The digital age has given birth to many innovations that businesses can harness to conduct market research. Words like ‘engagement,’ ‘big data, and ‘content marketing’ have made it impossible to run away from the potency that social media presents.
The Internet and social media have highly influenced consumers’ behavior; likewise, these two innovations have also impacted how companies run their businesses. Social and digital marketing offers significant opportunities to organizations through lower costs, superior brand awareness, and increased sales.
Social and digital marketing provides remarkable opportunities to companies through cost-effective, outstanding brand awareness and increased sales.
And when it comes to an understanding a brand’s audience, Social media can play a significant role. Many social media users make use of what is called social networking.
Investopedia defines social networking as the use of Internet-based social media websites for staying connected to friends, family, colleagues, customers, or clients.
You can then use information from social media to market research from their businesses.
5 Reasons Why You Should Use Social Media for Market Research
- Real-Time Information: Companies monitor how consumers’ feelings influence their brand choices and how their general preferences change over time, tracking current and emerging trends.
- Accuracy: The spontaneous nature of the information gathered from the process makes it more apt to reveal customers’ true feelings.
- High-speed: Social media analytics can construct data in a few hours or days instead of conventional research methods that take weeks or months. Since it takes some time to get results from traditional market research methods, social media, on the contrary, always gives real-time updates making it possible for you to pull immediate results from the existing social data.
- Affordability: Social media analytics can produce reports relatively cheaper than conventional research methods. Social media is more affordable than surveys or focus groups, which can cost you thousands of dollars depending on the magnitude and difficulty of your research panel.
- All-inclusive: With over 4.48 billion social users in 2021, you can never run out of social media data and tools like social listening, making it easy to analyze conversations and trends around your industry without focusing only on your brand.
How Businesses Can Use Social Media for Market Research
Conducting market research can be very expensive and time-consuming. That said, as a business owner, you can capitalize on the cost-effectiveness and comprehensiveness provided by social media marketing research. This research can help you gain insights into how your customers buy and the brands they like – information you can use to your advantage.
Maximizing social media for market research requires a complete understanding of the benefits of offers to create a suitable research plan.
Let’s look at six excellent tips that you can quickly implement for superior, measurable outcomes when utilizing social media in your market research methodologies:
Track Social Media Trends for Real-Time Insights
The majority of the social media platforms provide many methods for analyzing trends and performing market research. All you have to do is check out the hottest social media posts and most searched terms, which can give you real-time insight into emerging trends and know what your prospective customers are discussing on social media.
For instance, you can conduct trending hashtag searches on Twitter, IG, and the likes. You can also automate hashtag searches specific to your brand, industry, or product to get real-time notifications when your customers, clients, or closest competitors use those key terms in their search.
Discover The Language Your Audience Speaks For Superior Marketing Appeal
Sometimes, your choice of words and KPIs do not align with your customers’ most important.
Analyzing the social media metrics will give insights into your customers’ conclusions when determining their value from your products, service, or brand and their reactions.
Implementing your findings into your marketing strategies will help you improve the effectiveness of your marketing efforts while speaking to your consumers directly at the same time.
When defining value, quality, and other essential terms, being customer-centric will help you create a unique business brand or product image amid fierce competition in your industry. This will also avail you of an avenue to communicate directly to your target audience.
Utilize the Real-Time Feature of Social Media for Fast Market Research
Using traditional market research methods like surveys or study groups is very time-consuming when planning, strategizing and implementing.
On the other hand, you can do social media market research in the blink of an eye and receive instant results at the tips of your fingers. Social media research makes it easy to track increasingly specific aspects of your marketing efforts.
From the product launch to an after-sales report, every aspect of your marketing plan can be scrutinized separately for superior results over your entire marketing plan.
Rather than wasting time developing outdated traditional market research that possibly gives you obsolete information because of changes in trends, your best bet right now is to conduct social media market research that offers real-time insights.
Utilize Social Media to Widen the Reach of Your Market Research
With the ever-increasing popularity of social media among businesses and consumers across virtually every market demographic in existence, you are leaving money on the table if you are not harnessing this marketing tool.
In their 2011 state of social media, Nielson reported that social media claimed that close to 80 percent of internet users get connected to the Internet through social media.
This behavior makes market research possible via social media because of the vast number of users involved, which no other marketing or media source can offer.
Another fantastic feature social media marketing research offers is that it helps promote user interaction, engagement, and involvement, which improves the likelihood of obtaining valuable, precise, and honest data from your marketing efforts.
Discover Overlooked Trends And Insights By Engaging Rather Than Leading
One of the significant weaknesses of most marketing research methods is that they are question-driven. To get access to accurate information, you have to know the right question to ask.
This means that your results might not be equivalent to the efforts you put into your market research if you end up asking the wrong questions. The response you get will only be as good as your questions while doing market research.
Social media’s extensive reach and interactive nature make it possible to get desired information through interaction and observation.
Rather than assuming the interviewer’s position, study or join the discussion like the interviewee. You will be more likely to get honest answers that you can work with than if you had gone the route of traditional market research methods.
Using social media for your market research is often a matter of investing time. The good news is that it doesn’t have to start with a substantial monetary investment. You can explore various free tools available for virtually every social media platform to obtain valuable information.
The cost difference between using social media for marketing research and traditional methods such as focus panels, discussion groups, studies, and surveys, is vast.
The user engagement and discussion also help your social media research serve as marketing, brand building, network building, lead generation and offer the opportunity for other excellent improvements to your business or brand.
When designed and implemented appropriately, a small number of market research tools offer the cost-effectiveness and overall benefit of social media research.
From reduced expenses and instantaneous access to information to the capability to discover hidden trends and an improved marketing approach, social media offers practical ways of optimizing the market research efforts of your business.
Best of all, social media research offers numerous methods of interacting with your target market and scaling your business. Conducting marketing research is as simple as signing up for a social media service like Facebook, LinkedIn, or Twitter and harnessing their integrated search features. Then, in a matter of minutes, your business can begin to analyze trends, improve your marketing strategies and work towards achieving your desired outcome.