IBM Releases New and Improved Social Media Analytics Tool

A few days ago, IBM released an updated version of its data mining and text analytics tool, the SPSS Modeler, which will now gather data from multiple social media sources such as Facebook, Twitter, and blogs.

The software now uses natural language processing (NLP) to interpret the context of words and emoticons and also has the ability to understand slang and industry jargon. Data gathered from social media is then combined with internal data to produce more accurate results than ever before.

According to the IBM press release, the software “allows users to monitor changes in consumer, constituent and employee attitudes, uncover deeper insights, and then predict key factors that will drive future customer acquisition and retention campaigns.”

So what does this mean for businesses? While the SPSS Modeler doesn’t come cheap, its results are likely to be well worth the expense. The type and range of data that can be collected and processed with this product is unprecedented. Companies can use the data to make much better decisions about the nature of their products and how they are marketed to consumers.

Many large companies have already jumped on board, including Rosetta Stone, Money Mailer, and Navy Federal Credit Union. While the investment may not be worthwhile to small businesses due to its price tag and complicated user interface (which requires an expert to navigate), medium and large companies are likely to benefit immensely from this tool.

Consumers, however, may not be as excited about the unveiling of the SPSS Modeler’s new features. To some it may feel like an invasion of privacy, especially when one considers the fact that political organizations may also employ this tool. At any rate, the release of IBM’s product serves to underscore the elevated role that social media now plays in marketing. Social networking sites have been a major revenue generator for several years now, and this trend is unlikely to come to an end anytime soon. Even if you can’t afford a tool like the SPSS Modeler, creating a social media presence for yourself or your organization is fast becoming mandatory for financial success.

To read IBM’s press release, click here.

To read Mashable’s article, click here.

Leave a Comment