Integrating AI with social media is generating ‘lucrative’ opportunities
Using artificial intelligence systems to analyse millions of social media interactions and perform things like sentiment analysis is something that, so far, only some companies have done.
The reason that relatively few companies have done this is that the AI solutions for the task have so far either been custom-made and not for sale or very expensive. But given the benefits of using AI in this way, many companies might like to look into the opportunity.
Most companies these days are “social media companies” in that they at least have a significant presence on social media, perhaps having thousands or even hundreds of thousands of followers.
Some of these companies are infusing AI to create new market opportunities by collecting and analysing data more efficiently in order to maximize user experience and revenue opportunities.
Fuelled by the ever-increasing number of social media users and their active online behaviour, integrating AI is taking the social experience to new heights.
AI is one of the fastest growing technology segments, as the International Data Corporation estimates that spending on AI platforms will reach a staggering $57 billion by 2021.
Leaders in the social media market are using AI for predictive measures in terms of forecasting users' behaviours, as well as solving issues quickly as they develop. Just above every significant social media platform is beginning to leverage AI in some form or fashion.
For example, Engagement Labs has launched a new enhancement to its TotalSocial system, which deploys artificial intelligence and machine learning to enable clients to more quickly and accurately plan growth strategies based on unique social data and analytics.
The new update helps clients grow revenues and marketing return on investment by tapping into the social trends, both online and offline, that can help them win in today's dynamic marketplace.
The company says its AI systems drive predictive analytics through the development of proprietary algorithms which rapidly build hundreds of predictive models using more than 100 variables in millions of possible combinations to identify the factors that generate sales and drive other key performance indicators for brands.
With today's announcement, TotalSocial now deploys AI to provide new, powerful automation tools that identify unexpected variations in brand performance and diagnose the underlying factors for these changes.
For example: the AI the system recognises when an unexpected drop in sentiment occurs and sends an immediate alert.
Diagnostics are run to identify the root cause as well as the appropriate course of action. This is all done in real time and empowers marketers with cutting-edge tools leading to instant detection of changes in trends and rapid optimization strategies to maximise ROI.
Engagement Labs' VP of analytics Rick Larkin explains how the new AI Diagnostics works: “Imagine that a Fortune 500 retailer is launching a new disruptive ad campaign to promote its spring attire. TotalSocial is used to monitor the success of its campaign each week.
“By leveraging AI, TotalSocial now automatically builds thousands of models across all key metrics to identify true moments of lift and allow brands to optimise ROI.”
Ed Keller, CEO of Engagement Labs, says: “We are committed to delivering the data and analytics clients need in real time, so they can make fast, smart decisions to improve their business performance.
“AI Diagnostics for TotalSocial make our platform faster and better in uncovering not only what's happening that's having an impact on our clients' business, but why and how to respond.”
TotalSocial is a premier data and analytics platform that provides brands with unique insights, improved marketing ROI and strategies to grow revenue.
Fueled by actionable offline and online data, Engagement Labs claims TotalSocial is “the only platform that encompasses and listens to the entire social ecosystem”.
Using diagnostics, patent-pending predictive analytics and AI/machine learning, TotalSocial identifies business opportunities and provides clients with recommendations to grow revenue and a roadmap to achieve that growth, claims the company.