The amount of strategy and planning that can result from a rigorous attempt at market research pays off in the form of more clients, a stress-free environment because you’re comfortable with who you’re creating work for (clue: it’s the people who buy your stuff) and more effective campaigns that bring revenue because clients will continue to use your services.
So that’s the good side of the situation. The only downside is the sheer amount of work involved to get even basic market research done online. It takes a keen mind too because you can waste an awful amount of time developing market research.
So, in an effort to save you time and money, we’ve put together a handy guide on the topic of market research on social media. Because we know that social media is the quickest, and least expensive way to carry out market research.
GETTING THE MEASURE OF YOUR COMPETITORS
We all know that our competitors are plotting against us, and that in the year 2020 all our business will have been swallowed up by those who sell the same product and service as us. Or maybe not.
But you do need to be one step ahead of your competitors, or at least keeping up with them. You can delay the pain of future competition by using social media for market research. While this strategy is fundamental, it doesn’t mean it is easy for people. But most of your competitors will be online though, and using social media. It’s something you can’t avoid.
By monitoring your competitors and seeing what they do online, you’re researching the market. You’re finding out their strengths and weaknesses which is valuable information. The areas you can work on can include:
● The sudden rises in attention. If you’re able to monitor how your competitors are doing you should at some point see a boost in their engagement. With social media often being a game of ‘who gets there first’ it can be very much worth your while to see what’s creating a buzz for your competitors
● Taking that idea a little deeper, it’s well worth your while to study the content that is working for your competitors. Knowing what really engages the audience that you both share is invaluable. You don’t have to copy that content, but you’ll know what your shared audience responds to