3 Ways To Use Social Media For Market Research
Social media in today’s marketing is regarded as the Holy Grail of marketing, right? Are you using it the right way to reap the benefits? Well, a lot is being said about social media, from how many followers you have to what type of content gives the most reach, but today we will talk about how you can use social media for market research. Are you ready for the deep dive?
Social Media Market Research
As marketers, our goal is to know what customers want, and conducting market research can be expensive using traditional market research methods! Thankfully social media came to the rescue. With social media brands can get insights into their customer's preferences, target audience, and overall brand image from the customer's perspective. Now let's answer what is social media market research, this is when brands use social media platforms to collect important data and insights to inform their decision-making.
Benefits of Using Social Media Marketing Research
If there is one thing social media platforms are doing right, it's giving real-time insights into what customers are saying about a brand whether positive or negative. It also shows real-time insights into the trends they are going for and the search terms they are using! This comes with efficiency where one can conduct market research and pull data in minutes, hours, or days. We love cost-effective methods right? Social media marketing research is cost-effective giving useful insights such as information on demographic distribution, likes, shares, engagement, comments, etc with a click of a button!
3 Ways To Use Social Media For Market Research
1. Use Social Listening
People talk, and they obviously have a lot to say about your brand good or bad, but are you listening? So how do you listen to what customers are saying, well, keep an eye on tagged posts, mentions, DM’s, or use social listening tools. Once you know what people are saying you get a clear picture of where to invest more time and resources and where to improve! For example, social media allows customers to voice their complaints publicly, and this offers a chance for you to improve your product or service from your customer’s perspective.
2. Take Note Of Your Industry Insights
What’s working in your industry? If a certain type of content is resulting in more sales, engagement, and overall growth of your brand wouldn’t you want to know what that is? Social media allows you to know what type of content resonates with your target audience and why. What trends are customers going for with regard to your industry? Say you are in real estate and you see more engagement toward Condo related content wouldn’t this help you know where and how to invest your time and resources? Amazing right?
3. See How Your Customers Communicate
You have upgraded some features on your product, how do you communicate it with your customers? Well, start by learning their language, how they express themselves, and what words they use when searching for your products or services. This simply means where you were going to use technical jargon to communicate your best upgrade you now use words they understand meaning more sales to you! It’s easy to get into a conversation with your customers when you speak their language.
Alright, marketers, it’s safe to say great marketers know how and where to look for insights that inform them on what their customers want and social media is one great place to look for these insights and make data-informed decisions. How else do you use data to conduct market research?