Imagine being able to track what drives your audience to act and to figure out what makes them to love or hate your product. Then, translate that data to future sales predictions.
A company called Fizziology is taking social buzz and using data analysis to accurately predict movie box office success and failure.
Here's how it works: They examine millions of conversations on Facebook, Twitter, and blogs via API search, using "human sentiment analysis" and trained analysts to find trends in the conversation. The results: insight and context for clients who depend on predicting audience behaviors to gauge marketplace success.
Here are a few examples of how effective Fizziology can help studios be more precise in their predictions:
Pirates of the Caribbean: On Stranger Tides
Actual opening weekend: $90.15M
Industry estimates: $110M (22% from actual)
Fizziology estimates: $95M (5% from actual)
Actual opening weekend: $36.5M
Industry estimates: $27-$38M (18% from actual)
Fizziology estimates: $37M (1% from actual)
Cowboys & Aliens
Actual opening weekend: $36.4M
Industry estimates: $45M (24% from actual)
Fizziology estimates: $34M (7% from actual)
The film industry relies more than most on word-of-mouth to understand what movies will be successful, and which ones will tank. Predicting success or failure means $millions to a movie studio as they decide how much money to spend on advertising, and how many theatres to distribute a film--and where. With Fizziology, it’s now possible to track what people are saying about a movie, to whom, and when and where they’re saying it.
“Social media is the world’s biggest, fastest and most honest focus group,” adds Fizziology co-founder Jen Handley. “Access to all of those opinions and the data that comes from it will have a significant impact on the film industry. From more accurate predictions of how movies will perform to smarter, faster marketing changes to even faster recognition of breakout talent and potential movie subjects, it will impact nearly every part of the film industry.”
Unlike standard social media monitoring services, Fizziology doesn't just use standard social media monitor, and algorithms to predict behavior, they use actual people --who can understand sarcasm, slang or symbols like <3 – to provide sales predictions & other business insights based on conversations taking place in social media.
And, In addition to box office earnings, Fizziology can help studios understand which trailers to use in their TV buys, and to examine marketing budget ROI. They can also help predict DVD & Blu-ray sales & refine those marketing campaigns based on social media buzz.
And why just limit this to the film industry? Imagine the possibilities.