Do you still rely only on @mentions to start and manage your market research?
If yes, let us tell you that keeping an eye on brand mentions is not enough. You have to consider various parameters if you are into online market research. You will see many messages that target your brand or shout out your products. But, when you only focus on mentions, you will probably miss these messages.
Apart from this, do you have this much time to switch between various apps to check where you stand? Does this ensure you are on top of all your competitors? You can’t afford to spend so much time on finding mentions alone. It can be an exasperating and frustrating issue. Moreover, you won’t be able to focus on other parameters needed for strategic market research.
Social media monitoring allows for a data-driven strategy. It influences and convinces the audience to buy your brand products and services. Here’s how social media monitoring can help you in tracking your market and attract more customers.
Importance of Social Media Monitoring in Market Research
Traditionally, it is a long and time-consuming process to organize focus groups and analyze the dynamic aspects. On the other hand, social media monitoring shows you what’s being discussed about your brand in real-time. You can test the relevance and importance of social media monitoring in terms of product satisfaction, audience segmentation, and competitive intelligence. Let’s try to understand these three points in detail:
- Product Satisfaction
Conversations that take place on social media are organic. Brands can track conversations to identify issues. It will help
them understand the satisfaction level. You can provide details on order processing, shipment updates, and insights to your audience. Also, you will know how many people follow you. And, this way brands can make product enhancements in the future.
- Audience Segmentation
When discussing social media monitoring, brand mentions are a primary concern. But, there are other important parameters for audience segmentation and strategic market research.By using social media monitoring tools, you can further categorize your target audience. Consider the following before segmentation: demographics, gender, age, preference, and sentiments. These will help you narrow down your segment and make wiser marketing strategies!
- Competitive Intelligence
Competitive intelligence is also essential in market research. By competitive intelligence, we mean keeping close tabs with competitors. This way, you get valuable information about a competitor’s marketing strategy. Thereby brands can avoid issues that competitors are facing. Instead, they can include features or services that cater to the audiences at large.
Why Social Media Monitoring for Market Research?
We have read a lot about social media monitoring and its importance. We can understand the relevance in terms of reduced efforts to create focus groups. Also, brands have access to millions of user comments, out of which they can draw inferences for a strategic approach. Let’s consider why brands prefer social media monitoring for market research:
- If you go by the traditional approach, the people you consider in your sample size is small. Moreover, you don’t know whether those people are speaking the truth or not. So, brands must consider social media monitoring for their market research to overcome those limitations.
- You must know what position you hold over your competitor or where you stand in the market. It will help you to know about your brand’s reach in the market.
- Your competitor or your brand’s rank doesn’t give you any information about what your consumers want. But, monitoring their comments will surely let you know about their dislikes and likes.
- Apart from the above, you will know the general perspective of your audience about varied topics, brands, and products.
Benefits of Social Media Monitoring for Market Research
After discussing the relevance and importance of social media monitoring in strategic market research, let’s discuss some of the advantages that it has to offer the brands:
- Stay Updated with Current Trends
The feelings and perceptions of a consumer regarding a brand may change over time. Brands can monitor this behavior and stay updated with the current preference of consumers.
- Accurate Information
As the information gathered is not at all encouraged, you will get an accurate estimation of consumers’ true feelings.
- Easy and Affordable
If you go traditionally to research about consumer trends, the cost is a little high. You will have to put in a great effort, time, and resources to form samples and derive results. But, social media monitoring is affordable and product reports at a fraction of the cost of the traditional method.
How Researchers Can Use Social Media Analytics for Market Research?
While using social media monitoring tools for your market research, you must track what matters the most for your brand’s growth on social media. Here are some ways you can use social media monitoring:
To Evaluate Competitors
You can use social media monitoring and market research for competitor analysis. This will help you to understand their branding approach, strengths, and perceived value of customers.
