Miruna Codeanu

Social media use: forecasting

In cappuccino on May 14, 2013 at 7:08 am

Forbes Magazine writes: Twitter and Facebook Knew “The Great Gatsby” Was Going To Be A Hit. They don’t quite mean it. What they mean to say is that it is important for marketers to make sure their product be that a film or toothpaste is being talked about as much as possible. “The Great Gatsby” had enough social media hype to be a success and that could be easily foreseen by looking at Twitter and Facebook.

Forbes may not mean that forecasts can be made by looking at social media by I mean it. We do not call media social media social without a reason, we call it that way because it has a social component which gives a marketer information, data to be used in order to make your target predictable. Let’s take “The Great Gatsby. Let’s say you are Warner Bros and think of developing a new product, a new movie that is. Among the script proposals, “The Great Gatsby”. Your script readers get it revised and say it could be good material for a box office hit. It reaches middle and top management. You don’t even need to get a market study in order to forecast the success of this movie.  As a marketer or product developer you have a whole world at your feet and within hand’s reach: yes, that thing everybody is excited about, social media. Go on Twitter, search some of the hashtags you think could be related to your film, go on Instagram search some more hashtags, visit your company’s Facebook page and see which are the most successful posts in terms of likes and conversations. I repeat: withing hand’s reach.

Remember you are Warner Bros. Look a bit around you, not far, in your field of interest: films, movies, tv shows. A few years ago when millennials were becoming aware of the world around them and starting to make buying choice tv series were becoming extremely unpopular. Tv series?! Really?! That’s so last year! No, no, no, that is so wow: The Borgias, Mad Men, Downtown Abbey, Boardwalk Empire, etc. They were wow, caused addiction and revival of the couch potato. These are only some signs predicting the succes for “The Great Gatsby”. The rest are:  the very use of Instagram. This is the generation of nostalgia, the past was better, things were simpler, people were happier. This is the generation that uses modern technology to go back to the past. This is the Vintage Generation. Of course they like The Great Gatsby.

The signs are within the social media sky, only that the social media sky is within hand’s reach. Dear marketer, check with reality, check with social media. Social media makes people more reachable than ever. Ask me, this is its beauty. For the consumer it may seem like a means to communicate with the brand, but for the brand it must be a way to analyze and forecasts consumer behaviors.

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