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, we would forgive you for thinking this movie drives online engagement among female audiences with an interest in Glee. But before releasing the movie, 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 how they make predictions about future economic developments.
Of course, banking is a far cry from Hollywood. Nevertheless, you can draw many parallels between how one uses social media analytics 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. Retailers can use social media analytics 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.