent of the data that exists is analyzed. In order to accomplish this arduous task, text mining can be utilized to analyze the remaining 99%. The International Data Corporation predicts that by 2020, the digital universe will have more than 40 zettabytes of data. This signifies that every second, each and every person will be creating roughly 1.7 megabytes of information.
Given the vital role that data analysis plays, more and more enterprises are choosing to use text mining and other types of software to accomplish this task. If your company wants to effectively and efficiently monitor social media sites, then it makes sense to learn more about the benefits of text analytics in social media. In this way, you will have access to more meaningful information so that you can make informed decisions.