The social web creates the perfect opportunity to provide valuable market research, or augment traditional research activities. Traditional market research relies on surveys, focus groups, filtered content sources and aggregate data about a particular consumer “profile.” The selection process of the participants, survey-writing and usage of acquired data can make traditional market research rather expensive.
In contrast, the organic nature of social media conversations provides unique value. People from all walks of life gather in social networks such as Twitter, LinkedIn and Facebook to share information about their likes and dislikes of products and brands. Consumers openly share information about brands, comparing them and making suggestions in real time. They contribute to the conversation at large with no reservations or filters in place. Most importantly, they participate because they want to.
By monitoring and analyzing these conversations, businesses can gain valuable insights to identify new markets, purchase drivers, audience motivations and ways to improve their products and brand experience.