Harnessing Social Media in Online Market Research

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SIS International Research at AIMRI conference in Rome 2010.

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Harnessing Social Media in Online Market Research

  1. 1. Presented to AIMRI Conference on Panels Rome March 5, 2010 Michael Stanat Research Executive SIS International Research
  2. 2. Agenda  Make Social Media more actionable for market researchers  Explain what end-clients ultimately want from this research  Explore new tools at our disposal  Explain how to integrate new & old methods for robust solutions
  3. 3. What is Social Media “Conversation  Prizm”  by  guru  Brian  Solis  at  http://www.briansolis.com/2008/08/introducing-­‐conversation-­‐prism/  
  4. 4. Why it matters  New marketplace & customer behavior  Success or failure for organizations  Supports recruitment & traditional research Social Media = New Opportunities for Researchers Copyright © 2010 – 2020. SIS International Research Inc. All Rights Reserved.
  5. 5. Getting Clients on Board Daily  Minutes  per  Visitor   POSITIVE ONLINE ENGAGEMENT   51% of SM-enabled users say SM Widely  Distributed  Social  media   influenced purchases &  Paid  ad     97% of US brand ‘followers’ would Socia  medial  (e.g.  Twitter)  &  Paid   Search  Ad   purchase or recommend products Social  Media  -­‐  widely  distributed     SM is 2.8 times more effective than paid ads Social  Media  (e.g.  Twitter)     More SM-users search daily for product Paid  Search  Ad  Only   terms than non-SM users   300% - 500% growth in Facebook users Total  internet   aged 35-65 0   50   100   150   200     Growth area in integrating SM in Customer ServiceAdapted  from  Conscore  2009  –  “The  Influenced”  
  6. 6. Getting Clients on Board NEGATIVE CUSTOMER ENGAGEMENT   56% of SM-enabled users refused purchasing due to negative reviews   Companies are falling behind in guiding their brand online   London Underground 2009   Domino’s Pizza 2009 Copyright © 2010 – 2020. SIS International Research Inc. All Rights Reserved.
  7. 7. Social Media Research Blueprint Uncovering Unmet Needs Monitoring Opinion & Feedback Testing Niche Markets Competitive Intelligence Copyright © 2010 – 2020. SIS International Research Inc. All Rights Reserved.
  8. 8. I. Uncovering Unmet NeedsApproaches   YouTube, TED, Qik, Twitter, Linkedin, Yahoo Answers   Research bloggingCase study: SIS Netnography: “Cosmetic Addicts”Key Success Factors   Time maximization   Reading beneath the surface for insights   Noting research gapsChallenges   Proactivity vs. Passivity   Clients DIY: Unilever, Dell, Marks &SpencersUncovering Unmet Needs Monitoring Opinion & Testing Niche Markets Competitive Intelligence Feedback
  9. 9. II. Monitoring Opinion & FeedbackApproaches   Research communities: Cotterweb   Chatter Tracking: Brandtology, Radian6, Bazaar Voice   Reviews: Yelp, Linkedin Answers   Trends: Twitter Summize, BlogPulseCase Study: SIS BrandtologyKey Success Factors   Time maximization   Diversification of sourcesChallenges   Treating opinion as representative Monitoring Opinion & FeedbackUncovering Unmet Needs Testing Niche Markets Competitive Intelligence
  10. 10. III. Testing Niche Markets Approaches   Foodbuzz.com, Second Life, StumbleUpon, Ning, Hobby blogs   Audience measurement: Quantcast Case Study   SIS Alzheimers Care Taker study Key Success Factors   Engaging in respondents’ terms Challenges   Retaining respondents Testing Niche Markets Monitoring Opinion &Uncovering Unmet Needs Competitive Intelligence Feedback
  11. 11. IV. Gathering Market/Competitive Intelligence Approaches   BusinessWeek Exchange   Industry bulletin boards   Google Alerts   Compete.com   “Blurking” on employee blogs   Competitor hiring sites Success Factors & Challenges   Diversification of sources   Uncovering meaningful content Competitive Intelligence Monitoring Opinion &Uncovering Unmet Needs Testing Niche Markets Feedback
  12. 12. Recruitment Efficiency Cultivate Mutually- Approach Flexible Beneficial many incentive Relationships targeted management & Partner sources Sponsorship Copyright © 2010 – 2020. SIS International Research Inc. All Rights Reserved.
  13. 13. Conclusions  Social Media supports multiple research practices.  Robust solutions integrate new & traditional methods.  Longterm opportunities & challenges exist with clients’ own D.I.Y social networks.  Researchers’ value is engaging & making sense of an important, dynamic customer touchpoint. Copyright © 2010 – 2020. SIS International Research Inc. All Rights Reserved.
  14. 14. We’re SocialSourcesBusiness  Insights  –  “Enterprise  Technology  Trends  in  2010”  ROI  research  Nov  2008  Harris  Oct  2009  The  Influenced.    Comscore  2009.  hGp://www.flickr.com/photos/deciter_interacMons/  

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