Social listening is a strong tool in the market research arsenal. Data from the social web provides a detailed, real-time snapshot of a product's demand. Looking at social conversation on the Teenage Mutant Ninja Turtles movie demonstrates how social media can guide a movie merchandisers' supply chain management.
Where will your merchandise sell?
Allocating inventory correctly can make the difference between record-breaking sales and a huge flop. Depending on economic conditions and local trends, merchandise that flies off the shelf in one state can collect dust in another. Harnessing social to analyze regional character popularity helps to guide the inventory allocation process, as geographic areas that will be most receptive to particular products are surfaced.
Use social listening to hone in on the areas where your products will fly off the shelf. Apply insights about local trends to craft a successful retail strategy. Make sure your products never end up collecting dust on the wrong store's shelf.
Who is your audience?
Good merchandising decisions depend on a deep understanding of your audience. These graphs depict the demographics of people talking about the Teenage Mutant Ninja Turtles online. Social media analysis can reveal demographics about your audience, guiding your supply chain management decisions.
Do instant market research by using social listening to capture an instant demographic breakdown of people talking about your products online. Run choose your advertisements, promotions, and co-marketing campaigns based on a true understanding of your audience.
Are your products popular?
Which of your products is in the highest demand? The graph below shows the volume of social conversation around each of the main characters from Teenage Mutant Ninja Turtles. Manufacturing and pricing decisions should be adjusted accordingly once the products’ relative popularities are determined. Will your products stay popular? Supply chain decisions are made months before products even hit the shelves. Social listening can reveal general trends in popularity as well as offer insight into how your audience responds to advertising and promotions.
Adjust your product mix to reflect your products' relative popularity. Find out which products won't be popular early in your manufacturing process instead of late in the retail stage.
How about joint packaging?
Before kicking off a promotion that combines several products into one package, it’s important to know how the audiences for the various products overlap. This graph shows how conversations about three of the most popular Teenage Mutant Ninja Turtle characters intersect. The data suggests that a promotion comprised of Leonardo and Michelangelo action figures would do better than a promotion for Michelangelo and Shredder products. Social media enables a deeper analysis of the products’ popularity than traditional market research.
Use social media to judge overlaps in your products' audiences for effective joint packaging promotions.