Social Media- A Cheaper Way to do Market Research?

With the use of social media as a marketing tool being relatively new to the business world, more and more businesses are beginning to see the benefits to using social media as a marketing tool. The ultimate goal in using social media is to be able to have an open, engaging conversation with customers. Aside from the customer engagement aspect, can social media also be used to produce market research?

With the influence of technology, we are able to reach out to customers quicker than ever. Customers are having more of an influential voice than ever before. Social media has brought customer relationship management on a whole new level.

Twitter is one of the quickest ways to get real time information and updates on whats going on with your “followers” and noteworthy tweets can cause quite an impact in the Twitter community. As a business tool, Twitter is best used for business as a way to answer customer questions or respond to customer complaints. This is a great way to interact with customers and solve problems quickly.

Providing exclusive offers, and other hot info on Facebook can go viral as people tell their friends, and their friends tell their friends, and….you get the point..

LinkedIn Q&A is another great way for entrepreneurs, business owners, and even  corporate business managers to get great information and advice from experienced business leaders who can provide them with tips and advice from previous experiences. Their experience using techniques with customers is very valuable information, not to mention it’s free.

There is a great post on how to use social media for market research by Mike Lee. He highlights in this similar blog post of his, five ways to use social media tools as a way to conduct market research which are; taking advantage of  search, asking questions, observing trends, and competitive research. He offers many great tools that social marketers should defiantly check out if they aren’t using them already.

With all the feedback you get from customers, how isn’t social media a great way to get cheap, or close to free market research? The key ingredients in research are listening, analyzing, and engaging. If you use social media properly, marketers will find that using social media as a way to conduct market research is a very effective way to get the inside information they’re looking for from their previous, current, and future customers.

Do you think social media can put back a large portion of the market research dollars companies are spending and still provide the data/answers they are looking for?

Please leave a comment below with your own thoughts or experiences.

Related posts:

  1. 3 Reasons Why Businesses Should Engage in Social Media

9 Comments

Filed under social media strategy, Social Media Tools

9 Responses to Social Media- A Cheaper Way to do Market Research?

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  6. Hi Brady,
    I agree! Social media is a great way to get market research on pretty much anything.
    Hope you stop by again and continue to leave your input and thoughts!
    -Rachel

  7. Nice post Rachel. I definitely agree that social media is a fantastic place to get market research (or any other information topics). I think that we will see a swift shift in people using social networks and social media for EVERYTHING, not just market research.

    Take shopping for example. Not only can you find products on a social network, you will also find reviews from people just like you. People whom you trust. This peer-to-peer referral is very powerful and will continue to influence people’s decisions.

  8. Hi Gene,

    Thanks for commenting. I agree, social media is creating a shift in the way we communicate. I’m a marketing student at UWM, and president of the social media club, is it possible to be a part of UWM’s social media efforts?
    -Rachel

  9. We just started tweeting at UW-Milwaukee as a way to connect with our students, alums, and prospects of the Lubar Executive MBA program. Our demographics lead us to believe that Twitter and Linkedin will be the way to stay connected. We think your column is right on target, nice work.

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