Social media has become a part of the marketing communications strategy of most companies. The business community has come to understand the power of social media for customer engagement and as a means to drive brand awareness globally.
Yet most haven’t realized the power that social media provides in terms of market research and insights.Social media monitoring isn’t entirely new but today we want to look at how you can use this medium for market research that will then feed into your business strategy
1. Give ear to your audience
This first one is rather simple: what matters to your business isn’t always what matters to your consumers. What are they saying about your product? What features do love and what features do they think should be in there that aren’t? Understanding your audiences’ views about your product is the first step in building a customer-centric strategy.
2. Competitive monitoring
In gathering market insights through social media it is very important that you keep a close eye on what your competitors are doing. In doing so it is important to understand how consumers feel about your competitions brand and products in order to identify areas of opportunity that can be leveraged on and areas of weakness that need to mitigated. Follow their Pages and their feeds to understand how they engage their audience, what kind of posts they put out and generally what kind of content works for them and what doesn’t work.
3. Follow trending news and topics
In formulating a marketing strategy it is important to take note of historic trends and topics that have gone viral in social media. This will also give an indication of what fans and followers on various social media platforms find interesting. It is important that while doing this you take note that the various social media platforms such as Facebook and Twitter have inherent differences that determines what people on these various ecosystems find engaging and relevant.
This just scratches the surface on how social media can be used for market research. From online reputation management to sentiment analysis, social media monitoring is indeed the next great frontier of market research and analysis.