As we have learnt in class and tried our hands on the technology provided to aid us in our group project, a thought of “how far can such technology help companies tune in to social media listening to understand the needs of their target audiences and in turn, create business strategies that drive up revenue and sales” surfaces.
Yes, it is without doubt that with social media analytics, it can help companies to listen to conversations and obtain the general sentiment their customers have of their brand. Customers’ views often hold an important role for companies to gauge how customers perceive the brand, and often customers may then go a step further to influence the decision of the rest of the population by either showing support or going against a company’s brand. Hence, it is crucial as a starting point for companies to harness these technologies to their advantage to understand their customers before formulating their business strategies that can better fit the needs of their customers accordingly.
Though it may be a good start to tap on the customers’ views, there may be a limit as to how far the technology of social media analytics can accurately track the sentiment of the population.
Firstly, most of the younger generations are more likely to be technological-savvy as compared to the older generations and thus, the sentiment tracked by the social media analytics may be skewed towards the online voice of the younger crowd, failing to capture the opinions of the older generation.
Secondly, we have learnt previously that there are more “watchers” than “producers” in the social media hemisphere. Hence, likewise, sentiment tracked may be skewed towards the more expressive “producers” as compared to “watchers”, whom may hold a particular view but it is not voiced out on a social media platform yet.
Thus, companies have to be cautious with the interpretation and use of output generated by social media analytics.
In conclusion, I believe that having the technology of social media analytics opens the door for an opportunity to hear the voices of the customers but we need more than just the technology to get a comprehensive picture to obtain the market insights required to formulate business strategies that are favorable to the company.
So, what’s your take regarding this discussion on the technology of social media analytics? Any suggestions that can help overcome some of the limitations raised above?