- Market Research
- Market research tools
- Quantitative Metrics vs. Qualitative Metrics
- Quantitative Metric Points
- Qualitative Metric Points
- Is social media investment worth the business owners’ time?
- Increased brand share of voice with market research
- Market Research: Track, Monitor, Keep Track and Record
- Effective tools for Market Research
- Consistent branding and voice
- How effective is social media in driving business opportunity?
- Market Research and your Return on Investment
- Integrate your campaigns
Your social presence is just an extension of your brand. It allows a brand to reach many more people through networked experiences. Evaluate your online efforts and justify your role in the organization with effective market research.
Market research tools
Companies who incorporate best practices in their social media strategy can get the maximum benefit. Social media initiatives take time and resources. Consequently, market research should be conducted prior to resource allocation.
Increased followings on social media sites increase brand share. Additionally, it helps to get the voice of the company out on the social media platforms.
Quantitative Metrics vs. Qualitative Metrics
Quantitative data is generally numeric in nature and can be used in true scientific analysis. It uses sample sizes of statistical significance and results that are repeatable.
Qualitative data, on the other hand, is based on observations. It often takes the form of hypotheses that stem from smaller sample sizes than you’d normally need for a true scientific study. Therefore, these hypotheses can then be tested using quantitative data and market research.
Quantitative Metric Points
- Followers or fans of a brand is a leading metric. Companies use it to track to base the success of their marketing efforts.
- Engagement is an incredibly meaningful metric. Perhaps it is the most important metric measured to determine success of marketing efforts. An example could be the number of shares or comments on a blog post. Engagement tells you how you are doing in having conversations with your community.
- Timing is important to analyze. Take a look at the timing of your communities activity, as well as your own. Many social media accounts are managed, for example, during business hours. This not necessarily the best time to conduct marketing to your clients. Because your target audience might be listening at a different time frame, market research helps to determine the best time for your marketing efforts. Evaluate your target audience. Learn where they congregate and when they listen. Look at the time stamps on their comments (or other activity).
- Click-through rate (CTR) is a familiar metric for most marketers. It can be very valuable in analyzing social media marketing efforts. It is in part, like a social conversion and business owners’ need to optimize on it.
Qualitative Metric Points
- Influence is a bit more controversial metric. Many business owners want to increase their brand and community influence. But there is not a common standard for measuring influence. There are, however, some tools that measure “influence scores” such as “Klout” and “Social Authority”. Additionally, look at Twitter and Google rankings for influencers within a certain topic. Look for influencers at your favorite forum. Influence is important to determine WHO has influence among your audience.
- Next, sentiment analysis is a strategy to measure the tone or tenor of a conversation. A stated topic or item will have a sentiment or tone when viral conversations build. This type of data, although time consuming to collect, can be very valuable to marketers. What is the trend on a certain topic or product? Marketers benefit from this examination.
- Finally, conversation drivers are extremely useful. They can look at any platform to see what people are talking about online. Consequently, this metric is used often in reputation management. This incredibly useful knowledge can tell you, for example, who your customers see as your closest competitors. Additionally, this data reveals what customers are sharing online about your product. Examples include what your customers share about your brand, concerns, price, etc. Market research can provide effective data.
Nearly half of all sample respondents report that social media is a necessity in business. However, only a third engage in social media efforts. Furthermore, fewer than a fourth of business owners suspect that social media marketing is a waste of time.
Increased following on social media and increased brand share of platforms vis-a-vis competitors increase ROI. Performance is measured and evaluated such that efficiency of an investment.
Market research is an investment that is used to compare the time spent on a marketing effort versus the results and performance towards an increase in the bottom line.
Market Research: Track, Monitor, Keep Track and Record
Most important, in the world of social media, all roads should lead to ROI (return on investment). During normal business hours, many people are not engaging in social media activities to be social. Consequently, they are spending time and investing efforts to increase following. Additionally, people are being social to build the return on investment. Set targets and measure performance with appropriate market research.
Effective tools for Market Research
- Growth in followers and likes, reach, and CTR are all examples of measurement data.
- Social Crawlytics
- Simply Measured
- Demographics Pro
- True Social Metrics
- Moz Analytics
Consistent branding and voice
- Brand guidelines – your logos, colors, etc. will need to remain consistent. When translated to social media, your marketing team will address those topics, as well.
- Know your audience – Be on-brand, but also be relevant. The environment in which your brand exists needs to see consistency with your brand. Your audience may slightly change your tone from the brand guidelines. Be open to these changes. Listen to your audience.
- Be human – as obvious as this sounds, its worth stating. Consequently, it is the ultimate goal of social media. However, some marketers lose track of this goal. Human engagement is where the magic is. It will help to solidify your brand and amplify your efforts.
Because being able to have a list of leads generated from social media is on of the greatest tools in a social media marketers arsenal. Consequently, use this data to prove to the company that your role in the organization is not only valuable but a worthwhile investment in the business hierarchy.
Market Research and your Return on Investment
Your ROI may come in the form of cost savings from handling customer service issues on Twitter instead of over the phone. Perhaps you can track increased foot traffic from a Foursquare promotion or Yelp campaign.
Integrate your campaigns
Finally, social presence is an extension of your brand. It allows your brand to reach more people through social and marketing evaluation streamline your efforts. As powerful as this is, it can also be risky. So, it is important to conduct market research to carefully analyze data. Define your brand consistently in the social audience.