Market research (MR), is a data-driven process used by organizations to identify the solutions for various business conundrums. Be it the identification of specific needs of the target audience, or the reason they should choose you instead of your competitors, MR can be effectively used to solve many of the common predicaments that can help companies make well-informed market decisions. However, it can be an expensive and time-consuming process.
Social Media has already achieved the reputation as an effective platform for extracting in-depth insights about the market, customers, competitors, etc., making it viable for market research. Social media listening enables seamless collection of both quantitative and qualitative data, which can be analyzed to identify the sentiments of the target groups as well as forecast the future trends.
Moreover, depending on the context, marketers can draw the right conclusions, which can help in creating a fool-proof marketing plan. Discussed below are some of the reasons why social media can be much more effective in achieving measurable results for market research.
Authentic Consumer Feedback
Obtaining authentic reviews about a product or service is essential for determining its performance in the market. Though, this may not be as simple as it appears, as most customers do not always respond with genuine feedback when asked by the company.
However, when the customers are given a choice to express their opinions through the favorite social networking channels, it would make them much more comfortable to share their thoughts with the enterprise. By encouraging them to join social forums where they would not only be able to express their views, but also endorse or contradict the feedback from others, brands can gather authentic views from real customers.
Simplified Filtering Mechanism
Positive feedback coming from a genuine customer can be highly valuable for marketing and promotional causes. It’s because, genuine opinions can help the companies in enhancing their product or service, which could attract more customers.
By enabling the researchers to validate the credentials of the respondents, Social Media can be an ideal platform to filter out false opinions. It could be a major advantage that could save both the company and the potential customers from being misled.
Given the option, customers could use popular social sites that let them share their images or short videos, which show their endorsement for the product or service. These visual testimonials could go a long way in helping the companies in building trust among the prospect customers, apart from using the info as a feed for market research.
The research process is usually divided into primary and secondary tasks. The primary research involves monitoring the sales performance. It also involves looking out for loopholes in the tools used for business communication, which can have a direct impact on the quality of service. Linking the Point-of-Sales (POS), and different communication channels with the Social Media can have significant benefits. By doing this, the market research teams would be much more competent in figuring out the gaps in customer journeys and also be able to monitor the sales in a better way.
Moreover, social media can also play a vital role in monitoring the competition. The data collected through different social channels can be utilized to keep a track on the competitors’ strategy. These regular assessments can help the companies to stay in touch with the latest market trends. The current knowledge of latest trends in the market can be valuable when it comes to tapping the new opportunities at the right time.
Explicit Collection & Compilation
The secondary research is about creating a database by collecting the right keywords and info from popular content. The social media is one of the ideal platforms to gather such data acquired through regular engagement activities. By collating this data and refining it through predictive analytics, enterprises can develop robust business strategies. Consumer Analytics can also be utilized to determine the right market segments, which can be specifically targeted.
Also, industry experts can be hired by organizations to review the products or service on their blogs. These influencing personalities can have a positive impact on the target audience. The initiative can help in building a brand-following when they start responding to the reviews made by the influencers. By analyzing these feedback businesses can gather essential keywords and brand mentions to compile useful insights.
The target audience can be easily segmented and narrowed down to analyze the behavior much more accurately if Social Media is fruitfully used for Market research. It can also help with optimizing the distribution method for products, while also bolstering the identification process of the right product features. Using the social-channeling techniques, questions related to sales performance can also be solved. Finally, it can also help in optimizing the needs and methods of data collection, while delivering invaluable information about economic shifts, competitors, and consumer demographics.