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Integrating Social Media Analytics into Your Business

Integrating Social Media Analytics into Your Business

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Using semantic technology to analyze structured and unstructured data to create an integrated customer data hub
Using semantic technology to analyze structured and unstructured data to create an integrated customer data hub

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Published by: Collective Intellect on Apr 27, 2011
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04/27/2011

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2040 14th St. Suite 200Boulder, CO 80302t720.259.3600720.259.3600
www.collectiveintellect.com
Social & Business Intelligence - Creatingthe Integrated Customer HubA white paper from Collecitive Intellect
 
AShortHistoryStoryofSocialMediaAnalytics
Inthebeginning,socialmediaconversationsweremonitoredbyindividualsusingRSSfeedsorsomecombinationofmanuallyreviewingsocialmediaplatformsformentionsoftheircompany,brandoroffering.Obviously,thisapproachisnotscalable;theadoptionofthesetoolsandplatformshasquicklyoutstrippedbothacompanies’abilitytomanuallyderivereal-timeconsumerinsightsandtoeffectivelyengagewiththeirsocialcustomerinarelevantandtimelymanner.Thevolumeofsocialmediaconversationshasquicklyexploded.Forexample,accordingtotheIDC95%ofthe1.2zettabytesofdatainthedigitaluniverseisunstructured,70%ofwhichisuser-generatedcontent.Additionally,unstructureddataisprojectedfortremendousgrowth,withestimatespeggingthecompoundannualgrowthrate(“CAGR”)at62%from2008-2012.
NurturingtheSocialSideofYourBusiness
Associalmediaactivityhasgrown,anurgentneedhasemergedtocorrelatethisinformationwithexistingconsumerinformation,anddevelopplanstointegratethisdatawithsophisticateddatamanagementsystems.NolongerissocialthesolepurviewofthemarketingorPRgroup,theinsightsderivedfromsocialmediaareasrelevanttocustomerserviceastheyaretoengineering.Creatinga360-viewofyourconsumerwillhelpequipvariousteamswithinyourorganizationwiththesocialintelligenceforsuccessfullyengagingwithyoursocialcustomer.Socialmediaadoptionwillcontinuetogrowandsowilltheneedtooptimizeyourbusinesstoeffectivelytapintothisrichchannelofinformation.Optimizingyoursocialstrategytoleveragebothsocialinsightsandexistingprivatedataallowsyourorganizationtocreateoutreachefforts,newproductsorcampaignsgroundedinreal-time,repeatable,automatedandscalableanalysis.
NearlyasExcitingastheIntroductionofthePrintingPress
Thisisanexcitingtime.Neveronsuchascalehasthenumberofindividualsinvolvedwithproducing,communicatingandsharingcontentbeenpossible.It’salsoadisruptivetimeastraditionalindustries,likeadvertising,newsandentertainmentcompaniescompeteforbothconsumerattentionandwithconsumercontent.It’salsointroducedtheneedtobeabletomonitorandanalyzesocialmediaconversations.Thisiswherethecustomersareandifyouaren’tparticipatingeitherfromanengagementormonitoringperspectiveyourcompanymaybemissingoutonconsumerinsights,brandawarenessandothermarketresearchdetails.Socialmediadoesn’treplacetraditionalchannelsofinformationbutitisanimportantone,whoseinfluencewillcontinuetogrow.Associalmediabecomesanincreasingly
 
criticalcomponenttoinformbusinessandoutreachstrategies,themethodologyusedtoanalyzesocialmediaconversationscannolongerrelyonrudimentaryanalyticstechnologyormanualreviewofsocialmediaplatforms.
OurUnbiasedBeliefintheSuperiorityofourApproach
CollectiveIntellect’sproprietary,semanticsearchandanalyticstechnologyautomatesthecaptureofconsumer“considerationsandpreference”metricsandinsightsfromconsumergeneratedcontentinamyriadofsocialmedia,structuredandunstructureddataenvironments.ManyofourcompetitorsuseBooleanorkeywordstoanalyzeinformationbutareunabletodisambiguatethemeaningoftermssuchas“Crocs”,theshoesor“crocs”,thereptile.Othersrelyonnaturallanguageprocessing(NLP),atime-consumingandcomplexlanguagemodelingapproachtodisambiguatecontent.CI’ssolutionaddressestheinaccuracyandbluntnessofkeywordsearchandthespeedandcostdisadvantagesofNLPtechniquesthroughtheuseofadvancestatisticallanguagemodeling.CollectiveIntellect’ssemanticengineisbasedonLatentSemanticAnalysis(LSA)thatallowsmeaningtobederivedfromsocialmediaconversationsorprivatedata.CI’ssophisticatedlanguagemodelingtechnologyisabletoachieveahighdegreeofaccuracyuncoveringconsumer’strueconsiderationsandpreferencesastheyrelatetoalifestyle,category,brand,productand/orcampaign.

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