Social media platforms like FACEBOOK & TWITTER have revolutionized the way communication happens among masses. People are connecting with each other 24X7 around the globe. This provides an opportunity for various brands to slide into day to day life of people, marking their presence and to understand about customer portfolios.
To know what consumers want, companies are investing heavily in market research. Through social media it has become possible to conduct researches globally.
The benefits of market research in social media are given below.
- Track the trends: There are various tools available for social media websites like Twitter and Facebook to conduct market research and analyze trends. Latest posts and popular terms give an insight into emerging trends, for example Hashtag search on Twitter.
- Real time results: The traditional market research methods are lengthy and time consuming. With the help of social media, it is easier to reach the target audience. From collecting responses in the span of hours to follow-up in marketing, everything can be done through internet.
- Data analysis: Many data analysis tools are provided by these websites to transform the information into processed form. Facebook has special feature in its unique product called page. If a company or brand has its own Facebook page, the owner will be able to see the real time graphical and numerical tags. In addition to this it is also possible to view the conversation and information exchanges happening between followers.
- Cost effective: Charges to conduct survey like travelling and work force cost can be eliminated. With charge free facility available for brands to create pages on these websites it is a good way to engage followers through creation of discussion forums. It saves infrastructure charges, travelling charges and so on.
- Reveal hidden insights: Critical aspect of market research is to know what to ask. Social media enables researchers to uncover hidden preferences, identify unmet needs and thus ask relevant questions.
- Global out-reach: If a survey needs to be conducted in America or Japan or any part of the world, this can be done with just a click away through social media by identifying the target online population.
- Keeping tab on competitors: Social media allows the brands not only to study the performance in the market but also the performance of the competitors. It is possible to analyze the customers’ response to the products, its features and the brand strategies. Identifying gaps in market is possible by noticing what the competitors are not doing and converting that as opportunity for brands.
Present day market research is not restricted to conducting surveys and analyzing data, it is about connecting various complex aspects related to success/failure of brands and their products/services. Social media is not restricted to market research alone; it is very effective in strengthening the brand image.