Predicting the future of market trends is one of the core factors that businesses owners should aim at determining. This helps marketers make a good decision regarding their business future to ensure that their business continues to be relevant. Social media is one of the core places that a marketer can analyze to determine the expected future market trends. Marketers can use information realized from social data libraries to see and grasp the future. Marketers in the food, travel and automotive industries can use the data collected from social media in their decision-making processes in the following ways.
Predict the next big revolution in the food industry
With the change in eating habits and food related diseases, the food industry is realizing the need to change its traditional methods of marketing and production. Fat content in foods has become a major concern in the developed countries. Individuals are constantly trying to stay healthy by losing weight and maintaining good and healthy eating habits. An analysis of social media data conducted between 2010 and 2015 portrayed the different perception that customers had regarding fats.
Discussion on “good fats” almost doubled while opinions on low-fat alternatives reduced. There was also an increase in low-carb diets conversation in social media. Marketers and businesses owners in the food industries can use such social media analysis to make adjustments to the fat components contained in the foods consumed by the customers. A better method of marketing the good fat foods is by sensitizing the consumers on the introduction of the same and the abolishment of bad fats.
Prediction by marketers in the travel Industries
Travel options have gone up over the recent years. Individuals that were restricted to domestic tourism can now go on international vacations due to the pocket-friendly flight prices.
Marketers and brands in the travel industry can analyze the needs of potential customers by the use of social media. An analysis of the social media audience shows that a multitude of people has interest in visiting London, Australia, Italy, Japan, and Paris. Campaign managers and advertisers should turn their interest in Australia as the majority of individuals are interested in visiting the continent. Sydney and Melbourne are the two states that are of great interest for potential tourists. Marketers should, therefore, place more emphasis on these two states for a better conversion rate.
Gauging the market for a new innovation
Marketers in the technology and automotive industries have their eyes on the now established self-driving cars. However, the recipient of these cars has not been pleasant and marketers should be wary before investing in this sector. The profits received from marketing self-driving cars may be lower than anticipated as the cars target only a specific clientele base.