For small and medium sized businesses, social media is gradually coming into the light as a key tool for market research. New business owners are constantly trying to understand their competition and discover target customer’s needs. This post aims at showing you the best way to do this.
What is Market Research?
Market research is simply the act of finding out how your audience behaves (what they like, what they ignore, and what they might buy) through various mediums like Survey Monkey, Google Trends, etc. By using social media for this purpose, think of it as listening to what people are saying in public. It’s not stalking, it is learning.
Why Is Market Research Necessary?
Market research ultimately helps you relate even better with your audience without having to guess what they really want. Imagine making content or selling products that your target audience is actively searching for and actually wants to use! So, social media makes marketing research faster and more affordable than traditional methods.
HOW DOES SOCIAL MEDIA WORK FOR MARKET RESEARCH
Joining social media as a brand to overhear what your target audience cares about is called “social listening”. Here are a few things you should know:
Instagram doesn’t just show random posts. All the accounts that show on your feed are guided there by algorithms. These algorithms prioritize content based on your past likes and follows, the types of content you engage with, and their relevance. This leads to a personalized curation that means that Instagram can become a mirror of your interests (in this case, your business interests) if you know how to influence it right.
HOW TO HELP ALGORITHIM SHOW ONLY SIMILAR BUSINESSES IN YOUR FEED
To gain control or change the things that come to your Instagram feed, do these:
- Search and follow all the relevant accounts that relate to your business.
- Engage them by liking posts, leaving comments, and watching reels.
- Save content. Doing this prompts Instagram to give you more of the same so that over time, your feed becomes a curated window into your niche.
GETTING INTENTIONAL ABOUT USING SOCIAL MEDIA FOR MARKET RESEARCH
Listed below are action steps for you to take with using social media for market research, to know how to serve your customers better.
- Social Listening: As earlier explained, you do this by tracking mentions, comments, and keywords. By doing this, you will understand what your audience is looking for, and emerging trends in your industry
- Surveys and polls: Instagram now has poll features on their posts and stories that enable accounts to ask their audience direct questions. This could be leveraged on for getting feedback from your audience.
- Analyze your competitors: By using search features on the platforms you are working with, check your competitors. Observe what their audience replies to, what posts get engagements the most, and what tone resonates.
KEY TAKEAWAYS
- Market research is not stalking; it is understanding your audience through their public conversations.
- Social media gives you real-time access to thoughts, trends, and competitors.
- Instagram’s algorithm can become your research companion if you actively feed it with the right prompt signals.
- The insights you gather help you craft better content, services, and strategies
Do you want your business to gain more visibility online? Contact us today, to discover how we can improve your brand’s visibility, strategy, and reach through smarter social media management.
