In this day and age, most individuals have come to recognize and accept the importance of social media. It cannot be denied that social media has become rampant in our lives and plays a huge role in our everyday decisions. It is no longer a way for people to just communicate; it has gained value for business reasons too. Social media analytics is defined as the procedure of gathering data from social media websites and blogs. This data is then used by businesses for making important decisions. There are numerous tools used for analyzing social media and collecting information.
The first step in social media analytics is to determine the goals of the business that will be benefitted by the data that’s gleaned from social media networks. A business can achieve various objectives through social media analytics, but what’s even more surprising is that social media can also have an impact on stock decisions. It has given the opportunity for businesses and organizations to judge how people think and perceive brands. It proves to be a goldmine because it is full of predictive data that can prove to be immensely handy when predicting the movements of stocks of various companies.
The question is how people can tap into this power? There are tools available for predictive analytics that are regularly used by stock market brokers for predicting the movements of stock of major brands and companies. These tools would be of no use without the data obtained through social networks. The financial chat messages are analyzed by the tools for gaining an insight into the preference and thinking of people all over the globe. Their job is to uncover the influence and impact of social media and how it can change the direction of the stock of a firm.
One of the most popular tools that can be used by people these days is HedgeChatter. This platform has the ability of predicting the stock prices, which are mostly accurate, because it makes uses of keywords, conversations, trends and also social media stock sentiment for this purpose. Different sources of social media can be combed through this platform for collecting and analyzing data in order to ensure it can be relied upon. In this way, investors are able to study the trending activity, which can aid them in determining how social media can have an impact on their portfolios thereby helping in their decision-making activity.
With HedgeChatter, investors are able to get alerts about the trending stocks and are able to see the ones that have upward movements. All data is easily accessible and the platform is extremely user-friendly so there is no issue, even for someone using it for the first time. As a matter of fact, this platform can even determine if the stock is being manipulated through the real-time scan and the impact can immediately be identified and adjusted so losses can be avoided in this manner. Thus, with HedgeChatter, social media analytics becomes more effective and useful.