Sentiment Analysis of Social Media as Tool to Improve Customer Retention

Sentiment analysis is a process of determining the polarity (i.e. positive, negative or neutral) of a given text. The extremely increased amount of information available on the web, especially social media, create a challenge to be retrieved and analyzed on time, timely analyzed of unstructured data provide businesses a competitive advantage by better understanding their customers' needs and preferences. This literature review will cover a number of studies about sentiment analysis and finds the connection between sentiment analysis of social network content and customers retention; we will focus on sentiment analysis and discuss concepts related to this field, most important relevant studies and its results, its methods of applications, where it can be applied and its business applications, finally, we will discuss how can sentiment analysis improve the customer retention based on retrieved data.

Opinion Mining

In recent years social media sites become very popular communication tools among Internet users where a significant amount of information is exchanged via computers, smart phones, etc. Internet now is not only a source of information for users to search for; regular users are now a major source of Internet information; where now regular people post daily life activities, share online pictures, and express their opinions about products, news, political debates, etc. Such noticed growing of opinion-rich resources along with user-generated content makes it worthwhile to use information technologies to collect, analyze, and understand human factors and behaviors. This chapter covers three main sections where the first section introduces the field of opinion mining in general along with a detailed exploration of its definitions and goals. Then a discussion of opinion mining related challenges is presented in the second section. The last section explores opinion mining available approaches along with possible future directions.

The Impact of Social Media on Customer Engagement with U.S. Banks

This chapter has two main aims. First, to investigate the Facebook practices used in the U.S. banking sector with the aim of enhancing customer engagement; second, to perform a comparative analysis of the use of Facebook in this respect, among different U.S. banks. In this comparative analysis, we apply the Federal Reserve charter classification (Nationally chartered member bank, State-chartered member bank and State-chartered nonmember bank). The findings of this study contribute significantly to our understanding of the influence of social media in enhancing customer engagement. Banks, and their community managers in particular, can make use of the conclusions drawn in this study to develop future strategies to foster citizen engagement via Facebook.

Marketing on Tumblr

Despite many demographic, behavioral, and technical features that should make it an appealing destination for social media marketers, the Tumblr platform has lagged in marketing adoption. This chapter discusses the site features that drive its potential, while also acknowledging the challenges that Tumblr presents. Contrasts are offered between the limited flexibility but easier adoption curve of other platforms such as Facebook and Twitter, with the phenomenon known as choice overload discussed as a possible explanation for non-Tumblr preferences. Three Tumblr case studies are presented in depth to illustrate best practices (Denny's diner chain and the musician Taylor Swift) and to warn against certain common pitfalls (Nordstrom). The chapter concludes with potential future research directions to pursue on this growing but underutilized platform.

Social Customer Relationship Management (SCRM)

The organizations reach to their objectives by adopting an effective customer management strategy. Today, organizations have become aware that to reach their objectives its must focus on customer relationships, engagement and retention, not only to increase their market share. The development of information and communication technology (ICT) and in particular social networks enables an important communication tool with customer. Improving customer relationship by using social network is called social customer relationship management (SCRM). SCRM focused on establishing new channels with customers for better understanding of customers needs and build a long-term relationship with them. This chapter explores social customer relationship management and its general concepts including social media and customer relationship management. Also, it reviews the context of SCRM that aims to enhance customer relationship and make customers much more engaged. Conclusions and proposed future work are stated at the end.

Social Media as a New Emerging Tool of Marketing

During the fast growth of social media, the ways companies usually use in their marketing are changed; social networks became a great approach for companies to improve their communication with customers. The wide usage of social networking sites and tools by individuals makes companies want to think carefully on how they can benefit from such usage in rebuilding their relationship with customers and increasing their engagement level. Such companies found that social media marketing is the solution through which companies and their customers will become much closer. This chapter covers three main sections where traditional marketing and electronic marketing concepts are reviewed in the first section. Then a detailed exploration of social networks and their distinct features is presented in the second section. Finally a discussion of social network marketing tools and its related technologies is explored in the third section.

Social Media as Social Customer Relationship Management Tool

Customer Relationship Management (CRM) is the process of managing a business's interaction with current and future potential customers. This instrumental case study aims to study and explain the role of social media as Electronic Customer Relationship Management tool (ECRM) in health care and tourism context by using Jordan Medical Directory company as a case study, we identified how using social media in communicating and managing customer's requirements as eCRM technique affects institution efficiency, the result proved the significant positive role of social media in managing customers relation starting from acquisition, passing by retention, and finally termination, data collected through personal and phone interviews in a time frame of one month.

Towards a Framework for Integrating Social Media, Customer Relationship, and Knowledge Management

Academic concepts such as customer relationship management (CRM) and knowledge management (KM) are well established concepts today. Integration between these two concepts has been established with the term customer knowledge management. Social media (SM) is now fast growing and has an intrinsic nature hence reducing barriers of varying concepts. It has been integrated with CRM through the term social CRM (SCRM). From the above it appears that there is interdependency between the concepts. It is on this basis that this work proposes a process model integrating SM, SCRM and KM. Through data collected from expert interview and extensive literature review, this study explored the possibility of interdependency between these concepts to make a case for the process framework for business organisations. The framework, leaning on the CKM model was able to identify strategy, mindset and engagement management, including knowledge context as crucial additions to the existing model towards integrating the three concepts.

Using Social Strategy to Retain Customers

Customer retention is the process of keeping your current customers' set satisfied and loyal to your product, successful customer retention is not only related to the applied product or services, but strongly related to how the organization provide the services and the reputation it creates within and across the marketplace. This chapter mentions four different cases of using social media to achieve customer retention. Cases will be named based on services provided by the firm, theme park, personal care business, food business, and suppling athlete tools. Also set of tips and guidelines about planning social strategy presented, finally suggested tools support different platforms were mentioned.

The Effect of Social Networks on Branding

The Internet is currently the largest computer network in use. Because everyone can use it, and join the network. The main role is that the internet allows to exchange information freely. Corporate communication modes jostled following the advent of the internet and more specifically social networking. Many victims of online business communication crisis affecting sustainably their brand. A real challenge for today's companies needs to understand the characteristics of these new media and to establish an effective communication strategy in order to maintain and improve its image among its customers. This research looks at whether social networks have an effect on the brand image. Several dimensions for assessing this concept will be identified through an empirical study.