Social media marketing is still growing. And for businesses, social media is essential. More and more companies today are using social media market research as a powerful research tool for their business.
Based on social media examiner’s research and industry report, research for marketplace insight ranked as the fourth most valuable benefit of social media, with 71 percent of those spending at least 6 hours per week using social media for research reported seeing benefits, that’s a huge number.
84 percent of companies planning to further integrate or begin integrating social media data into marketing campaigns, more companies than ever are recognizing the value of social media.
And 52% of businesses with 10 or fewer employees agreed social media reduced marketing expenses, and 41% of businesses with 1,000 or more employees agreed.
The Dos and Donts of Social Media Market Research
Because of the growing demand for social media market research, Insights In Marketing has put together a useful guide that covers the major do’s and don’ts of social media market research.
You can use this guide to do your social media market research more effectively in 2016.
- Define your goals and objectives early (this will help you separate useful data from useless chatter.)
- Budget enough time to clean the data collected. (60-80% of the total time spent in the campaign should consist of data cleaning.)
- Use social media to complement other methods. (social media can be used to measure the number of mentions certain brands before a survey, helping to narrow the scope.)
- Keep an open mind (having access to your audience’s thoughts and opinions is an advantage that shouldn’t be overlooked.)
- Take the time to refocus when needed (move from goals based on gut-feelings to goals that are data-driven.)
- Don’t go into social media market research campaign saying “let’s see what we find.” Instead, use it to test a theory or assumption (developing a social media strategy is one of the most challenging aspects of social media marketing.)
- Don’t try to measure everything.
- Don’t over rely on social media market research and exclude other channels (social media may not always be representative of your target audience.)
- Don’t overly focus on looking for a “viral idea” (doing this can lead you down a narrow path and potentially pass up valuable market insight.)
- Don’t get discouraged (sometimes not seeing the results that you were hoping for is inevitable.)