Uncover Hidden Market Insights Using Social Media

In the relatively short amount of time they’ve been in existence, social media platforms have had a transformative impact on the business world.

The likes of Facebook, Twitter, Instagram and LinkedIn have seen such growth in power and influence during the 21st century that they're now considered essential tools for business, regardless of your industry or the size, nature and ambitions of your organization.

Arguably one of the biggest advantages of social media is the fact that it can be used in so many different ways, including as a channel for in-depth market research and understanding.

The power of social media for market research

There are many aspects of social media that make it well-suited to the collection of information and insights into your market and the customers you serve, one of which is its sheer ubiquity.

Some of the latest statistics show:

• There were more than 4.5 billion social media users (nearly 58% of the global population) in 2021
• Approximately 409 million new users joined social networks in the year to October 2020 and October 2021
• More than nine out of ten internet users now access social platforms every month
• The average user spends nearly 2.5 hours on social media every day

Any data source that gives you access to these sorts of numbers is one that shouldn't be ignored.

Furthermore, social media has a number of commercial and practical advantages over other market research tools and methods, including affordability, speed and accessibility. It also connects you to a constant stream of real-time, up-to-the-minute data that could make a big difference to how you operate and the results you achieve as a business.

A deeper understanding of your audience

The number of people who use social media today, and the amount of time they dedicate to this activity, means brands have a practically endless supply of opportunities to learn more about customers' online behaviors, habits and preferences.

By focusing your audience and market research efforts on the social sphere, you can strengthen your knowledge of customers' favored platforms, when they are most active in these areas and the types of content they're most likely to respond to.

This could prove to be invaluable information from a marketing perspective, since it will help you optimize your outbound communications and build engagement through relevant content that resonates with your ideal buyers.

What people think about your brand

Some of the most useful insights you can gain from social media relate to what people think about your business, specifically in terms of what current customers, leads and potential future buyers like and dislike most about your brand.

With an effective social listening strategy, you can monitor a range of platforms for mentions of your brand and conversations that relate to your business, based on certain keywords. You can then analyze this data and use your conclusions to inform various future actions and decisions, such as showing your appreciation for happy, loyal customers, or seeking to start a constructive dialogue with those who have been critical of you.

Being more in tune with discussions about your brand on social media is never a bad thing, regardless of whether the tone of conversation is positive or negative.

Uses of your products

Studying customer activity and feedback on social media can help you learn things about your products and services that might be difficult to ascertain through internal research alone.

A real-world view of how the things you sell are being put to use can serve various purposes. From a product development perspective, it can help you identify specific targets for improvement that will lead to a better experience for your customers, either by rectifying flaws that people are complaining about or by amplifying features that are proving popular.

As far as marketing is concerned, showing how your products or services are being put to use by previous buyers is a powerful way to connect with potential customers and showcase the benefits and experiences you're able to offer.

Current trends and talking points

If you want to build strong, lasting relationships with your customers, it's vital to have a good understanding of the things that matter to them and the various trends and subjects that are on their mind at any given point in time.

When you're active and engaged with your audience on social media, it's much easier to keep up with the themes that are capturing people's attention, as well as the communication styles and tactics that are getting a positive response.

This can be particularly important when you want to take a broad view of the various subjects that are of interest to your customers right now. Looking beyond your own brand and taking part in genuine conversations will help you build more honest and meaningful relationships with people, which lays the groundwork for valuable long-term benefits including brand loyalty and advocacy.