As you keep close tabs on your competitors, you get to know what works for them and what doesn’t. This way, you can learn from their efforts. Here’s what you get after doing competitor research:
- Your competitor’s behavior and interaction with the audience
- Marketing campaigns
- The core of their brand messaging
- Their visibility and how much people talk about them
- Cause of spike in conversation about their brand
- Products or services they’re mainly focusing on
- Any new launches
- What consumers like about them
To Understand Consumers
Another great way you can use social media monitoring is for consumer research, where you get filtered and organic consumer opinions. Here’s what you get out of it:
- Organic and independent opinions
- Large samples in one go
- A searchable record of numerous conversations taking place
- Common keywords and sentiment analysis
To Find Your Target Audience
You can use social media monitoring to find your audience that supports your brand. As you track conversations, mentions, reviews, or keywords, you learn where people talk about you. We mean on which social media platform they are talking about your brand. Here’ what you get:
- A common topic of interest that is about your brand
- Your share of voice
- Main online avenues where the audience talks about you
Conducting Qualitative Research Based on Social Media Channel
It is always recommended to focus on specific social media platforms to conduct detailed market research. The main social media platforms include the use of Facebook, Twitter, and Instagram. Here’ what you can consider while researching these popular social platforms:
With 260 billion monthly active users, many marketers consider Facebook for B2B and B2C marketing. You should consider the following four for qualitative research:
- Polls, Surveys, and Contests
- Call To Action (CTA) Posts
- Brand Mentions
Instagram has over 1 billion users that also include accounts from big brands and companies. You will see many social media accounts run by small startups where they are promoting their offerings. Here are three primary considerations while collecting data for qualitative market research:
- Question stickers and polls
- Emoji sliders
- Brand Mentions
Twitter has 330 million active users, and is apt for running any marketing campaign. It has a 280 character limit with relevant hashtags. You can easily track conversations and the main topic of interest. Also, the polling ends here in 5 minutes to 7 days. The result is visible to all. So, you should also consider the following for market research:
- Brand Mentions
- Social Listening
- Twitter Polls
Other Factors You Should Consider
If you are using social media monitoring tools, you can even set up to monitor your clients. Here are the things you can consider:
for general info
- The brand name of your client
- Media coordinators and other such employees of your company
- Product or service names along with their features
- Different competitors
- Important phrases that are frequently used to describe the nature of your industry
For core industry insights
- “The name of your industry” + ongoing trends
- “The name of your industry” + industry leaders
- “The name of your industry” + relevant news
for tracking your customer feedback
- “The name of your client” + best
- “The name of your client” + worst
- “The name of your competitor” + best
- “The name of your competitor” + worst
- “The name of your client” + review
- “The name of your product” + review
- “The name of your competitor” + review
Things to Consider Before Using Social Media Monitoring to Support Market Research
As you get access to so many personal details online, social media monitoring is a go-to way to market research. It will help you develop an accurate buyer’s persona to aid product enhancement and service improvement.
5 Points to Be Considered for Qualitative Market Research
- The very first thing to consider is to address a business challenge that you are trying to solve. You must also consider the reward or results you expect after you are done with your market research. It means that you have to set a goal to move in the desired direction. Your goals could include customer sentiment, customer behavior, or competitor tracking.
- Define your demographics and pick a suitable social media platform. Remember, you have to be specific in this approach because you can’t measure everything. The same applies to your keyword selection as well, where you have to track specific details. We would recommend you to use the Boolean search technique. This way, you can isolate irrelevant data by using terms like NOT.
- You should also consider qualitative data that includes the actual content in the comments and reviews. Analyzing the number of positive and negative comments is not enough. Instead, focus on content that will give you a detailed insight into consumer perception, their challenges, and suggestions. You should consider sentiment analysis, theme categorization, word contextualization, and buzzing industry trends.
- The data you may collect in the end for market research can be misleading or irrelevant. We will recommend you to isolate the data that you care about the most by removing the duplicate data. Audit the remaining data and use standard terminology with the help of monitoring tools.
- Be consistent with the data collection as the trends may change in a second. Make data gathering an integral part of your routine so that you can achieve your business goals.
How Mentionlytics Can Help in Market Research?
Tracking the key social media metrics the conventional way is difficult and challenging for businesses. Brands will need the help of affordable social media monitoring tools that can save valuable response time and deliver accurate results. Mentionlytics is one of the best social media monitoring tools, deriving actionable insights, supporting the growth of your online brand.
Let’s have a look at what Mentionlytics has to offer to your brand:
- You can collect important insights that will aid your market research.
- You can discover current trends and strategize your campaign.
- You can get easy access to mention insights.
- You can gather data from hashtags and social contests.
- You can see how your campaigns are performing. Discover their social reach and engagement and find out their top mentioners/influencers of each channel.
- If you are struggling to find the right influencers for your brand, you can easily spot them with Mentionlytics.
- It will help you grow your brand’s reputation and sales.
- You can easily understand competition and gain insights about your competitors, their products, and your industry in general by keeping a close eye on their strategies
- You can compare your brand’s presence against your competition with Share of Voice graph.
- You will get to discover different public perception at a time. Also, you will know the current feelings of the public and what it has to say about your brand.
- It gives you complete media coverage, including social media, online news, blogs, and any website.
- Having acquired this overview, you can then join in forum discussions, comments, and blog posts to spread awareness about your brand.
Access the latest trends, consumer sentiments, and get more sales leads. You only need to enter your brand name or product and competitors to access all the details.