Researchers Find Twitter as a Predictor of Sales Volume
Twitter as a monitor
Three researchers at the University of Texas at Austin have developed a new (albeit uberly complex) tool that uses Twitter to predict company sales. Their model uses Twitter’s keywords to predict sales, whether to increase inventories or place items on sale.
Their model accurately predicted sales of three movies that came out on the same day- “The Hangover,” “Land of the Lost” and “My Life in Ruins.” They run on over 20 servers and observe patterns to predict consumer behavior.
Valerie Kusler, Senior Account Manager at PR/Marketing Company, Ketner Group said, “retailers have long used e-Commerce sales as an indicator of what in-store sales might look like before investing in costly widespread inventory allocation for certain kinds of merchandise, so the evolution to Twitter is an obvious one. It’s too soon to tell exactly how much of an indicator Twitter buzz will really be or what types of sales it will predict most accurately, but sellers should certainly take note of this study and at least start monitoring the correlation between their Twitter trends and sales trends.”
Start spreading the news...
This article published on Tuesday, December 1st, 2009 at 12:02 am | Contact the editor
Topics: News, Social Media
About this Columnist (Full Profile)
AGBeat Editor-in-Chief: Lani, named one of Real Estate’s 100 Most Influential, as well as 12 Most Influential Women in Real Estate, is a business writer hailing from the great state of Texas in the city of Austin. As a digital native, Lani is immersed not only in advanced technologies and new media, but is also a stats nerd often burried in piles of reports. Lani is a proven leader, thoughtful speaker, and vested partner at AGBeat.
Email Lani Rosales
The Daily Hot Sheet
The AGBeat Daily is jam packed with today's news headlines, fresh and neat in your inbox- start the day ahead of the curve.
Benn Rosales
Conal Campbell
Elijah May
Lani Rosales
Tara Steele
Marti Trewe
Charlene Jimenez
Comments (11)
Trackback URL | Comments RSS Feed
Social Shares & Links Back
[...] Twitter is psychic in that researchers show Twitter users’ use accurately predicts sales and can determine whether or not stores need to increase or decrease inventory, have a sale, etc. It’s a new model but we predict more of this monitoring capability will hit the market in 2010 or 2011. [...]
Researchers Find Twitter as a Predictor of Sales Volume: Twitter as a monitor
Three researchers at the University o… http://bit.ly/6HrvHD
Researchers Find Twitter as a Predictor of Sales Volume http://bit.ly/6HrvHD
Researchers Find Twitter as a Predictor of Sales Volume: twitter use in real estate and elsewhere Three researchers… http://bit.ly/63L9D3
Do YOU think Twitter will be an accurate sales predictor? Check out @LaniAR's write-up on a recent UT study: http://is.gd/58zO8
Researchers Find Twitter as a Predictor of Sales Volume: twitter use in real estate and elsewhere Three researchers… http://bit.ly/6HrvHD
Researchers Find Twitter as a Predictor of Sales Volume http://bit.ly/8QerCs
Researchers Find Twitter as a Predictor of Sales Volume: Twitter as a monitor
Three researchers at the University o… http://bit.ly/6HrvHD
Researchers Find Twitter as a Predictor of Sales Volume http://ow.ly/HvgE
Researchers Find Twitter as a Predictor of Sales Volume: http://bit.ly/6V0GPW
@agentgenius Researchers Find Twitter as a Predictor of Sales Volume http://bit.ly/6sGFfn