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Market Research in the Social Media Age

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Market Research in the Social Media Age

Market Research in the Social Media Age – In today’s media landscape, it’s impossible to ignore social media. A common question is whether or not social media can be utilized in an online survey. Twitter, Facebook, and LinkedIn can be used to connect survey participants with each other. When putting together your study, you can choose one or more target audiences based on your goals. Possible populations include people who are on Facebook or Twitter. The potential of social media is enormous.

Look at some heartwarming

social media usage statistics by age 2022! 

  • 95% of 18-to-to-34-year-olds use social media to keep up with a company’s news and promotions.
  • When a brand interacts with a customer on social media, they report spending 20–40% more money.
  • According to a recent study, 71% of people who have had a favorable experience with a company on social media are more inclined to suggest the company to their friends and relatives.

What is the role of social media in Market Research? 

Aside from this, social media has an impact on and complements other types of market research. Before conducting a survey, social media can be utilized to determine the number of times a particular brand has been mentioned. This information can then be used to reduce the number of questions in the survey, reducing respondent fatigue and increasing response rates. 

Social media can also be used to supplement traditional surveys by giving easily definable demographic data that can be utilized in conjunction with traditional surveys. Surprisingly, one of the most important incentives for survey respondents is knowledge; they want to know what the results of the survey will be. Traditional surveys are often considered proprietary and hence cannot be shared, however, social media data is generally considered public domain.

How is social media used for Market Research? 

In order to get the widest potential audience for your survey, you can post a link to your survey on social media. Accurate data can be gathered quickly in this manner. You can expect speedy results on these kinds of sites because of the high pace of communication.

Quizzes, games, and other applications are popular among Facebook users, whereas retweets on Twitter are a popular way for Twitter users to share fascinating information with their followers. In order to get the best results, you’ll need a large number of friends, fans, connections, and followers on social media platforms like Facebook, LinkedIn, and Twitter (Twitter).

A ‘social’ survey can be used for a variety of purposes, including image research, polling, behavior analysis, and tracking how often a product or service is used. To summarize, here are 06 commonly used methods: 

  1. Polls (Facebook, Twitter, Instagram)
  2. Contests (Facebook)
  3. Call to action posts (Facebook)
  4. Brand mentions (Facebook, Twitter, Instagram)
  5. Question Stickers (Instagram)
  6. Emoji slider (Instagram)
Important takeaways from Social Media Market Research
  1. Don’t make the mistake of trying to measure everything. Researchers have access to a disproportionate amount of data from social media, much of which will be spam. Early identification and definition of goals and objectives will aid in the separation of wheat from the chaff.
  2. Don’t get caught up in “viral” ideas. Social media analytics can be used to assist in determining what is about to go viral, but nothing flops more than campaigns that are attempting to go viral; instead of approaching your data with the goal of hitting a home run, use the insights to come up with something viral in an organic way.
  3. Make sure you don’t take material out of context. It has been said that social media analytics lacks the rigor of traditional studies; data tampering may be attractive, but it has the potential to invalidate any results that are reached.
  4. Don’t get the terms findings and insights mixed up. Keep in mind that while findings are your data, insights are the “so what” that the data produces. Insights are gained by properly connecting your findings with the aims of your research in order to produce something that can be used immediately.
  5. Don’t let this get you down. In-depth data analysis requires time and effort, and initiatives may not gain the traction you desire or produce the results you expect. Prepare to redirect your search or to just acknowledge that there may not be enough information to support your anticipated conclusions, depending on the situation.
Concluding thoughts

Market Research in the Social Media Age – Facebook, Twitter, and Instagram—the three most popular social networking platforms—have information on your customers even if you haven’t bothered to look. 

In spite of the lack of representativeness of the data, it provides a source of unvarnished thoughts from your most ardent customers. When conducting market research to learn why people buy or don’t buy your product, social media is a great place to look for publicly available information.

 

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