Perspective Chapter: Social Media Analytics – The Pavers of Business Model Development

Abstract

Social media analytics is a new communication channel that provides new sources of data on customer behavior and opinions, leading to analyzing data effectively. This paper presents a descriptive qualitative study that examined primary and secondary data sources to delve into the realm of social media analytics. The study presents bibliometric analysis involving two stages: collecting information from databases using a specific search equation and examining bibliometric indicators (quantity, quality, and structure) of social media analytics. The paper aims to assist researchers in utilizing social media analytics in their research or business model development. The paper also provides an overview of how to use types of social media analytic tools in relation to social media data. The survey conducted demonstrates that 59% participants who utilized social media analytics, showed that social media analytics is beneficial as it involves using tools, technologies, and techniques to facilitate communication in the digital world. The study relied solely on qualitative secondary data, which has its constraints. To address this, future studies should incorporate both primary and secondary data and utilize a combination of qualitative and quantitative research methods. Specifically, researchers should focus on quantifying social analytics data from social media platforms and analyzing trends over time using machine learning algorithms.