7 Tips on How to Use Social Media for Market Research

 
Market research in social media is the process of gathering quantitative and/or qualitative data from social media platforms to understand social, consumer, or market trends. There are a variety of different methods, tools, and tips you can use to uncover market insights on social media, which we’ll cover in this post. When Dove launched its #SpeakBeautiful campaign in 2016, it relied heavily on social media market research to compile the data it needed for its social media strategy. They analyzed over 5 million social media mentions on Twitter and found that approximately 80% of female users online had experienced negative body shaming comments. What happened next was one of the most effective online marketing campaigns of the 21st century:
  • 36% decrease in body shaming comments on Twitter
  • 63% increase in sales
  • 168,000 mentions with the hashtag in a year
What Dove and Twitter used to their advantage, businesses are now turning to in droves – using social media for market research. Social media market research is the process of gathering quantitative and/or qualitative data from social media platforms to understand social, consumer, or market trends. Other forms of market research can also be effective – such as surveys, focus groups, online polls, etc., – but are costly, time-consuming, and inconclusive. Social media market research is a better business investment as it:
  • Has a higher ROI
  • Gives immediate and/or historical data
  • Product research
  • Product launches
  • Behavioral insights on target consumers
  • Customer service
  • Defining buyer personasReturns results from independent environments

Establish Goals

Every social media market research campaign has to have a clear goal in mind:
  • Do you want to conduct market research on your brand, products, online consumer behavior, consumer insights, customer service, or competitor insights?
  • Do you want qualitative or quantitative data or both?
  • If so, what measurements will help you define this?
  • What social media channels do you want to mine data from?
Establishing a clear goal will help you plan and execute the way in which you attain your information.

1. Define Your Target Goal

Researching consumer insights on brands and/or products has long been a staple of social market research. To define a target goal, you must first definitively state what your business wants information for: