Recently at my company, my team scrolled through thousands
of lines of Excel spreadsheets ensuring that Facebook comments, tweets, and
survey responses, or ‘verbatims’, were properly categorized because, according
to my senior manager, the analysts were not properly vetting the lists. Then,
as now, I wondered how does anyone glean anything meaningful from these
responses? They are often abbreviations, slang, not full sentences, and just
plain spelled wrong. Additionally, how can companies best utilize best use
social media and avoid possible pitfalls?
There are simple text searches that can be done to allow for
keyword searches, etc. My company, as well as many others, use this. For example,
my company searches for keywords that are often in complaints and singles those
posts out for further review as the SEC/FINRA have strict guidelines that
require the collection and reporting of written complaints, which include
electronic communications.
Interestingly enough, the social media monitoring company Attensity
360 has developed software and slang dictionaries to allow for every word to be
“parsed, making it possible to see
relationships among words, even if the words are abbreviations, acronyms or
emoticons."1 This is certainly a step forward in “translating”
comments, tweets and the like.
One key problem for highly regulated industries is that
their ventures into social media can be uncertain at best and may result in
fines or possibly worse. There is simply not a great deal of precedent that has
been sent. “Institutions also risk violating public advertising and
communications rules. ‘Banks are deathly afraid of million-dollar fines they
could possibly incur just for being flip on social media sites,’ says Neil
James, digital analyst at Minneapolis-based PR firm Russell Herder.”2
The threat of fines and uncertainty how old communications rules apply to
social media have also made my company reluctant to take full advantage of
social media possibilities.
Strides are being made and many companies are embracing
social media, while others wait for the trail to be cleared first. Regardless,
companies recognize the opportunities here and are moving forward, however
reluctantly.
1Lamont, Judith. "Text analytics finds
dynamic growth in e-discovery and customer feedback." KM World. 05
Jul 2011: n. page. Web. 16 Jan. 2013.
<http://www.kmworld.com/Articles/Editorial/Feature/Text-analytics-finds-dynamic-growth-in-e-discovery-and-customer-feedback-76365.asp&xgt;.
2Kite, Shane. "Social CRM's a Tough, Worthy
Goal." American Banker. 01 Jun 2011: n. page. Web. 16 Jan. 2013.
<http://www.americanbanker.com/btn/24_6/social-crm-tough-worthy-goal-1038025-1.html>.
The evoltion and advancement of social analytics is really interested. Not just methods of measurement, but qualitative approaches of interpretation as well. It really is "measuring" word of mouth, which is something that has never been possible before
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