How Social Market Research Works
18 May 2021
Social market research is the type of research that mainly focuses on the conduct of a target market. This article will discuss about how market researchers can utilize social media to fulfill their research needs.
1. A large audience at your disposal
According to a report by Nielsen, approximately more than 80% of people with access to the internet actively utilize their social media. With such a vast audience, it would be challenging to cover most marketing and media sources. However, it would also be straightforward enough to conduct a specific market research. Additionally, social media encourages engagement and interactions that translate into acquiring accurate data for marketing purposes.
2. Better understand your consumer at certain point in time
An essential part of understanding your audience and measuring data is knowing exactly where to get engagement and interaction. With social media, you can track both current and emerging trends in business. One can easily do this by searching and monitoring hashtags related to the brand, product, or industry. Through these hashtags, one can acquire feedbacks along with real-time engagements. The use of hashtags can deliver timely results that do not depend on whether the researcher monitors clients or competitors. It offers you a chance to become a social listener while still keeping track of your customer’s desires including their daily change of preferences. Social media provides several ways to search for the latest posts or some of the most popular terms that help you, as a social market researcher, gain more knowledge about your target market.
3. Real-time research
With social media, you can conduct research in a much faster way compared to the traditional focus groups or surveys. Social media provides valuable information instantly, saving you a tremendous amount of time that you would probably have to spend on setting up a survey or focus group that would also mostly end up providing you an outdated data. Social media helps you track the behavior of your marketing cycle and gather real-time business intelligence.
4. Discover relevant trends
Social media also gives you, as a market researcher, a chance to step outside the market research boundaries. It offers you an opportunity to learn more through observations and interactions. Most marketing research strategies are driven by customer surveys and questions, among many other things. However, using social media to gather data gives you a chance to avoid leading the discussion, and thus providing you an even more organic result. Online engagement is vast, and the debate can take place anytime, anywhere, without the market researchers’ facilitation. You can find these discussions and monitor their engagement by joining or even just observing them.
However, you need to remember to always be a keen listener when it comes to social media. Try to learn the most out of every conversation that you hear and always ask yourself several questions concerning what you want to discover while using your social listening skills to obtain the data that you really need. These are ultimately the skills that contribute highly for you to acquire real-time business intelligence.
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