Why is Social Media Data Mining Important in Today’s Market Scenario
Published: Feb 27th, 2018
According to studies, more than 1 billion people log in to Facebook every day, sharing articles, photos and connect with friends has become a norm. Social media network provides an unprecedented volume and variety of both personal and impersonal information that can be a valuable, basically, a mine of gold!
Data mining in simple terms is the extraction of information from a data set and transforms it into an understandable structure for further use. Let us read further about the scope of Data Mining in social media in detail:
A few of the social media platform are as below:
The practice of social media data mining collects and processes unstructured information (such as posts, comments, tweets, images) shared on networks like Facebook and Twitter and analysis the same for a concrete result.
Why is Social Media Data Mining Important?
The wide scope of Internet: With the era of internet searches, gone are the days when collecting information on any subject required spending hours in the library or any public forum. Now any information required is available at the click of a button, thanks to the internet. It is essential to unlock the complete potential of the World Wide Web by using it in data mining technology, where unlimited source of data can be downloaded, analysed and made use of.
Advertising and marketing: Data Mining in the social media platform can help determine which advertising strategy is working better with the help of audience engagement and interactions and make necessary changes accordingly. Thus by ensuring that your target audience is satisfied with your product or service, you can gain definite success in your venture.
Brand loyalty: With Data mining you are establishing your base audience and their requirements, by unearthing this through the various social media platforms, you are providing your customer with a sense of satisfaction and the feeling of being heard and understood. This in turn will help build a strong foundation of loyal customers which is essential for any business to grow.
Product development: When you have a data mining skillset in hand, you can help your business develop at the same pace at which the consumers are moving from one product to the other. By analyzing the need of the customer, one can make changes in the existing product or develop the new product accordingly.
Communication: The key to success is the fact as to how effectively you are able to communicate with your audience. With Data Mining on social media you are at par with the current market scenario and also aware of what resonates with the general public. By ensuring a good and effective line of communication is maintained between the buyer and the seller, you are ensuring your success in the market.
Key Takeaway: When you have huge volume of data to analyze, finding the relevant information buried in it can be laborious. At Dataworks, we help you mine out the most relevant and useful data from the available sources successfully, in a very convenient and simple way and deliver it in required format.