What is social media analytics software, and what does it do?
Social media analytics software provides the ability to gather data from social media channels such as Twitter, blogs, wikis and other public and private forums. Via text analytics, it enables companies to analyze large volumes of data for word or phrase frequency and usage trends and to categorize social media entries into interaction types (complaints, inquiries, opportunities, etc.). By categorizing interactions and analyzing the use of identified words and phrases across multiple interactions, it is possible to determine the sentiments being expressed by existing and prospective customers about a product or an issue.
For example, by spotting phrases such as "The call center agent was rude," or "The agent failed to resolve my issue," or "I was passed from one agent to another, and to another" on social media sites, an organization can gather and analyze information indicating that the quality of customer service in its contact center is being viewed negatively.
Companies that monitor social media can then take action on areas for improvement or to address specific issues with products or services. Social media analytics is thus a key part of a customer analytics strategy; it should be leveraged alongside other types of analytics by just about any retail business, since doing so will provide valuable insight on what consumers are saying about a company.
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