Study: Only four in 10 marketers are using predictive analytics

New research from Khoros and Talkwalker also found that three in four consumers have changed their behavior due to the pandemic, meaning they want quicker action by brands.

(Photo credit: Getty Images).

NEW YORK: Talkwalker and Khoros have released their latest report, detailing expected social media trends for 2023 due to behavioral changes due to the pandemic.

The report, From Insights to Action: How to Disrupt a Disruptive Consumer, provides an overview of trends relevant to brands, marketers and PR pros. The report details the 10 most impactful trends, looking specifically at how consumers are driving them.

It contends that brands will need to more carefully manage their relationship with consumers, listening more closely to their needs and wants, joining conversations more effectively and striving to better predict changing demands.

Seventy-five percent of consumers say that their behaviors and preferences have changed as a result of the pandemic. In particular, they prioritize their time more, meaning that they expect a better, quicker customer experience. This includes expecting support, information, and services, all of which can be more easily provided at speed via social media. Brands should leverage social channels to more proactively attend to issues before they explode into a crisis.

While consumers are increasingly comfortable online, the future of social commerce is unclear. Nearly half of social media users in China (49.5%) report having made a social purchase, whereas that number is just 44% in the U.S. However, increased demands for affordability and the inconsistency of ecommerce roll out across social channels means the picture remains uncertain in the U.S. TikTok, for example, has abandoned plans to roll out its live ecommerce function in the U.S., focusing instead on other markets.

Predictive analytics is already widely used in many industries, but is underutilized in PR and marketing. Only 42% of marketers have predictive analytics capabilities. Yet mentions of the term have increased 20% since the start of the year and the report suggests that more brands will begin to make use of the technology to forecast upcoming industry trends.

Fake news isn't new, but use of deepfake technology is on the rise. Mentions of deepfakes more than doubled between January and August of this year and the report suggests that this trend will continue. With concerns rising, consumers will increasingly demand integrity and authenticity of the brands with which they engage.

The report analyzed data using Talkwalker's Consumer Intelligence platform from January to August of this year.


Have you registered with us yet?

Register now to enjoy more articles and free email bulletins

Register
Already registered?
Sign in