Social networks such as Twitter and Facebook are a potential goldmine of insights on what's truly going through customers' minds. Social networks are literally the "buzz" that can spell the difference between success and failure in a reputation-driven online economy. Everybody wants to know whether, how, how often, and by whom they're being mentioned in Twitter, Facebook, blogs, and the like. Even more critically, everybody wants to influence those discussions in their favor and harvest maximum revenue potential.
To that end, visionary enterprises are adopting social network analysis, which is an emerging branch of predictive analytics that looks for behavioral, attititudinal, and other affinities among individuals. Social network analysis thrives on the deepening pools of information — structured and unstructured, user-generated and automated — that stream from social media. Through integration of this powerful analytic approach into online business processes — such as customer relationship management (CRM) — companies can align their operations fully with the new frontiers on online business. Social network analysis tools leverage sophisticated data mining features to help companies identify how customers influence each other and thereby contribute to satisfaction, loyalty, and cross-sell.
In this session, Forrester analyst James G. Kobielus will helps Business Process & Applications professionals identify potential applications of social network analysis in CRM applications for customer service, sales, and marketing. Leveraging Forrester's ongoing research in advanced analytics and CRM, he discusses industry trends, commercial modeling tools, and emerging best practices in social network analysis, which represents a game-changing new discipline in predictive analytics. He also presents a road map for enterprises to leverage their in-database analytics initiatives and leverage high-performance data warehousing (DW) appliances in order to analyze shifting patterns of customer sentiment, influence, and propensity.
- Customer engagement in the age of social networks
- Social network analysis (SNA): What is it?
- Key SNA applications in customer service, sales, marketing, and brand management
- Commercial SNA tools
- Enterprise adoption of SNA: leveraging investments in EDW, in-database analytics, predictive modeling, and cloud computing
Vendors mentioned: IBM/SPSS, KXEN, Pursway, SAS Institute