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Ways to use Data Science to monitor competitors on social media

Ways To Use Data Science To Monitor Competitors On Social Media

In today's time, everyone is available on and using social media in one way or another. Some to be aware of a particular topic and news, and others for entertainment and just to connect with friends and people with the same interests. This makes social media an ideal and attractive platform for sharing business-related content to potential customers.
Social media definition on ‘What Is Tech Target Dot Com [https://whatis.techtarget.com/]’ is given as “Social media is the collective of online communications channels dedicated to community-based input, interaction, content-sharing and collaboration.” This makes it clear that it is open source, online, and depends on the content-sharing and collaboration from the community. We just need to have a computer with internet connection to use social media.
In this article, we are going to look at the popular social media sites, why we need to use social media for business, how we can use Data Science and Analytics to monitor social media presence and list great tools to monitor competition of our business online.
 
Popular Social Media Sites
There are various popular social media sites are available for our exposure and the popular twenty[ https://smallbiztrends.com/2016/05/popular-social-media-sites.html] (see Figure 1).

 
 
Figure 1.  RStudio generated word cloud of popular social media sites.
 
Why Social Media for Business?
All the service providers want to connect to their potential customers for various reasons, for instance, to show their presence and types of services they offer. Primarily the goal of social media marketing is related to build the brand and not to make money. Content marketing is the trend of the day and the focal point of every business. It is crucial to keep the content marketing at the heart of any marketing plan. So, what is ‘Content Marketing’?
“Content marketing is a strategic marketing approach focused on creating and distributing valuable, relevant, and consistent content to attract and retain a clearly defined audience — and, ultimately, to drive profitable customer action.”[ https://contentmarketinginstitute.com/what-is-content-marketing/]
Usual practice that most businesses follow is to produce a consistent stream of engaging and quality content to drive traffic. Popularity and worth of the business grow as the popular and quality content links back to the web page. This increases the ranking of the web-page on the search engine and also helps potential customers to find you on the net. Strategic and smart marketing can make a content highly viral by large sharing on the network.
 
Data Science to Monitor Social Media Presence
A large amount of data is available on the social networks, which we can collect and analyze to know our standing and make a smart decision for improvements. This data can be a large set of images or in a textual format containing qualitative information. We can use different text mining/analysis and Natural Language Processing (NLP) techniques to transform this qualitative data into quantitative data. So, what is text analytics? 
Text analytics is a challenging task, where we deal with unstructured text with imperfect grammar in some cases. Here, the objective is to extract useful information from the text sources. Text analytics can focus on any of these subtasks.
  • Sentiment Analysis
  • Keyword Generator
  • Text Classification
  • Entity Extraction
  • Semantic Analysis
  • Emotion Detection
  • Intent Analysis
  • Abusive Content Classifier
 
Table 1. Great tools to monitor competition online

 

We can also check the standing of our business by making a Google search. Additionally, we can always use any out of many free or paid tool to monitor our competition online (see Table 1). Some of the projects in the Regenesys Data Science Programme will use text analysis and Natural Language Processing techniques.
Written by: Dr. Parmod Kumar, Senior Associate Faculty at the Regenesys Institute of Management. You can reach me at parmodk@regenesys.in.