Data analytics reveal netizens’ spending concerns
Research outfit delves into how netizens’ spend their money
THE amount of digital data is growing by the minute.
With almost every Filipino owning at least one social media account, every thought or photo shared becomes part of the treasury of data that can be translated into information that can move businesses toward the right direction. The key is to sift through the volume and find those that can be converted into insight which in turn give companies and organizations the upper hand by making faster and better-informed decisions.
Digital data analytics has been a buzzword in developed countries years back. Big-name companies have long tapped into this process in order to boost their brands, know their customers’ needs, improve their products and services, identify risks, and predict future trends.
The Philippines is catching up, albeit at a slower pace, but has the potential of becoming a global player in data analysis much like its current status as a one of the leaders in the voice sector of the BPO industry.
“When it comes to digital maturity, I consider the Philippines to be in the infancy stage,” said Allan Capulong, founder and CEO of RTL Research and Tech Lab, a homegrown digital research and consulting company.
“We are a very tech-savvy country that can adapt to technology with internet penetration at 60 to 65 percent,” Capulong explained. “But we are still at the threshold as international influencers such Facebook, Uber, Google and the like have just started operations by putting up their offices here.”
RTL Research & Tech Lab gives context to important information found online as they monitor it real-time. Data gathered are filtered, examined, and translated into simple and actionable information.
Mining the unlimited flow of information available in social media enables RTL to convey the pulse of the internet generation. Their most recent analysis showed where Filipino Facebook users are spending their money.
Health and wellness are tops
Over 20 percent of local FB users expressed concerns over health and wellness. This is quite telling as there is a 6.58% difference over what most would think to be people’s chief priority which is food. Food only came in second at 15.91%. Perhaps the many health and wellness trends— both previous and emerging, government health awareness campaigns, as well as the proliferation of health and wellness products in the local market have contributed to the shift.
With a mere fraction of a difference comes internet and electricity with 11.72% and 11.69% respectively and following closely is mobile plan with 10.05%. These sentiments show just how much people put a premium on connectivity. Such revelation should perhaps not come as a surprise as the Philippines has always been active social media users where the country is number one when it comes to time spent on various social media platforms according to earlier reports this year.
Over 9 percent focus their spending concerns on education followed by utilities: water 7.09%, cable 5.87%, and rent 3.25%. Rounding up the list is insurance with 2.04%.
Translating figures into business
Having such figures allow companies to come up with strategies that are directed at their audience. Armed with this information, business heads can confidently allocate funds for marketing campaign and advertising that can translate to high value sales.