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social-listening-market-research

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social-listening-market-research

  1. 1. SOCIAL LISTENING FOR MARKET RESEARCH A HOW-TO GUIDE
  2. 2. SOCIAL LISTENING FOR MARKET RESEARCH A HOW-TO GUIDE INTRODUCTION It’s a popular saying among marketers that “social media is the world’s largest and most unbiased focus group”, as social media presents a sprawling terrain of unsolicited brand and product conversations. According to Social Media Examiner, 71% of business owners state that marketplace insight is one of the most valuable benefits of social media. The vast, loud voices of consumers on social media sites, such as Facebook, LinkedIn and Pinterest have made it easier for companies to mine customer data within seconds and draw opinions and conclusions about their brand. This guide will lay out how today’s social media age has strengthened the methods used by market researchers, and how market researchers can use Social Listening for: In Market Research strategies, companies traditionally have employed methods such as consumer surveys, focus groups, expert interviews or feedback forms. These tactics are now considered outdated, yet still being followed for overall, long-term data. Social Listening tools, such as Synthesio, provide market researchers with a broader, more comprehensive and unsolicited real-time view of customer sentiment. So, how is “Social Listening” defined, and how can it benefit market researchers? Social Listening can be simply defined as listening to your customers and potential customers, unsolicited, online. In practice, this means capturing mentions of your brand, interesting brand topics, competitor mentions or anything else of interest that can be found online, including social media sites, forums, blogs, etc. Social Listening doesn’t just present brands with an opportunity to uncover valuable insights from social data, but they can also connect their social and online efforts to business impact. • • • • • Honest, Unbiased & Unsolicited Opinions Real-Time Data Audience Segmentation & Profiling Trend Tracking Competitive Intelligence 71%
  3. 3. SOCIAL LISTENING FOR MARKET RESEARCH A HOW-TO GUIDE HONEST, UNBIASED & UNSOLICITED OPINIONS Brands have historically turned to customer satisfaction surveys or focus groups for understanding customer opinions. Unlike traditional market research tactics, Social Listening allows brands to gather honest, unsolicited opinions. Tracking real-time data of global mainstream media conversations allows brands to measure trends or crisis spikes in data across different time periods. With today’s advanced Social Listening technologies, companies are able to reach audiences across the globe. They can also break this data down by hours, days or minutes, compared to months via traditional methods. In addition, Social Listening platforms provide real-time alerts about any sudden peaks in sentiment or mentions. Any abnormal spikes are then monitored by the crisis management team to ensure the correct protocol is being followed. For example, if there is a crisis around a brand, you are able to pinpoint exactly when it happened due to a large increase of tweets coming in. In the example above, the Red Cross was notified about backlash to tweets with typos. They then took down the tweet and properly responded to it. Customers use their personal social media accounts to express honest opinions about experiences they have with brands, as opposed to being restricted to multiple choice or matching questions. They express how they feel about brands, without anyone telling them to do so. Being that consumers are talking on personal profiles, they want to share their honest opinions about brands and experiences with their followers, friends, family and coworkers. REAL-TIME DATA
  4. 4. SOCIAL LISTENING FOR MARKET RESEARCH A HOW-TO GUIDE Real-time data also provides marketers with marketing optimization insights. With data around product launches and changes to brand reputation, Social Listening gives brands the tools and opportunity to take “right-time” actions. There are so many ways to segment your customer groups with social media data. Social media makes it easier than ever before for brands to find and segment targeted groups to participate in existing research streams. Market researchers can use Social Listening to breakdown their audience by age, gender, language and interests. Social media makes it easy to organize data and create a clear picture of who your sample is. Market researchers are also able to dive deeper and gather data based on geographic areas and sentiment towards brands, and track what social media users are saying about those brands. AUDIENCE SEGMENTATION & PROFILING TREND TRACKING Qualitative insights gathered from social media, over a significant amount of time, could be quantified to measure the impact of key market events (like event sponsorship, competitor’s product launch, a new marketing channel, shifting loyalty towards your brand ambassador, etc.) on your brand. To understand the sponsorship ROI for the Barclays Premier League, we began by determining the social profile of users looking at three factors: age distribution, gender breakdown and popular interest. We then measured the user sentiment towards each sponsor against their contract value. DOWNLOAD our case study on measuring sponsorship ROI for Barclays Premier League event
  5. 5. SOCIAL LISTENING FOR MARKET RESEARCH A HOW-TO GUIDE COMPETITIVE INTELLIGENCE According to Social Media Examiner, “A thorough competitive analysis takes time to compile, and it may feel like you’re watching the other guy rather than focusing on your own game. But checking out what other companies are doing on social can give you inspiration for your own social content.” What are the customer perceptions of one brand versus their competitors? How do brands benchmark themselves against their key competitors? By gathering and analyzing data about consumers, brands are able to see where they stand in their competitive ranking. For example, imagine you are a leading global airlines company aiming to measure your brand’s share of voice. You want to know how social media users are talking about the reliability of your brand compared to your top competitors. With the right competitive benchmarking platform, brands can track and pull critical real-time information about direct competitors. With extensive information about not only your brand’s share of voice, but also your competitor’s share of voice, you are able to know which strategy should be set and which areas need help.
  6. 6. ABOUT SYNTHESIO Synthesio, named THE leader in The Forrester Wave™: Enterprise Listening Platforms, Q1 2014 report, is a Global Social Intelligence Platform. Used by some of the world’s top brands, and the agencies that support them, Synthesio is the framework for building social intelligence that provides real business results. Whether an organization’s social team is built within Marketing or crosses multiple departments, business units or geographies, Synthesio helps teams listen, analyze, and engage with consumer conversations across social and mainstream media within one platform. Founded in 2006, Synthesio has offices in New York, Paris, London, and Singapore. WWW.SYNTHESIO.COM SOCIAL LISTENING FOR MARKET RESEARCH A HOW-TO GUIDE KEY TAKEAWAYS As Social Listening platforms have matured, the traditional tactics for market researchers have transformed and become more intelligent. Social Listening has made it easier than ever before to gather data about brands, consumer opinions and industry trends. Brands are now alerted about the earliest indication of any changes in brand health. From demographics data, to sentiment analysis, to topic breakdowns, market researchers now have real-time data at their fingertips.

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