The Role of Social Media in Market Research

Social media plays a pivotal role in market research since it houses a large number of audience accounts which helps it amass huge amounts of data. A brand can use social media — its trends, conversations, engagements to understand its target audience. The study of social media and its users can be an initial step for brands to gather data according to which they can design their research.

To understand how social media can help brands, let’s see the following points:

1. Reach a Larger Audience
With social media, a brand can reach audiences not just greater in number but also across geographical boundaries. Brands, especially those catering to a younger generation should use social media to reach their target audience. Social media platforms allow studying the behavioral patterns and preferences of your audience and also to reach them in a way that will engage them and convert them into customers.

2. Understanding Behavior
Merely following a trail of comments under a post, or observing the number of likes and shares on a post can help a researcher understand when the brand’s audience is at. Following hashtags, or using Google alerts to track conversations and keep a tap on when and how it is changing enables a brand to come in exactly when it is most in demand.

3. Real-time Research
Social media transcends the need to set up a survey, or focus groups, or use second-hand information by providing a means to study your audience in real-time. The data is accurate, relevant, save time, and can be analyzed with ease.

4. Track Trends
On social media, there is no need to form questions, hence the chances of leading questions are eliminated. Most conversations are free-flowing and unfiltered that reflects the actual situation of the market. The elimination of a facilitator to carry out conversations leads to opinions that are more truthful and analysis that is less biased. Being a spectator to discussions online is enough to gather sufficient data for a start. To understand more, a researcher must participate in discussions and ask questions without hijacking the conversation.

Social media is the gold mine of information that a brand needs to understand its audience and convert them into customers by targeting their interests at the right time. A keen and observant eye is all that one requires to make the best use of these free platforms.