Social Media Research
This could be the ultimate listening and research tool.
Often overlooked, but social media can play a crucial role in market research if used properly. Social listening enables the tracking of literally millions of conversations which mens that large datasets can be created and interrogated to look fro trends, sentiment and shifts in behaviour.
Social listening is a particularly pure type of insight because all questions that are asked with traditional research, no matter how well written, tend to be leading questions and it is very difficult therefore to get an unbiased answer. With social media research there are no questions…just tracking of conversations and means that the insights tend to be free of bias.
They key advantage of social listening, particularly in a competitive industry though is that your competitors will not be able to discern what you are doing in terms of feasibility studies or market analysis.
“The perfect crime” you might say! Social listening has its limitations of course, because you are not able to steer the conversations so perhaps they may not touch on the areas you wish to uncover…but nonetheless it is a powerful tool to have int he company arsenal.
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