The application of social media analysis for marketing and business
Iliasova, Olga (2017)
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A statistical report published in January 2017 by Hootsuite, revealed that 3.8 billion people, that is close to 50% of the world’s population, are now Internet users and 2.8 billion of them actively use social media. These results have promising implications as well for society as a whole as for business. To date, business has realized the power of social media and is trying to benefit from it. Despite the huge popularity and the huge money allocated for social media efforts, utilization of social media still remains a challenging task for practitioners. At the same time, the issue of applying social media in the context of business and marketing is also a popular subject for academic research. However, in this field an academic/practitioner divide exists and most of the research is scattered. Therefore, the purpose of this work to propose an effective universal strategy of social media application. To achieve this goal design science research methodology was applied and a systematic literature review that contributes scientific knowledge, as well as highlights best practices, was conducted. This work also identifies trends and applications incorporated into social media marketing strategies within the framework. In the attempt to fill the gap between academics and practitioners, strategies are supported by real-life cases.