How Social Media is Helping Brands in Market Research and Customer Interactionby Ambarish Verma President
Market research can be a costly and time-intensive process. However, many businesses have begun to turn to social media as a cost-effective and in-depth tool for gaining insights into their customers, market, brand appearance and other important market research aspects. The keys to utilizing social media for market research are to understand the benefits and creating a proper research plan. With so much focus on social media marketing, few businesses take the time to conduct consumer research via social media to give themselves a competitive edge. Social media offers one of the most cost-effective ways to see how your business matches up against the competition as well as to stay in tune with what your target audience wants and needs. Whether you’re hoping to increase engagement with customers, build your brand, funnel traffic to your website, get people interested in your products, or increase sales conversions, social media can help.
The accessibility of social media sites is a boon, especially for eCommerce sites that need to constantly reach to new customers and stay connected with existing customers about new products and sales. One study has suggested that as many as 90% of American small businesses are on social media today. For example, food chains can share discount coupons with their target customers.
With enough budget, barrier to entry can be considered low. Once free, now, Facebook and Twitter have become selective in promotion. With every new post or tweet, promotion options appear on screen. Previously posts are easily visible to your target masses, but now you have to spend extra buck to take your campaign forward.
If you can track of conversations of your competitors on their social media pages, it can give you valuable ideas, which could help you next product development, service ideas that can give or create a competitive advantage, or a simple service improvement that saves thousands of hours of redundant work. They aren’t happening behind closed doors, or in stuffy focus groups, in fact they are very public and visible, located online in the world of social media.One overarching theme in recent research is the benefit of properly targeting all the social media efforts. The question rests with you, “How would you like to use it?”
Created on Sep 28th 2018 15:41. Viewed 332 times.