In today’s day and age, social media insight and research is a powerful tool. It is understood that using social media as marketplace insight ranked third most valuable benefit of social media. Almost 72 per cent spent at least 11 hours per week on social media for research purposes, ultimately that benefits them.
This has resulted in several digital research companies turning to social media for better insights. How is social media insight useful for marketing purpose? They offer insights on:
• Keep the goals and objectives prepared
• Do not enter the social media market with the mindset, ‘let us see what we find’
• Allocate enough time to clean the collected data from social media insight
• Avoid measuring every information. Social media offers a plethora of data
• Use social media insight as one of the digital research methods. Social media may not always represent your target audience
• Keep an open mind. It is always advantageous to have access to the audience’s thoughts and opinions
• Do not be dependent on your gut-feelings. Goals must be data-driven
How does social media insight impact market research?
• It narrow downs the number of questions in the survey, lessens the respondent's fatigue, and leads to increased responses
• Social media insights complement other conventional methods by offering demographic data which can be quickly organized to acquire better clarity
• Social media insight fills the loopholes that traditional methods cannot reach out to
What is the kind of insights you receive from social media?
• They are great for identifying and quantifying the social media trends in real-time
• Social media insight is the most cost-efficient tool and improves customer targeting
• It is a great tool to track competitors and contributes to the conventional mode of research
How to gain consumer insights from social media?
• Opt for the right social listening and analytics tool
• Research the primary audience. Understand their views about your brand. For this purpose, monitor your brand across the social media channels
• Understand the context of the conversation pertaining to your brand. Businesses should know when and what the consumers are talking about the product
• Find out the platforms where people are discussing your brand
• Gain social media insight from competitors regarding which brands are mentioned most, which brand gets the most engagement, and which touches the chords with the audience
Rajat Potdar is a market researcher by profession. He likes to keep himself updated with the market research trends. In this article, he explains the do's and dont's of social media insights.