How Social Media is Aiding Market Research and Development

1. How Social Media is Aiding Market Research and Development

2. Social media has emerged as a major tool for market research and development. It gives us a better understanding of the market, help us receive feedback to improve our product. • Of the many exciting technological venues for research today, social media probably tops the list. It is inexpensive, convenient and gives you reliable data that is more unadulterated from any outside influence. No matter what the method, the use of social media has become a common factor in almost all market research sourcing. • The role of social media in market research and development was foreseen almost from the very beginning. This trend continues to be at the top each year. With so many social media sites, researchers have found multiple avenues for gathering their data. In fact, social media has made research more effective, comprehensive and reliable.

3. Studying the field Market research and development starts with gathering data on your field. This may not necessarily be centered around your product and service. Once you understand the pulse of the market, you can start with the developmental phase. Social media is perhaps the best place to observe this buzz. Since it is a platform where people interact with each other, often without any external moderation, the data gathered is not corrupted by the researcher’s own biases. For instance, suppose your business is home furnishing and you are planning on diversifying your products. Research agencies carry out detailed search on various social media to check what people are actually looking for. During the course of this, researchers find that a number of people are looking for ready-made tab top curtains. So, you know that you need to develop a stock of these.

4. Interact with your market Before social media came along, it was almost impossible to connect to the average person who used your product. We had consumer samples or selected panels that rarely gave one a complete picture. It was almost impossible to connect with real consumers without a third-party. Granted social media also suffers from certain limitations, it still remains the best way to connect with the public at large. You can create a special homepage for your company and invite people to interact. In fact, social media interaction is used for a number of research and developmental purposes. You can pose a query and wait for people’s opinion to pour in. You can use it test new products. For instance, a handbag company posts pictures of its new handbag line and ask people to rate it. It helps you to pinpoint flaw and work a buzz around your product.

5. Understanding new markets Different markets behave in different ways. There are always multiple factors that come into play when you are dealing with international markets, such as local customs, conditions, preferences and trends. These little differences are difficult to pin down. Yet, they can be critical to a company’s success. For example, an automobile company plans to open its luxury line in market A, which has shown a steady rise in sales. However, social media research shows few takers for expensive cars. Instead, the conversation seems to be around all-terrain vehicles. Hence, the company shifts its R&D towards that direction. Hence market research and development through social media can give us a unique insight into the consumer’s mind, create a buzz and gather feedback.

6. Thank You