Why You Should Use Social Media For Market Research
Market research and overall audience analysis are the heart of your business strategy. Period.
Businesses should use market research to do a deep dive into understanding their customers - their needs, thoughts, opinions, pain points, and behaviors. This is how we can make calculated decisions for our marketing and offers, and build a customer-centered strategy.
There's no doubt that market research is a game-changer, but we can't forget about HOW we can conduct market research and gain valuable insights.
Today, we are going through the types of market research, plus, how social media can be used for market research.
The Two Types of Market Research
There are two common types of market research known as primary and secondary. Primary market research is, "a unique study conducted by yourself to discover the wants and needs of consumers who fit the description of your target market." This you conducting the research firsthand - think interviews, surveys, and polls. Verus, secondary is using "existing information from other sources, like reports, articles, or surveys, to learn about its market and customers."
Market Research on Social Media
Social media is the gateway to our customers. It's one of the only marketing platforms that allows you to connect 1:1 with your community and have conversations, all over the world, in one place. So, why wouldn't this be an awesome tool for market research, right?
Four Ways You Can Conduct Market Research on Social Media
Social Listening
Social listening consists of how you analyze and respond to those conversations about your brand. You should want to hear the issues about it, the best parts, the questions that arise, the new ideas. Not only that, but you should take those back to the rest of your team and act on it. Say you're getting many questions about a statement on your packaging. This feedback can be tracked and taken back to your team to analyze if the statement is misleading or confusing, so you can alter it moving forward. Or I'm sure you've seen it somewhere on social media, "I wish they had the (flavor, version, option)." Could that be a new lead or idea for your R&D team? YES!
Interactive Stickers
Leverage interactive stickers! These are such a simple way to get to know your audience, that make it fun from their perspective, too. Create a series of questions to ask your audience and compile your results.
Share Surveys
Market research surveys are gold! Social media can be a great place to share surveys and encourage participation. Share the link to your survey on your stories, create a Reel or TikTok about what you are trying to learn and send via DM if they want to participate, or pair it with a fun giveaway!
Study Your Analytics
Social media analytics within the platforms do give you small insights into your audience within the platform. This includes their age range, gender, active times, and more to any business page over 100 followers. Use these analytics as a form of market research to learn more about your audience demographics and preferences by platform.
Of course, social media can be an invaluable resource for understanding your market and audience; however, ensure that you are also taking a well-rounded approach to market research and include other methods beyond socials to conduct research as well.
In conclusion, market research can is the key to getting insights into your audience and tailoring your brand around it and social media is a tool to leverage for market research through various forms. How will you use social media to learn more about your audience?
