Business applications of social media
Social media is becoming an integral part of life online as social websites and applications proliferate. Most traditional online media platforms include social components, such as comment fields for users. In business, social media is used to market products, promote brands, connect to current customers and foster new business.
Social Media Analytics
Social media analytics is the practice of gathering data from blogs and social media websites and analyzing that data to make business decisions. The most common use of social media analytics is to mine customer sentiment to support marketing and customer service activities.
Social Media Marketing
Social media marketing takes advantage of social networking to help a company increase brand exposure and broaden customer reach. The goal is usually to create content compelling enough that users will share it with their social networks. One of the key components of SMM is social media optimization (SMO).
In terms of customer feedback, social media makes it easy to tell a company and everyone else about their experiences with that company, whether those experiences are good or bad. The business can also respond very quickly to both positive and negative feedback, attend to customer problems and maintain, regain or rebuild customer confidence.