The rise of conversational insights in market research is attributed to the extensive use of social media technology in marketing. No longer is market research exclusive to brands with huge budgets or too time-consuming to be an effective planning tool.
As a brand or business operating in the world of social media marketing, you now have the opportunity to run an effective market research project. Social media is an important source for insights to guide and measure your brand’s progress.
What kinds of market analysis and report can you draw from market research using social media? In this article, we share the main ones for your immediate use.
1. Immediate response to new initiatives
2018 research by PEW Research showed that half of social media users are on their different platforms almost daily. As such they make good channels to gather immediate response to new initiatives (or anything related to your brand) with minimal effort. It can be short and sharp like “What do you think of our new cup design you picked up this morning?”
2. Monitor conversations about your brand
The technical term used for this is social listening. It is an emerging market research tool that is proving to be effective in:
a. Detecting trends
b. Identifying outliers that may matter in the future
c. Ascertaining the intensity of an issue
Social listening is passive research of immense value. It avoids knee jerk reactions, which can prove to be disastrous at times. When there is richness surrounding a particular topic or concern, a more formal market research project can be planned and executed.
When numbers are needed to facilitate a decision, online polls via your social media channels can be very effective. And you can link online market research platforms to your social media channel too. Within minutes you can design a professional-looking questionnaire and generate market reports.
Market research and analysis have grown in importance with rising competition. Data and insights are assets to enhance your competitiveness. They facilitate informed decision-making. Connect here to learn more about using social media for market research.