Social media has become an essential part of people. Governments, businesses and consultants depend entirely on social media for enhancing the customer experience. They interact with the consumers to promote their policies and products as well as facilitate different business transactions. These interactions leave traces of data, which can be analyzed to provide better services to customers as well as get preferences for particular products and services.
Latin America social media market is growing at a phenomenal pace. The number of internet users is close to 160 million. The number of users of Facebook in Latin America is around 179 million and around 41 million users of twitter in Brazil making it the second largest market. This huge social media market is being used by the advertisers to get their products more popularity and increase the sales online. Social media analytics will help the companies earn a significant share of the advertising market on the social media sites.
In the earlier days, brands participated or interacted with their customers online actively but totally ignored the information that resulted from the same. Now, most of the brands are capitalizing on the benefits of the social media data received by tracking the user behavior and interaction online.
The social media analytics can monitor user behavior on many intricate levels apart from simply analyzing the number of likes, shares or comments on the brand’s social media pages. There are tools, now available, that can provide summaries of the same and more.
Social media analytics is a technique used to analyze such traces of data to generate insights for social and business uses. Social media analytics market is still on the path of becoming one of the most important measurement tools to run a business or execute any brand campaign. Many enterprises are yet to discover its true potential. With huge chunk of social media content exploding every second, social media analytics may become one of the most important tools for companies to make strategies and implement short term plans.
Some of the major vendors of social media analytics solutions present in the market are IBM, SAS, Oracle, Salesforce and Adobe.
Adopting different analytical solutions and the penetration of social media are the major factors contributing to its growth. Penetration of smartphones is also one of the factors that is driving the market as most of the people are now increasingly accessing social media content on the devices.
Lack of awareness of the various capabilities of the social media analytics tools and the unstructured nature of the data generated by conducting social media analytics are the biggest challenges of the social media analytics market. One must know what data to analyze in order to get favorable to the growth of the brands or businesses. Accessing few online user details could also be an issue given the various security concerns of the social media users. The authenticity of the data obtained could also be questioned and could not be relied upon entirely.
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