Social media are not only effective for digital marketing purposes. They are also beneficial for gaining insights about a company’s target market, competitors, brand appearance, customer preferences and other market research essentials. Follow these tips to successfully use social media for your next market research:
List down your goals
What is the goal of this research? Do you need to formulate a customer journey map? Do you want to gain data for product research? Do you want to learn about online engagement, customer service, and online sales? How about industry trends or the market share of your competitors? Be specific on your goals to determine the methodology that you will follow.
Determine your methodology
Should you use quantitative or qualitative methodology? A quantitative research usually focuses on the number of likes, shares, comments, mentions, reach, followers and subscribers. Meanwhile, doing a quantitative research would require surveys, sentiment analysis, research for trends using hashtags and keywords, theme categorization, and word contextualization.
Choose the right social media platforms
Social media platforms have different user demographics. For instance, conducting a quantitative research on LinkedIn would provide different results from doing it on Twitter. The opinions, product preferences and buying behavior of professionals, executives, and businessmen in LinkedIn could be different from the preferences of millennials and students on Twitter. You can determine which social media platforms are appropriate to use matching the demographics of your target market to the user demographics of a specific channel. The industry you belong to, and the goal of the research are some other determining factors.
Use market research tools
Choose the tool based on your methodology. For example, if you will conduct a survey, you can use free online survey tools such as Typeform and Survey Monkey. Meanwhile, if you need a feedback tool, you can use User Testing, Qualaroo, Proved.co, and Temper. If you need to identify your audience, you can use free persona tools such as Personapp and Up Close & Persona.
Research for the best keywords
Knowing the best keyword combinations could help you filter the data you need from the data you don’t need. For example, your research is about the feedback of Filipino consumers about Huawei P20 Pro. You must use a keyword that could help you avoid the “flood posts” of Huawei vendors since your research is focused on the feedback of consumers. What you can do is to track and play around different keyword combinations related to the topic. You may also use keyword search tools.
Formulate an action plan from your conclusions
Do not let your research end with the conclusion. Use the data to improve your digital marketing strategy or to conduct another vital research. For example, the result of your research shows that the number of your followers is only 40% of your top competitor’s followers. From this, you can conduct another research that would answer the question “why your top competitor has the most online market share.” From that research, you can formulate a better strategy on how to gain more followers, grow your market and increase your sales.
Do you need help in formulating a strong social media marketing plan? Please let us know! We are more than willing to help.