So, Why do a Network Analysis?
In my previous blog I had given a surface analysis of social media and social network analysis. Now, I will get a bit deeper on to the applications of Network analysis. One of the major application is in customer relationship management.
Major objective of network analysis is to study the behavior pattern through visual representation. Not just stopping with that, identify the gaps in the relations and look for possible solutions to improve. For example learning the behavior trends of customers to any product can help the company increase its customer relations.
Social media is the buzz now. Twitter or Facebook is a huge source of customer data. Gathering these data and building a network will help in making effective business decisions. We can understand the trend based on various regions and hence use network analysis to focus on any specific region or target a particular group of customers.
One major concept in network analysis is centrality. Understanding this measure will help us finding the location of the node and gives us a an insight about the who the leaders are, who the peripheral players are , who is the leader in the network and who the connectors are?
Thus, knowing the customer behavior pattern by analyzing a network map is the key to success in sustaining the existing customers and expand the customer base.
Happy tweeting, blogging, posting and what not! :)
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