social media

4 reasons why social media is good for market research

Living in a digital age has resulted in huge innovations within the market research world. With buzzwords like ‘engagement’, ‘big data’ and ‘content marketing’ it’s hard to escape the true power that social media holds. 

There are a variety research methodologies researchers can adopt to gain useful insights for their clients ranging from traditional online surveys and extended focus groups, to now things like social media monitoring analysis.

Brand analysis, campaign tracking and customer care are amongst the top uses of social media for marketing. But here lies the question…how impactful is social media for the market research world?

Real-time customer opinions

Clock

Market research is usually associated with structured groups or very carefully crafted surveys which help to determine what customers are thinking and feeling about specific products or services. On the contrary, social media monitoring analysis is far from a controlled environment. With over 500 million tweets posted every day, this means constant exposure to organic opinions, data from a specific time period, and conversations amongst users in real-time. 

noun 930155

Discovering audiences

Social media provides many ways to enable companies to discover their target audience. There are many forums and online communities specifically designed for segments with shared interests where they can provide valuable insight on products and services. This can be very useful for insights teams searching for their target audience, and gaining more information about them. Additionally, researchers can familiarise themselves with how these segments like to communicate, and the common buzzwords used amongst them which could be used for targeting.

Finding trends

chart

The unlimited amount of verbatim provided on social media for insight teams is extremely valuable. As well as discovering audiences, social media can be used to discover  key trends within those audiences. Determining questions and recruiting participants instead of researchers can observe conversations to spot key themes and hidden trends which otherwise may not have been discovered. 


Analysing competitors

usersFor many brands and organisations, understanding what their competitors are doing is vital. Social media monitoring can enable researchers to gain insights on their competitor’s campaigns, strength and weaknesses. Social media can be useful in showing how customers are reacting to competitors’ products and services, as well as customer perceptions of the competitors. 

Overall, there are endless benefits of social media for market research. The interest in this area is continuously growing as innovations continue, and researchers are finding new ways to optimise the use of social media to provide valuable insight.

By Gagan Sarai


https://www.insightsinmarketing.com/resources/blog/the-dos-and-donts-of-social-media-market-research

http://www.internetlivestats.com/twitter-statistics

This entry was posted in Blog, Research, Social , Target audience, social media, tagged Social media, Market research tips, Engagement and posted on December 4, 2017


<< Back