Social media analytics softwares are set of analytical tools, which enable end-users to listen, monitor, analyze, and generate insights using data collected from blogs and social media websites. The tools also incorporate advanced analytic techniques, such as predictive, prescriptive, descriptive, and diagnostic, to enable collection, analysis, and interpretation of data across various social media platforms. The most common use of social media analytics softwares is to interpret customer sentiment in order to support the marketing and customer service activities. It is useful in understanding customers, based or influenced by economic, social, or political happenings. The application areas have been widening with the recent implementations of public safety, law enforcement, and risk management.
The vendors have been placed into 4 categories, based on their performance in each criterion: “visionary leaders,” “innovators,” “emerging companies,” and “dynamic differentiators.” The top 26 players have been evaluated in this section of the report. The analysis has been carried out based on specific parameters and scores have been assigned accordingly.
Vendors who fall into this section receive high scores for most of the evaluation criterion. The vendors in this section have a strong and established product portfolio, and a very strong market presence. They provide mature and reputable best social media analytics softwares and services that cater to a wide range of verticals, globally. They also have strong business strategies. The companies falling in this category include International Business Machines Corporation, Oracle Corporation, Salesforce, Adobe Systems Inc., SAS Institute Inc., Clarabridge, Inc., and GoodData Corporation.
The companies falling in the innovators section include Digimind, Simply Measured, Inc., Talkwalker Inc., Crimson Hexagon, Inc., Sysomos, Tableau Software Inc., and Lithium Technologies, Inc. These players have strong product portfolios and robust business strategies to achieve continued growth. These players have innovative products and the potential to build strong strategies for their business growth to be at par with the visionary leaders.
The vendors included in the dynamic differentiators section have the potential to broaden their product portfolios to compete with other key market players. The companies falling in this category include Cision US Inc., Meltwater, Socialbakers, Germinait Solutions Private Limited, Spredfast, Inc., Synthesio, Simplify360, Inc., and Unmetric Inc.
The emerging companies in the best social media analytics software market include Hootsuite Media Inc., Netbase Solutions, Inc., Brandwatch, and Sprinkler, Inc. These players have the potential to build strong product portfolios and business strategies to compete in the market with the visionary leaders and innovators.
SALES AND MARKETING MANAGEMENT
Best social media analytics softwares get information from various social networking streams, such as Facebook, Twitter, and blogs. The information can be used to improve social media marketing campaigns and sales. It can create new opportunities for companies to market their products and services based on specific events, such as weddings, graduations, births, and deaths. In order to improve the sales, companies need to target customers who not only make significant purchases but also keep track on their liking, to show them other goods, which would likely be bought by them. Businesses need solutions to analyze the unstructured data to understand their customers’ behaviors and detect the trend. For instance, if a new house is purchased, insurance follows suit. Advanced analytics, such as predictive and prescriptive being incorporated in the best social media analytics softwares makes it possible to identify events and come up with marketing strategies specific to that customer. Retailers are also making use of best social media analytics softwares to generate valuable insights.
CUSTOMER EXPERIENCE MANAGEMENT
The customer experience management application helps organizations track interactions with their customers at every stage of their relationship with the company. Better customer experience management helps improve customer satisfaction, loyalty, and brand value by meeting customers’ expectations. Best social media analytics softwares have emerged as inevitable tools to improve the customer experience management application, with a comprehensive analysis of customers’ conversations over social media platforms, thereby ending up in devising enhanced business strategies. The companies have been practicing to monitor the social media sites in order to be acquainted with customers’ reviews about their products, services, mode of sales, and competitors. Customer feedbacks received through reviews, comments, and tags are a wealth of information to improve the business performance and brand reputation.
In the recent times, the use of social media sites has improved drastically, with increased penetration of smartphones among customers. Customers have been keenly surfing social media sites before making any purchase or availing any service. Such analysis by customers has provided the opportunity to companies to perform sentiment analysis. Therefore, companies have been analyzing the touch points to map out the customer journey, beginning from their first instance of product citation. Thus, best social media analytics softwares have made this complex customer experience management process quite simpler.
Organizations can meet customer demands better than their competitors with the help of competitive intelligence application. Competitive intelligence requires deep knowledge about economic forces and consumer trends to analyze the complete market landscape. The competitive intelligence application includes collection and analysis of information related to products, customers, and other variables affecting the business.
Competitive intelligence consists of various intrinsic evaluations based on pricing, service, attention metrics, perception, and reach. It ensures that businesses can understand the market trends and quickly adapt to the changing market circumstances. The data can also be used to provide visibility into customer feelings related to their competitor’s products and relevant trends specific to any industry. Though the use of best social media analytics softwares for building competitive intelligence has not been reached to the full strength, the use is expected to fuel up in the coming years with increasing competition. Several industry verticals have started analyzing the social media data to gain a leading edge over their competitors. Samsung has taken the lead in the sale of its new launch, Galaxy S III, over its rival Apple, during the iPhone 5 launch, based on competitive intelligence gathered through social media responses. Similarly, industries such as retail and eCommerce, BFSI, healthcare, and travel and hospitality are taking social media data seriously to maintain their brand reputation.
