While most businesses these days use social media for advertising and communications, they often fail to tap its prowess as an excellent market research aide. Here are 5 ways in which social media benefits your market research activities.
#1 Knowing Your Target Audience:
Social media profiles are full of information, leading companies to the demographics that support their brand. You could gain insights by looking into social groups, genders, birthdays, world views, hobbies, etc. Moreover, since millions of people use social media, you get a wider view of its target customers, something unattainable through focus surveys or study.
#2 Understanding Your Consumers:
Observing and evaluating how your consumers talk about your brand/services/products will help you devise the right strategies. This will eventually encourage customer interaction and engagement, providing accurate data for marketing.
#3 Reducing Market Research Time:
One of the key advantages of utilizing social media for market research is instant feedbacks! The moment consumers post something it can be read and used by companies. Since consumer needs and tastes often vary with time, social media ensures latest and accurate data.
#4 Tracking the Current Trends for Real-time Insights:
You can track all the current trends by determining the most popular topics or posts on different social media platforms. Once identified, you can get real-time insights on these trending topics, which can then be included in your social media posts. This will go a long way in increasing your brand’s awareness and building a bigger consumer base.
#5 Monitoring Your Competitors:
Social media also helps you watch your competitors’ moves. To do this, first spot your competitors then follow their feeds/pages. By examining their posts and marketing campaigns you can target your consumers more effectively, and communicate your brand to them and the larger audience.
Thus, social media offers a unique chance to engage & connect with your present, as well as future, audience. It is an extremely useful tool for market research and business planning.
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