Social media for market research is not a use that most people would attribute to social media. In fact social media was once looked at as only being a source to communicate and connect with others. Over the years, this networking medium has grown and transformed into so much more. Now, businesses whether in the B2C space or the B2B space are using social media to perform research to explore and find opportunities to sale their products and services.
You would think that all businesses are now taking advantage of the obvious benefits from the intelligence obtained through social media research. This is not the case; as some businesses and investors do not value the opinions and feedback given from their customers as others do. Studies show that only 59% of B2C companies and 68% of B2B companies use social media for market research. Evaluating the comments, remarks, requests and suggestions of customers can provide a more real-time and personable source of data and information to properly equip their market research teams with deciding on where to focus time and energy with new concepts and initiatives.
Social media examiner in their surveys found that apart from increased exposure and increased traffic, marketplace insight was attributed the 3rd biggest gain from using social media for market research.
There is another layer or component for businesses that perform research through social media networks. This is in reference to the time spent on gathering the research and feedback from customers. There is a direct correlation between the time spent on this information gathering and the benefits associated. One study showed that 72% of business owners and investors who spent 11 hours of researching social media feedback experienced gains.
Of the companies that do use social media for market research, the most common forms of intelligence they gather include –
It is important for businesses to categorize the types of social media intelligence to collect. Studying what customers are saying about your brand, what they are saying about your industry and sharing this feedback can positively influence new and existing customers. It’s no wonder that more companies are exploring and using social media for market research these days. Social media for market research is a low cost strategy to that can also be personalized when performing market research.
Check out the infographic below for more details.
Are you using social media for market research? If so what challenges do you face with engaging your audience?