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Why is Social Media ideal for Market Research?
An objective led and customer focused approach is well suited to social media marketing, due to the interactive two way approach of social media marketing as opposed to the one way approach of traditional print based marketing. Social Media can be used to gather market research to find out what customers want.
How can you gather customer feedback through Social Media?
The social media customer base can feedback on prototypes, let businesses know which products they prefer, and report back on colours, styles and designs. The Facebook facility to ask a question is perfect for this. Platforms such as Linked In and Google + could be used to access research already conducted that may be of use to you, as these social media platforms give access to a wealth of shared information. Social Media can therefore be used to gather Primary research or data collected first hand by the business and to explore Secondary research (data previously collected by other agencies).
Qualitative and Quantitative research through Social Media
Social Media allows for the two key types of primary market research – qualitative and quantitative. Quantitative research involves collecting a lot of information by using techniques such as questionnaires and other forms of survey. Qualitative research involves working with smaller samples of consumers, often asking them to discuss products and services while researchers take notes about what they have to say. In practice, Quantitative market research may be conducted through social media by surveys on survey monkey or polls on Facebook and Blogs. Qualitative marketing would be conducted by monitoring social media comments and discussions across a variety of social media platforms such as Twitter, Facebook and Linked In.
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