Traditional market research is usually a costly and time-consuming process. Social Media Market Research, on the other hand, is gaining traction as many businesses are starting to consider the very real possibility of using social media as a marketing research tool. Social media is currently used as a communication tool between companies and their customer base; however, social media can be used for so much more than just a communication tool. It can be used as a cost-effective real-time tool for gaining insight into a company’s customer base. Do you know what your customer’s interests are? What social media platforms do your customers use? Do your customers have similar hobbies or interests? These are just some of the questions that a company can ask their customers across multiple social media platforms.
How to plan a social media market research campaign
Before a company rushes in and starts doing market research via social media, it is important to put a plan of action together. Do not embark on a social media market research campaign with the attitude of “let us just see what happens.” It is impossible to measure everything. Social Media Market Research can, and will, only be successful if the terms of reference or the end goals of the research are specified. This is why it is important to make sure that a company’s goals are data-driven; otherwise, the results cannot be accurately analyzed and quantified.
The Do’s and Don’t of Social Media Market Research
How to conduct research using social media platforms
- Listen to your audience and keep an open mind. Do not assume that you know what your customers are saying when they offer opinions on the different aspects of your marketing campaign.
- Use videos, photos to ask questions but do not formulate questions too strictly otherwise you could potentially miss out on uncovering new information about your customers.
- Use hash tags to track trends across multiple social media platforms.
- Follow your competitors closely. If your intention is to be a market leader, then you need to be aware of what other companies in your chosen market niche are doing.
Finally, Social Media Marketing Research can be leveraged as a wonderful new tool for any company that is determined to find the leading edge in the current economic climate. However, it is crucial that it is as carefully managed as a traditional marketing campaign is managed.
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