Here is a brief yet detailed social media market research to help you calculate the effectiveness of a marketing plan that can take your business to greater heights!
According to Media Examiner, social media market research is one of the top three advantages of the networking platforms. About 80% of the companies have recognized the advantage of adopting social forum as a marketing tool. They are also giving equal importance to the data collected from such platforms.
Studying the Market
A market survey is an expensive and time-consuming process.
Social media market research is the latest marketing tool that helps businesses in learning several things from the social platform. 72% of researchers are spending around 11 hours in a week on networking sites for the same.
Benefits of Social Media Market Research
Marketing survey done on social platforms can conclude realistically and up to date data regarding the following:
- Brand evaluation,
- Campaign tracking,
- Grouping analysis,
- Competitive review,
- Customer care
- Industry standing
- Paid channel analysis
- Partner supervision
- Innovating product
- Launch of the product
- Intention of purchasing
- Risk Management
For Quantifiable Results
To get measurable outcomes from conducting market research using a social platform, businesses should do it the right way. For effectiveness of the marketing strategies, below mentioned tips should be utilized.
For actual event time perception on the current and emerging trends, networking sites like Facebook and Twitter offer ways to examine them. Latest posts can be searched using key terms. Or in the case of Twitter, using hashtags for brand, industry, and market can help in getting notifications when certain keywords show up on posts.
It is important to understand how the customers perceive your brand and what gives your brand recognition. Therefore, while studying social media market research data, pay close attention to how the customer quantifies your brand. Including those terms and phrases or expressions would give more customer recognition and can make you the best inbound marketers.
Usually, the market study involves analyzing data collected over a period of time. With networking forums that becomes unnecessary. With social media so active and trendy, it generates relevant data in an instant. Also, the results of implementing a new marketing strategy can be judged almost immediately.
With more than 80% of the population on a social forum, the businesses can reach a wider source of the audience to conduct their marketing research. It saves time, cost, and reams of out-dated information.
Networking scenario offers an interactive platform. They allow the consumers and marketers to communicate in an informal environment. Social media market research leads to getting an accurate and useful reaction from the audience.