How to Use Social Media for Market Research
Customers are one of the most important indicators that measure the success of a business. In order to understand what customers want and for them to buy into your business over competitors, it’s necessary to engage in comprehensive market research. Market research is compiling information about consumer preferences and needs. As technology continues to flourish and social media is at the forefront of marketing strategy, social media has become the primary and best place to conduct market research.
Rather than pouring money into traditional market research consisting of focus groups and annual surveys, social media market research is cost-effective and opens up more valuable real-time data. This data provides diverse customer, competitor, and industry analysis. However, because social media is filled with so many insights, it’s important as a marketer to know what specific research you should focus on.
Here is a list of 6 different insights that are essential for a business to know and how to use social media market research to find them.
- Customer preferences and wants
Social Media allows businesses the opportunity to connect with customers on a more personable level. Using different platforms like Instagram and Twitter, you can communicate and understand the preferences of your target audience through comments, public polls, subtweets, etc. This information can help you understand what customers like and dislike. Depending on your company’s product, you can learn about popular colors, flavors, scents, and much more. Utilizing these preferences, make changes to future products because it can benefit both your customer and your company.
- Industry emerging trends
There are always new and upcoming trends, topics, and products floating around on various social platforms. Understanding and staying on top of these emerging trends can help your business gain views and traction on your different accounts. Not only can it open up new opportunities for people to see your product, but it also allows your target audience to feel connected to your brand and feel that you understand their interests. For example, if Gen Z is your primary target audience, uploading content to trending sounds on TikTok will be the most beneficial platform to utilize.
- Competitor analysis
Your competitors are also staying up to date with trends and interacting with customers. It is necessary to monitor your competitors’ social platforms so that you have an understanding of their marketing and content strategies. This opens up the opportunity to pick apart their strengths, weaknesses, and most importantly help you restructure your marketing strategy accordingly. If a competitor is doing something that customers enjoy, it might be time to reassess some tactics to have customers click on your profile instead.
- Target audience demographics
Various social media platforms offer insights into the demographics of its users. Use social media to find out the typical age, gender, and interests of people in your market. Grasping a greater understanding of your target audience will allow for you to make more articulate and tailored content for the niche target group. Location of target audience is also important. If a large sector of your audience is based in Los Angeles, implementing a pop-up shop of products could spread word of your business.
- Influencer partnerships
Once you have an understanding of your target audience, take a look at what type of influencers they follow. Influencer partnerships are a great way to raise reach and engagement levels for a business. Look at various influencers that match your brand values and have them create content that resonates with your audience. For example, a new makeup brand that markets to Gen Z could utilize a partnership with a beauty TikTok influencer because that platform reaches their target audience. Then, reviews of the products spread across TikTok which reach a larger audience ultimately.
- Existing customer reviews for future product development
One amazing aspect of social media is that people are allowed to freely speak their minds. This opens up the opportunity to read into what consumers are saying about your business. Gathering data on various opinions, feedback, and reviews can aid in redesigning existing issues with products, as well as creating new products customers would buy into.
Social media is the most valuable way to conduct market research. Insights are up-to-date and constantly changing allowing companies to have a deeper understanding of what their customers want in a product. Whether it be looking at target audience demographics, industry emerging trends, or customer preferences, they are all important insights that can aid in the success of your business.
