Market research is an activity that gathers customer information which includes patterns, preferences, trends, demands etc. This kind of a research can sometimes be an expensive and a time consuming process. Nonetheless, many businesses these days have started using social media as an effective tool for gaining a competitive advantage over their rivals. Due to the information overload today this helps the businesses gain insights into their customers, target market, spending trait, brand appearance and other significant market research aspects. primary and secondary research are the two types of market research that are done today which help in monitoring effectiveness of sales and creation of company databases respectively.
“What people actually refer to as research nowadays is really just Googling.” – Dermot Mulroney
Since we are concentrating on social media marketing research Majority of the social media platforms include built- in analytics bundles. This implies that virtually for all intents and purposes any interaction on social media can possibly bring about helpful data for your business. From the best time to contact customers to split testing and brand monitoring social media offers powerful tools to increase and support the research efforts.
“What is research but a blind date with knowledge?” – Will Harvey
Getting Real-Time Insights has never been simpler for a quick research on the latest trends. The target market also increases for research since virtually all the social media users are your potential target market which is approx. 2.22 billion and increasing. (Statista, 2016) Social media platforms such as Facebook, Twitter and Instagram to name a few offer ways to tag posts based on content or a theme. Hashtags are a great example. By keeping a tab on common hashtags on social media networks like these, you can quickly examine the trending terms, brands or trends to merge them into your marketing plan. In majority of the cases such lists are filled with potential clients or customers. These contacts also help in lead generation for further media marketing and research. Social media often being a very transparent platform is filled with posts that are usually public or easily accessible. This makes it easy to be aware of our competition or keep up with significant industry influencers.
Social media marketing is a standout amongst the most effective resources any business can use to upgrade their market research schedules. From fast surveys to top to bottom discussions, the entrance online networking offers any business to their business sector is difficult to beat. With the viral nature of social media, it is easier than ever to increase the customer base.
Nike is a very good example where a company has mastered the art of using social media for marketing and research purposes. Nike surpasses all its competitors in followers on Instagram, Facebook and twitter and is also the leading brand by revenue and market share. Nike lets customers design their own trainers with Instagram photos. They also ascertain the latest trends and get feedback with their customers through twitter.
Nike knows the capability of advanced and individual information on social media. The recent moves are on the course of building up new solutions for clients and sporting individuals worldwide and are aware of the significance of social analytics and individual tracking data. This intense move implies Nike can closely follow their clients, customers, build an online group for them, and forge a more tight relationship with a longer engagement. This is Nike strong move to comprehend that big data and social media are now full part of the business cycle and the best way to move ahead. (Guarda, 2013)
Guarda, D. (2013). Nike Direct Marketing: Taking Digital and Social Seriously. [online] Intelligent Head Quarters. Available at: http://www.intelligenthq.com/social-media-business/nike-takes-digital-data-and-social-media-marketing-seriously/ [Accessed 18 Apr. 2016].
Statista. (2016). Number of worldwide social network users 2010-2019 | Statistic. [online] Available at: http://www.statista.com/statistics/278414/number-of-worldwide-social-network-users/ [Accessed 18 Apr. 2016].
zarrella, d. (2016). [image] Available at: http://www.digitaldoughnut.com/articles/2014/november/online-marketing-quotes-to-be-inspired-by [Accessed 18 Apr. 2016].