It was found that the traditional competitive intelligence method was unable to perform real-time analytics and come up with effective solutions to cater to the rapid changes in customer preferences or market conditions. Best social media analytics softwares make use of listening, monitoring, and analysis, to understand data in real-time and recognize the quick changes depending on any business environment.
RISK MANAGEMENT AND FRAUD DETECTION
Data generated through social media is finding its use in the risk management and fraud detection application. Risk managers can make use of the data to understand what is being said about their company and utilize their resources to create risk management strategies. Social media analytics softwares analyze the data in real time. The speed with which the data is identified and addressed has a significant impact in determining the effect and scope of the incident. For instance, 2 researchers from the University of Tokyo examined how Twitter, a real-time communications platform provider, can be used for earthquake detection. Each tweet can be compared to sensory information and just as sensors play an important role in the Internet of Things (IoT), tweets generated by the users can also be used for risk management.
The other uses of the risk management and fraud detection application include identifying location-based risks, identifying and mitigating reputational risks, determining risk exposures, and identifying and responding to disasters. Best social media analytics softwares can also be used to claim fraud mitigation by using essential information about the location and date associated with the photos posted online by that user. It can also be used to detect and identify frauds, and create a social graph to link the frequent fraudulent users. Insurance companies can make use of monitoring and analysis to perform user profiling and analyze users who place too many claims. The company can also use social media data related to location and pictures to validate the information provided by the user.
PUBLIC SAFETY AND LAW ENFORCEMENT
The role of social media in maintaining public safety and law enforcement is said to be increasing because social media is a rich source of information for identifying people, locations, criminal activities, and gathering evidence. Social media also helps understand the acceptability thresholds of various investigative techniques currently being used by law enforcement agencies. For instance, agencies create fake profiles on social media portals to befriend or follow any targeted suspect. After getting online access to his/her private life, the data can be monitored continuously to track important information about the suspect, which would otherwise be difficult to get. Profile analysis can then be performed on all users who are continuously in touch with the suspect to know about his/her team.Best social media analytics softwares can also be used by police officers to understand the cases related to bank robberies, sexual assaults, and homicides. The police department can make use of social media analytics softwares for tactical purposes, which help detect mob violence, riots, or isolated criminal activities. Police need tools to measure and monitor the various types of communications on social media, to understand the mood of the people, evaluate if the change in mood can disturb the peace, and also come up with solutions to overcome such issues. Data mining from real-time online data as well as stored data can be ingested into the best social media analytics softwares to analyze user profiles related to victims, perpetrators, or witnesses. Vendors such as Talkwalker are also providing enhanced picture analytic capabilities to the social media analytics softwares, which can be used by law enforcement agencies to detect the actual perpetrator.
Social Media Analytics Software Quadrant
Find the best Social Media Analytics Software solution for your business, using ratings and reviews from buyers, analysts, vendors and industry experts
- Breadth and Depth of Product Offerings
- Products/Solutions Offered
- Solutions Offered
- Support and maintenance services
- Training and Education services
- Any other professional service
- Managed Services
- Product Features and Functionality
- Product Features
- Applications Catered
- Risk Management and Fraud Detection
- Customer segmentaion and targeting
- Customer behavioral analysis
- Brand Management
- Marketing meausurement
- Competitor benchmarking
- Campaign management
- Performance monitoring
- Content optimization
- Others- Social media analytics
- Analysis Type
- Predictive Analytics
- Prescriptive Analytics
- Diagnostic analytics
- Descriptive Analytics
- Product Differentiation and Impact on Customer Value
- Mode of Delivery
- Full Time Equivalent
- Subscription / Licensing
- Per User Basis
- Industry Verticals
- Retail and eCommerce
- Healthcare and Life Sciences
- IT and Telecom
- Governmnet and Defense
- Media and Entertainment
- Travel and Hospitality
- Transportation and Logistics
- Energy and Utilities
- Other Industry Verticals
- Deployment Model
- Hosted / On-Cloud
- Channel of Delivery
- Through Partners / Third-Party Vendors / MSSPs
- Product Branding
- Level of Support Services
- Technical Support
- Customer Support
- Sales Support
- Other - Support Services
- Pre Sales Support
- Software Requirement Specification (SRS)
- Product Demos
- Others - Pre-sales Support Activities
- Channel for Delivery of Support Services
- On-Site Support
- Remote Support