The accelerated growth and dynamics seen in social media in form of information democratization and content sharing through social interactions presents unexplored possibilities for businesses. However, with the new opportunities comes new challenges for content producers and consumers. It is estimated that by the year 2018, there will be 2.67 billion active social media users in the world, up from 2.34 billion users recorded in 2016. As people continue to feed on a large amount of information across various online platforms, it’s clear why text analytics in social media is becoming a major tool in meeting diverse information needs different users have.
Social media has over the years transform the basic elements of communication and interaction between people of diverse cultures. Different platforms like blogs, forums and multi sharing sites serve as a meeting point for people to share news, communicate and interact with each other anytime, from anywhere.
These online platforms contain valuable information business and other money making entities can use to scale up their operations. Examples of this information include customer insights, best marketing practices, brand awareness, consumer behavior, keyword, content generation and management among other vital data.
Therefore, any business that applies text analytics in social media management is setting itself apart for tremendous growth. However, not many people understand the concept of text analytics, and the few that know this secret fails to capitalize on it. While there are many top sites that generate good traffic, particularly social media platforms, it is important to find the right tool that can help you gather relevant data based on what you offer as a business. You can find effective text mining software which can analyze texts in social media and turn them into meaningful data.
Text analytics as an information gathering tool is very helpful in modeling social media data analysis, business intelligence, investigation or research. Currently, the value of text analytic market is approximated to be 3 billion dollars but it is estimated to reach almost 6 billion U.S. dollar by the year 2020.
Text analytics in social media involves a set of techniques in order to achieve maximum results and they include text processing, features generation and selection, text mining and results analysis. During text processing, data mining techniques are applied to derive timely insights and patterns.
In applying text analytics in social media, you are able to monitor specific data sources and learn how people interact with them. In addition, this a good entity analytics approach to learning people behavior, entities relationships, business transactions, events among others.
Lastly, text analytics breathe life to your social media post for as long as they exist. The analysis will help you and your business take actionable context in responding to mentions, questions, complaints or compliments from consumers. Additionally, through text analytics, you can conduct identity resolution which is a great move in understanding your market, particularly your competitors.