Image source: InfoWire.dk
Predictive analytics may be the next phase for social media monitoring and measurement.
The pattern of posts by consumers in social media often reveals interests, preferences and intent of individuals or groups. Predictive analytics employs data mining of social media posts, massive number crunching and advanced analytics to make predictions about consumer behavior and, thereby better understand emerging trends. The possibility holds immense potential in marketing, PR, and fund-raising.
Organizations that spot popular and pertinent posts before others, especially before competitors, will gain a significant head start in positioning their organization or brand. They will be able to latch their brand onto viral content – a digital version of hitching their wagon to a rising star. Although predictive analytics is not yet prevalent, organizations that prepare now by adopting comprehensive social media monitoring and analytics will gain an early lead in integrating emerging technologies.
Detect Trends as They Start
“With machine learning, with advanced algorithms, we will detect trends as they start. We will know before others what’s going to take off, and can make strategic decisions based on that information,” says Christopher Penn, vice president of marketing technology at Shift Communications.
Predictive analytics enables marketers to understand what strategies work and why, says Michael Schultz, vice president of marketing and business development ClearSlide, a marketing platform.
“Knowing what is working makes all of the difference,” Schultz told Direct Marketing. “Far too often marketers are in constant production mode. So rather than analyzing the data and seeing what sticks and why, you get an anecdotal feedback about what’s supposedly working. So being able to apply analytics — particularly predicative analytics — enables marketers to really zero in on what’s really going to matter.”
Most executives with experience in predictive analytics (86%) say the technology has already delivered a positive return on investment, according to a Forbes Insight survey.
“Whenever customers or prospects are searching online, posting comments in communities or social media, or reading blogs or articles, they are showing intent or future interest. Intent data can be incredibly helpful at sending buyers who have a need now, especially when paired with fit and behavior data,” says Shashi Upadhyay, CEO of Lattice, which sponsored the survey.
Challenges to Overcome
Although moving closer to actuality, predictive analytics poses several challenges, including hiring and retaining personnel with data analytics skills, integrating data from disparate corporate departments, and obtaining clean and complete data.
Predictive analytics requires technical and analytical skills that are in demand across a range of business and in especially short supply in PR and marketing. Organizations often silo data in sales, marketing, operations and departments. Data may not always be clean and correct, a major issue since analytics is only as good as the underlying data.
Prescriptive Analytics: The Next Phase of Social Media Measurement
While predictive analytics is within social media measurement’s short-term outlook, prescriptive analytics is one of its long-term possibilities, Penn says. While predictive analytics forecasts consumer behavior, prescriptive analytics will recommend the best content and tactics organizations can use to respond to given situations. “Prescriptive analytics will suggest topics, keywords, images, and rich media based on our predictive algorithms and identified trends/anomalies, and perhaps even prepare our updates for us,” he explains.
Penn estimates that predictive analytics will arrive in one to two years and prescriptive analytics will arrive in three to five years. Organizations that become competent in data analytics now and who build clean data bases will gain the edge. “The better you are at the social media analytics of today, the better prepared you will be for the social media analytics of tomorrow,” Penn says.
Bottom Line: Social media measurement will soon deploy predictive analytics to help businesses and non-profit organizations predict consumer behavior and identify emerging viral content – obvious benefits for marketers. Brands that prepare now by hiring analytically talented personnel, integrating data and accumulating data through social media listening will have a head start as this next new technology develops.
William J. Comcowich founded and served as CEO of CyberAlert LLC, the predecessor of Glean.info. He is currently serving as Interim CEO and member of the Board of Directors. Glean.info provides customized media monitoring, media measurement and analytics solutions across all types of traditional and social media.
Trackbacks/Pingbacks