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Using social media monitoring for market research

Market research involves gathering information about consumers’ needs and preferences and is a trusted source of information for brands to help build and review marketing strategies. Some form of market research is essential not only to fully understand target markets, but also to formulate the most effective way to communicate with customers.

Depending on whether a company is looking to gain qualitative or quantitative data, market research comes in many different forms such as surveys, focus groups or phone interviews. While these methods are still valid and an effective way to gain information about customers, they are often time consuming and some can have a low response rate.

With the rise of social media over the last decade, consumers now regularly use social platforms such as Facebook and Twitter to directly contact brands to both compliment, and to complain. Additionally, websites such as TripAdvisor provide an outlet which encourages consumers to share their thoughts on travel-related experiences.

This is where social media monitoring and analysis proves to be an invaluable method of market research. Unlike traditional market research, social media monitoring provides an unlimited global sample size at the touch of a button and all comments can be monitored daily, hourly or even minute-by-minute. Furthermore, in many cases people often don’t ‘think before they tweet’ so you can be sure that your sample is unbiased and doesn’t include superficial answers.

Many established companies are now waking up to the realisation that listening to what their customers are saying about them online is extremely important whilst also being cost effective. On the other hand, people starting up new businesses also benefit, as it gives them a quick way to identify a gap in their market.

Keeping an eye on competitors is also easier. By monitoring them in real-time and evaluating what does and doesn’t work, you can use this to form your marketing strategies and ensure you stay ahead of the game.

For more information about our social media monitoring services, please contact us.