The Effect of Social Media on Business
With the increase of social media sites on the web, companies have found a way to market and improve upon their products by using the newly-established field of text mining technology. Social networking sites and blogs allow companies to bypass traditional market research methods and get opinions directly from the consumer. By processing this information, both positive and negative, a company can then develop ways to incorporate this data and improve their products, if necessary. They are also able to target demographics. A new field of text mining has been established to interpret the data and opinions. With this technology companies have the ability to market their products more effectively. The technology can also provide them with important data about their competitors. Public opinion has surpassed previous forms of market research. Several companies now interpret and analyze data gleaned from various social sites on the web. Because the field is relatively new, there have been several terms to describe the industry, including “social media analysis.” As social media sites and blogs increase, so too will the need for these services. Soon it will be standard procedure for all companies to utilize and incorporate social media data and statistics into their marketing campaigns and product development.