Social media in market research
“Smart phones and social media expand our universe. We can connect with others or collect information easier and faster than ever.” –Daniel Goleman (author, psychologist, and science journalist)
The social media applications
Whether it’s through google searches, Facebook profiles, Twitter profiles or smartphone applications people share information to companies every day through social media. This information is very valuable and informative when analysing customers using market research. Listening to your audience is vital when trying to predict trends and where the market will be in the future. It is also useful in researching competitors. Following competitor’s social media pages and educating yourself on how they engage with customers can inspire new ideas. You can uncover topics of discussion that you might have missed out on which is valuable market research. Adapting your communication to dovetail with these topics show that your company keep up with current affairs and it also generates cyber traffic for your site.
Social media advantages
Because of the immediacy of social media, it allows you to follow trends in real-time letting you adapt instantly to customer needs. The desires of customers can be relayed back to your staff and they can adapt their techniques to maximise sales and customer interaction. LinkedIn groups are one way your company can understand the needs and interests of your target market to build campaigns around. The way the business sector is headed means SMO is just as important as SEO and furthermore content marketing is now meshing with social media which is changing marketing as we know it.
To conclude, researching social media for mentions of your product is a fantastic form of market research because extracting data that is quick and can be a catalyst for improvement.
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