Social media has become a whole new way of doing business for many companies. It originally started out with the birth of Myspace, but has since going on to larger mediums that have had more staying power, such as Facebook and Twitter. Social media shows no signs of slowing down in the years ahead, as more mediums are being developed that allow individuals to communicate not only with one another, but their favorite brands as well. Here are three ways that social media is forever changing the way people do business through the use of entity analytics.
Entity and Text Analytics in Social Media Tell Companies a Lot About Their Customers
Through the use of entity analytics and entity extraction, companies are able to learn more about who their customer base is. There is also the use of text mining, which allows companies to further engage with their customers in various ways, and also get their opinions and thoughts about how products or service could be improved. Prior to social media, many people had to sit on hold via the phone. Thanks to the use of Facebook, customers can contact companies through Facebook messenger and let them know their thoughts.
Social Media Continues to Grow Stronger Every Year, Making This an Ideal Medium for Outreach
In the beginning, social media was something that was primarily used by young people of high school age through their twenties. Now, everyone is on platforms such as Facebook, using it as a way to connect with family members and companies alike. Facebook itself has over 1.90 billion members that log in every month. Twitter, is right behind, with over 300 users that log in and are active on the platform. Social media data analysis is valuable is finding out more about these individuals, and what their needs and wants are.
Social Media Will Continue to Grow As Time Goes On
Entity analytics will still be useful to companies, as social media engagement continues to grow. The year 2018 is projected to see over 2.50 billion users on social media, including newer platforms such as Instagram. This means that there will be a need to use text mining software to bridge gaps and learn more about a customer base or population, and what can be done to improve marketing and customer service to these individuals.
The need for entity analytics will continue to grow as social media engagement continues. It has shown no signs of slowing down, with an increase in usage projected for the future. It is a useful medium for connecting with people. Through social media, companies can also learn more about their customers, and how they can better service them in the future, and market to their unique needs. There is no denying this has changed the way advertising and marketing is used, and it also puts a human face on once interpersonal companies, making for a better experience.
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