Can social media analytics help avoid box office flops? That’s the question asked in this article published on LinkedIn, which argues that analyzing online conversations can help studios refine their marketing strategy, thus boosting the ultimate success of movies.
What’s Hot and What’s Not
Few industries see as much money pumped into individual projects as the movie industry. What’s more, few industries see as much money lost on single ventures. This is why an increasing number of studios are using social media analytics to predict not just the box office success of movies, but how to go about marketing them.
Examples of metrics used to evaluate how to communicate about a movie include web behavior, users’ interactions with campaigns and, of course, organic mentions across social networks.
The article takes the example of Pitch Perfect. Now, you would be forgiven for thinking this movie drove online engagement among female audiences with an interest in Glee. But before the movie was released, social media analytics revealed that it was actually trending among men, most of whom were not Glee fans. This “allowed Universal to change its pre-release strategy for the film, which they did with great success.”
It’s Not Just Hollywood
Though Hollywood is the example used in the article, social media analytics – and in particular social listening – can help companies in all industries shape and refine their communication strategy, whether they’re marketing movies, makeup or machinery.
This article from Talkwalker is a great example of how social listening is used to monitor and predict trends within the banking industry. It explains how the Bank of England uses social listening to obtain insights into the state of the economy and make predictions about future economic developments.
Of course, banking is a far cry from Hollywood. Nevertheless, many parallels can be drawn between how social media analytics are used in each example. Just as studios are leveraging social listening to analyze conversations and plan communication initiatives for upcoming movies, the Bank of England uses it to identify, predict and adapt to economic trends.
But it doesn’t stop there; social media analytics can be used by retailers to identify popular and unpopular products, by car manufacturers to find out what features customers are looking for, by travel companies to determine which locations are popular among which age groups…and so on. In short, tuning in to conversations that take place on social media is a highly effective way of optimizing communication and business strategy for all companies, regardless of the industry.