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Social Media Impact: Social media channels are emerging as a platform to influence human behavior

Social Media Impact: Social media channels are emerging as a platform to influence human behavior
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Social Media Impact: Social media channels are emerging as a platform to influence human behavior

Social Media Impact: Social media channels are emerging as a platform to influence human behavior

Rarely does anyone know about the growing influence of social media these days. Social media has begun to play an important role in human personal life as well as social and economic life. Abhay Kumar Singh, Senior Lecturer in Finance at Macquarie University in Sydney, explains how social media changes human behavior and how it can be transformed into business and career opportunities.

Social media is emerging as a platform to change human behavior. It can be used properly and misused. Social media channels, especially Twitter, can play an important role in creating a wrong image of someone, winning an election in the wrong way, and so on. The 2016 US presidential election is a clear example of this. On the other hand, Twitter has also proved its worth in raising important social issues. Thus the #MeToo movement has gained a lot of power from social media.

How does social media play an important role in business?
A large amount of text data is generated on social media every day. Companies use this data to study customer behavior. It is analyzed and companies and organizations collect information about their target customers, their behavior, products, etc. using a variety of analysis techniques. Emotion analysis, topic modeling, stock market forecasting, impact on customers, new analysis, social network analysis, customer service, etc. are important techniques for analyzing data collected from social media. For example, emotion analysis is used to gather valuable information about customer behavior. For example, if you speak negatively about a product, other potential customers will run away from it. This will have a negative impact on the respective product and the company. Similarly the subject is modeling. In subject modeling, data is collected from social media on topics being discussed on social media. It lets you know what people are talking about on social media. Then companies and organizations formulate their strategies accordingly.

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Using Twitter for marketing?
One of the research projects I’m working on involves studying the use of Twitter in a business-to-business context. This study involves crowdsourcing of information and innovations. It analyzes topics discussed in tweets posted by small and medium enterprises in Europe. This analysis shows what topics are being discussed for information and innovation.

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