Market research with social media has so many applications for both B2B and B2C organizations, and most companies haven’t even begun to scratch the surface of how to use these online platforms. Sure- Facebook makes a great community network where you can connect with your brand advocates. Yes- Twitter is a fantastic way to connect with your customers and answer questions or handle complaints. But the market research aspect of these platforms aren’t being tapped into by many organizations.
With the activity that happen on social platforms come reports and insights into how your messaging was received. Market research with social media data shows how your clients and potential customers behave, as well. When your organization takes a look at this information, the data that will be uncovered will answer questions and identify trends you would have otherwise been ignorant to. This data is your market research- and it will direct your efforts in a direction that best supports your organization and your customers.
So how do you get started using social media to gather this data? Well, start out with these five indicators, which Insights in Marketing identified:
Market Research: Brand analysis
Analyzing your company online can give you a lot of great insights into how strong your brand is. Factors like who your primary audience is, who key influencers are and how you interact with them are important parts of your brand analysis. You’ll also take a look at trends in your industry, upcoming needs, and what the existing perceptions
Market Research: Competitive analysis
Social media gives you a unique opportunity to take a look at your competitor’s market position, brand position, and brand personality. You can see their activities and their positioning, as well as easily identify their strengths and weaknesses.
Market Research: (Social) Media analysis
Social platforms provide your organization with a way to interface with the media. You can connect with reporters and journalists, view the type of content they are posting and writing about, and identify appropriate promotion channels for your brand.
Market Research: Social Media Partner monitoring
Knowing what your partners are up to and evaluating their relationship with your brand is easy to do on social media. You can see how attractive they are in the market, and if they have a qualified foundation for growth in their industry.
Market Research: Product innovation
Keeping your products and services up-to-date and relevant in the market place is critical for a successful business, and getting that information is straightforward with social media. Collect responses, opinions, run customer service, and more on social platforms.
