Role of Social Media in Market Intelligence

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Role of Social Media in Market Intelligence

karrens06

@karrens06

November 28, 2024

Analytics

Facebook user estimates imply it might have 2.98 billion monthly active users in the first half of 2023. Likewise, Twitter, Pinterest, Quora, Reddit, and many other platforms attract users. They discuss their interests, dreams, brand experiences, and events on these social networking sites (SNSs). Companies must monitor these platforms for qualitative insights. This post will elaborate on the role of social media in market intelligence.

What is Social Listening?

Social media listening involves tracking the trends across user-generated content (UGC) on social networking sites, discussion forums, and community-driven web pages for market research. For example, a brand can leverage social listening to find which product designs appeal more to the target consumer base.

With the rise of influencer marketing and online activism, monitoring your brand mentions has become more critical. Therefore, market research consulting will collect data on whether consumers and their friends describe your branded offerings positively.

Other benefits of building market intelligence through social listening include:

Ease of content creation and publishing that helps increase brand awareness,

Direct one-to-one interactions with existing and new coming clients,

Immediate feedback collection when you release novel products or services,

Native and third-party technologies for detailed customer profiling,

Ad targeting and engagement analytics.

What Role Has the Social Media Played in Modern Market Intelligence?

1| Building Target Customer Personas

Selling luxury goods and growing a retail business depends on how the entrepreneur recognizes the company’s ideal customers. Several variables, like age, profession, nationality, and others, influence the marketing effectiveness of the related ads and public relations (PR) campaigns.

But social networking sites enable customers to share data on their desired lifestyles through images, bios, comments, and engagement features. Brands can leverage these data objects to predict their target customer personas. Besides, hashtags and “group” options are integral to market intelligence solutions since they streamline niche-based segmentation.

2| Public Polls and Direct Feedback

Conventional market research relied on focused group discussions and interviews. Today’s modern MR professionals utilize programmable online surveying platforms. While these tools are essential to primary market research, social media offers more dynamics and personalized experiences.

For example, LinkedIn, Instagram, YouTube, Twitter, Tumblr, WhatsApp, and other SNS businesses let users create interactive polls. So, brands, influence marketers, and product researchers conduct these polls to estimate their followers’ beliefs. Efficient feedback gathering is an important role that social media fulfills, improving market intelligence data sourcing.

3| Quick Support and Complaint Resolution

Likewise, mentioning a brand when rating it has become a trend among social media power users. If customers get bad experiences, they tag the brand’s official handles and express their grievances. When the brand interacts with them through comments, replies, or direct messages (DMs), it shows a commitment to customer service improvement.

These actions must belong to a secure database that will help create preventative measures for the issues consumers frequently raise. Sometimes, customers need a little informal or humor-rich response from a brand to feel better. Even these instances of clever exchanges can become high-quality marketing material later.

4| Configurable Advertisements

Each SNS company maintains user data, including gender, age, location, contacts, and device usage habits. Therefore, customizing digital ads and scheduling them becomes more manageable. Most ad-designing tools on a social media app or website also facilitate timely performance-tracking analytics.

Businesses can use keywords or popular social trends to promote their products, services, and visual identities. Additionally, they can restrict promotional campaigns to a specific geopolitical territory. So, more relevant customers see the ads, while companies only need a small budget for brand recognition.

Conclusion

Acquiring market intelligence and using it for advertisements or customer service makes corporations successful in spreading brand awareness. Their sales data also indicates better profit margins for relatively lesser ad costs, thanks to the internet and social media.

The role of social media in market intelligence extends to feedback gathering and building a personal connection with customers. Moreover, the enhanced return on ad spend (ROAS) makes it easier to reduce client acquisition costs concerning online conversion strategies.

However, data quality and ethically responsible usage of web scraping automation are vital to comply with current privacy regulations. Therefore, managers and corporate leaders at the top must collaborate with the seasoned MI-MR consultants in the market to conduct the research tasks safely.

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karrens06