How Social Media Can Help With Market Research
Anyone who has ever worked in marketing understands the value of market research. Solid research can teach you about your intended audience and what your customers are looking for, which will allow you to grow your company and position it for success.
Imagine if nearly everything you needed to know about your customer base existed in a single space, and all you needed to do was find a way to listen to the conversation. Well, it is — and you can. That space is social media.
Social media (and the Internet in general) has come to dominate nearly half the globe. Customers use the Internet to communicate and connect with each other and the brands they want to do business with. These customers are telling you what you need to know about the needs of your intended audience. Here are a few ways you can put social media to work for you.
Pay attention to how your customers speak
You likely already know you should be monitoring social sites for mentions of your brand in case customers register complaints or talk about experiences they had with you. There’s more you can get out of these basic brand mentions, though.
Pay attention to how people speak about your company and the services you provide. Listen to what your customers are mentioning as the most important aspects in their buying experience. What matters the most when developing customer loyalty? What draws people to your products and services? What causes them to go to your competitors? This insight will help you improve the customer experience and better meet their needs.
Get quick results for surveys
Rather than spending weeks or months gathering data from surveys and study groups, you can use social media to learn about your customers significantly quicker. Pose questions to your followers, and encourage customers to share experiences with your brand to get a feel for what matters most to them.
In many ways, the information you glean from social media might be even more valuable than what you learn from focus groups. Nearly 3/4 of all people with Internet access use social media in some form. Using social media for your research, therefore, has the potential to help you gain a much more complete picture of industry trends and customer preferences.
Using social media for your surveys can also be a fantastic way to control costs related to social research. There are a variety of free tools available across a number of social platforms, but even the ones that have a cost tend to be more cost-efficient than spending the time and money to conduct surveys and poll focus groups.
Get real-time results
Traditional surveys often take several weeks or months to process and analyze. When you use social media to gather this important information, you get your answers in real time. This can help you implement positive changes for your customers and take advantage of the information you learned, while remaining confident that trends have not yet shifted.
Social media is a valuable tool for market research. It can help you learn more about your customers so you can better meet their needs and grow your business.