There’s no question that social media has transformed the way brands view digital marketing. A few years back, social media networks played a marginal role in global marketing efforts. However, as their user base continues to grow, so does their impact on digital marketing. In fact, today’s social media channels provide digital marketers with unparalleled market research opportunities.
What is social media market research? Social media market research is the process of collecting real-time information from social media platforms to enhance your business. It provides valuable insights into quality (meaning comments and posts) and quantity (meaning likes and shares).
Social media research is the process that will revolutionize every aspect of your business, from customer centricity to cost-effectiveness, brand reputation management, competitive positioning, market forecasting, and market segmentation. Brands can get answers to questions posed by market research thanks to the numerous tools available on social media platforms. In addition to increasing public awareness of competitor activity and industry trends, social media can provide insights into branding, content messaging, and creative design.
GETTING TO KNOW THE INDUSTRY
Keeping up with industry trends in real-time is easy with social media. Leading trends and changes in those trends can be easily identified and isolated thanks to the most popular social media. Images captivated consumers a few years ago. Today, however, video-based channels like TikTok have solidified the significance of video as an instrument to interface with the audience.
GET ON TRACK WITH CURRENT TRENDS
Important to point out is that viral trends are short-term and hard to follow. You have to be constantly present online to keep track and participate. It might be a bit challenging to get involved but a single post can bring you thousands or even millions of views.
WHAT TYPE OF CONTENT DOES YOUR AUDIENCE LIKE
Regarding the trends, you need to be strategic to attract your audience’s attention. Take a look at your current content and see what topics or content formats are driving your performance. For instance, if the “in-feed video” generates more impressions than your text posts, you may want to invest more in video content. Also, ask your audience what topics and social content they’d like you to create.
YOUR CUSTOMERS AND YOUR AUDIENCE PROBABLY WANT THE SAME THING
With social media market research, you’ll gain valuable insights into what customers are looking for when they hear your or your competitor’s name. Take a good look at your social media data and learn about your audience’s sentiment around specific topics, as well as what influences their buying decisions.
PRODUCTS AND SERVICE USAGE
Social media conversations provide you with a 360-degree view of how your customers interact with your products and services as well as what new possibilities are available to you. After investing time online reading the discussions that are taking place, you’ll know particular data about the use of products and services that you will be able to utilize for your business progress.
YOUR BRAND’S CURRENT CUSTOMER’S OPINION
There are a few different ways to look for brand feedback. You can search organic on social media for keywords and phrases related to your brand. You can also look for reviews on various platforms. Check your inbox. You can also contact sales or customer service reps who hear from customers directly about what they like and dislike about your brand.
RIVAL INSIGHTS TO COMPARE WITH YOUR POSITION
Figure out who your competition is and follow them on social media across all their platforms. Know where you stand in terms of audience segmentation and track how the market reacts to the content and advertising strategy of your rivals.
Social media market research identifies the influencers and content creators you could potentially work with. Insights tell you whether they align with your brand’s values, appeal to similar audiences, and produce engaging content. They can also help you grow your audience and develop in various ways.
UPCOMING STEPS AND FUTURE EXPECTATIONS
Social media is frequently used by customers to share their future expectations for brands. You could get comments asking for a cocktail to get on a menu, for a concert at a specific location, maybe an item of a different color, even some other specific details.