Social media is a huge aspect of today’s society and future generations. The leading websites are social media sites and it is important for companies to understand why this is critical. More than ever before businesses and its products are trending, whether it is on Twitter, Facebook, or Instagram. Consumers are now in control and it is up to businesses to satisfy the needs of the consumer. This is why social media analytics are an important tool for businesses to have.
Social media analytics are way for businesses of all sizes to correspond with consumers through social media networks. It is an interactive marketing tool to reach out to consumers in hopes of gaining more revenue. By reaching out to consumers, businesses are able to gain perceptive information to recognize, attract, and retain customers. With the use of analytics, it helps analyze real time data, track customer behaviors, and display information for smarter business decisions.
This topic is related to the material covered in the course, Data Analytics (MIS2502). In this course we are taught how to build the platform that makes social media analytics so valuable to businesses. The mechanics behind the scenes on how businesses are able to see the data gathered and how the model obtains that data from social media sites. The course is about a series of steps to get to data analytics and they are as follow: data entry > transactional database > data extractions > analytical database > data analytics. We are taught that when data is entered in the transactional database this is capturing real time data. Then the data is being extracted, transformed, and loaded into the analytical database. The data is extracted by the use of SQL queries, transformed to make all the data consistent, and finally, loaded into an analysis resulting into data analytics.
In the case study, Showrooming and Consumer Migration conducted by Crimson Hexagon, proves that social media analytics is applicable in the real world. The study emphasizes analysis of social data for Best Buy and Amazon. Social media analytics provides information to businesses to transform consumer behaviors. Some key findings from Crimson Hexagon for Best Buy and Amazon are that there is an increase in consumer dissatisfaction on inventory in Best Buy stores and Amazon’s deliverable risks are highest between Black Friday and December holidays. This case study proves that social media analytics are a useful tool in making impactful business decisions daily and for the future.
Amand, Wayne, and Melissa Latham. “New Study Explores Important of Social Medial Analytics.” Market Watch. MarketWatch Inc, 12 2012. Web. 7 Dec 2012. <http://www.marketwatch.com/story/new-study-explores-importance-of-social-media-analytics-to-address-major-challenges-in-the-retail-industry-2012-09-19>.
There have been recent debates to whether employers asking candidates for their username and passwords to social media sites is ethical or legal. Although I haven’t heard of any specific companies doing so, there have been rumors that they will. Well as of April 27, 2012, Congress has passed the Social Networking Online Protection Act (SNOPA). Thank goodness! This act prohibits employers from asking applicants for passwords to social media sites like Facebook, Twitter, and Linked-In. From a personal point of view, I have nothing to hide on my social media sites because I choose to use it wisely, but an eyebrow would raise if an employer began asking me for such information. It is completely unethical and illegal (now) and without this act it would have been a violation to everyone’s amendments. It’s about time congress steps in to say ‘this where we draw the line’.
Although Apple’s iPads have sold around 60 million units since its release in 2010, how long will these products stick around when consumers demand change? This article focuses on George Colony, CEO of Forrester Research, stating that Apple will decline without Steve Jobs. What do you all think?
Where are these company’s business ethics? New York state sued Sprint over tax fraud. “Sprint, the third-biggest U.S. mobile service provider, failed to bill customers for more than $100 million in taxes for its wireless services over seven years”.