Social Network Analysis As a Tool To Enhance Business

Social Media is at the core of our daily lives. Ever since the dawn of digitalization, the influence of social media and its use has seen nothing but an uphill climb. Social media has been ingrained into our lives at a level that it has now become difficult to imagine everyday activities without Twitter, Facebook or Instagram. These social media apps have taken the world by storm.

When it comes to businesses, social media can be a turning point for the future of businesses. With the number of individuals using social media expected to surpass 3 billion, firms will have unprecedented access to the consumer voice and mind through these channels.

Customers use social media to vent their frustrations over poor customer service or a poorly designed product. On the other hand, it's where consumers go to praise a specific product or experience, as well as get honest product recommendations from the online community. It's where companies go to sell their products and services, as well as learn about the current trends and their customers' wants and preferences.

Social media analysis is increasingly commonly utilized by social media managers, marketing firms, public relations and communications professionals, journalists, political groups, and teams across the enterprise to better monitor and engage consumers on social media channels and conduct research. Social media analysis can be used to inform and support businesses in the following ways:

• • By assisting you in detecting negative sentiment and gathering metrics for brand analytics, you can assess and track brand health as well as monitor your brand's reputation on social media.
• • Competitor analysis allows you to collect baseline information for your competitors' social media activity and user engagement and compare your brand's performance to that of competitors
• • Product development by allowing you to detect customer grievances, preferences, and changing demands, as well as generate suggestions for new features and ways to improve your products.

When it comes to knowing consumer attitudes and preferences, social media analysis is especially useful. Brands can use social media sentiment analysis to figure out what people are thinking or feeling when they mention or discuss a brand or product on social media. Organizations can utilize social media analysis to uncover patterns in consumer behaviour and concerns, as well as online talk about a certain person, product, or topic if they have the correct tool.

Firms can spot developing trends while learning more about how consumers use and talk about their products and services—or those of their competitors—by uncovering links and shifts in online dialogue. They can use trend analysis to glean important information about their company's online presence, consumer perceptions of their brand and competitors, and target audiences all over the world.