Software Development

What Is Social Media Mining And How Can It Benefit You?

You ought to have heard this many times that agencies like Facebook, or Google can listen to our thoughts and spot us as we move approximately our day. Don’t worry, we don’t want any other Edward Snowden. But it is not that these companies track us down on a daily basis but just relate to our daily activities, which are quite predictable. This is what Social Media Mining is! Where big companies collect data indirectly and use it in a way to improve our quality of life. But is this good or bad, can it be harmful to the customers, or helpful in some way? 

What Is Social Media Mining

There are numerous questions that might come to your mind as many people are not aware of the concept of Social Media Mining, this article is for you. In this article, we’ll be discussing Social Media Mining and the key benefits it offers. So, without further ado, let’s get started!

What is Social Media Mining?

Social Media has been around for 30 years, but the rise in the user base is recent. The data from social media platforms can be used to boost business. This is where Social Media Mining takes over. The amount of data these companies have to deal with is huge and scattered, Social Media Mining helps in extracting meaning out of the data.

It is a system of expertise discovery inside a database. It is not wrong to say that social media is the biggest contributor to Big Data. The records are not new, it has been around for a long, however the potential to system these statistics has developed. Social media mining can help us get insights to study customer behavior and interests and using this information you can function to serve better and compound your earnings.

Benefits of Social Media Mining

We put a lot of information on social media. In this Era where algorithms are in play everywhere, they can generate information about the future trends and habits of the users as this plays a major role in today’s world. Social Media mining has become a must-have technique in every business. Here are some of the benefits you can derive using Social Media Mining :

1. Spot Trends Before They Become Trend

The data available from social media platforms can give important insights regarding society and user behavior which was not possible earlier and was like finding a needle in a haystack. In today’s world, the data is corroborative and evolving with time and there are multiple needles to look for. Social Media Data mining is a technique that is capable of finding them all.

It is a process that starts with identifying the target audience and ends with digging into what they are passionate about. Businesses may analyze the keywords, search results, comments, and mentions to identify the current trend and a deeper study of behavior change can also help in predicting future trends. This data is very useful for businesses to take an informed decision about when stakes are high.

2. Sentiment Analysis

Sentiment Analysis is a process of identifying positive or negative sentiments portrayed in information posted on social media platforms. Businesses use Social Media Mining to identify the same sentiments associated with their brand and product lines.

Sentiment Analysis has a vast application and its use cannot be limited to self-evaluation only. Negative sentiment about competitors can be an opportunity to win their customers. The Nestle Maggie ban is a perfect example of this, competitors in the noodles market used strategies to market their products as made from healthier alternatives. Patanjali saw this opportunity and launched its noodles claiming to be made from atta while the noodles market was full of refined wheat flour noodles (maida).

When combined with social media monitoring, sentiment analysis can help you analyze your brand image and bring negative aspects of the business to your attention. With this information, you can address the negative sentiments and prioritize them, so that they can be addressed properly to improve customer experience.

3. Keyword Identification

In a world where more than 90% of businesses function online, the importance of using the right words cannot be emphasized enough. The business has to stand out to compete in a world where your sales team cannot charm customers with their looks and cheesy talks. Keywords can give your business an edge over the competitors.

Keywords are those words that reveal the behavior of users and highlight the frequently used and popular terms related to their products. Social Media Data Mining can be highly effective in finding these keywords. The process is as basic as scanning the list of the most frequent words or phrases used by customers to search for or define your product.

Using these keywords to define your product in digital media and implementing SEO can render pretty good results. Your product will rank higher and by implementing frequent and popular terms, you can make your product listings better.

4. Create a Better Product

Before the use of Big Data, businesses used to conduct individual surveys to know the public opinion about their product. They faced many challenges, people didn’t entertain them and even if someone participated, it was very likely that their answers were not credible. With the implementation of Social Media Data Mining, the public is responding and participating in surveys without even realizing it which provides companies with candid data.

Using the processed data, you can identify what are the things that bother customers and might give insights about how you can improve your product to make it even better. In other words, you are seeking consultancy and opinions from millions of users. By using so much data, you are essentially tweaking your product in a way that the probability of its success is very high. Analyzing the userbase information you can target the social media platform with the highest number of users.

5. Competitor Analysis

You are not wrong to assume that your competitors are already using Data Mining techniques to monitor the market and to compete with them, it becomes essential to . Improving yourself by analyzing others’ mistakes is often less painful than learning from your own.

There’s nothing wrong with following the footprints of a good competitor. You might not make a fortune but it will still help you survive tough times. Analyzing competitor behavior on social media during the launch of a product will help you define a trend and use it to your advantage.

Posts by competitor employees and management regarding hiring may give you an idea of the expansion of business or even a subtle change in operations will help you to be proactive. Having an idea of when to stay on your toes is advantageous in highly competitive industries.

6. Event Identification

Also known as Social Heat Mapping, this technique uses excellent. It is a part of Social Media mining that helps researchers and agencies to be prepared for unexpected outbursts.

An excellent example of implementing heat mapping on social media was seen during the Farmer Protests. During the protest, huge crowds were approaching the venue of the republic day celebration.

Parting Words

In this blog, we discussed how businesses can use social media mining techniques to increase the operating effectiveness of their business. We saw how a raw chunk of data can be used to extract information that helps in identifying the trend and acting upon it, finding the right keywords for business content, making our product better, and analyzing the moves of our competitors.

It is essential to implement the Social Media Data mining technique to deliver a product that provides better utility and can compete in the market. 

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Last Updated :
27 Jul, 2023

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