How To Conduct Market Research Via Social Networks

If you’re an entrepreneur or small business owner, you might not have the budget to carry out extensive market research for your product or service. You may not have the means to find out who your competitors really are and what consumers think of those brands. Those are things you need to know so you can decide how to differentiate your product or service and fulfill the needs of your target market.

However, you don’t have to hire an expensive consulting firm or market research specialist. You can gather that important information yourself using social networks. The purchasing of the instant instagram likes should be done after proper research on the Internet. The delivery of the likes should be done as promised through online sites.

Market research is a great way of using social media for business. Popular social networks like Twitter and Facebook are an important source of consumer behavioral data. They even provide a way for you to spy on your competitors’ social network marketing strategies. Facebook can help you gather valuable information regarding market segmentation, which is essential to transmitting the right message to your customers. But, assuming you know exactly who your target audience is, you should also know how to conduct market research in the two major social networks: Twitter and Facebook.

It’s important to know that this process takes time, and even after your initial research is complete, you should constantly monitor your target market for changes in needs, wants and behavior. This may sound like a lot of work, but once you get used to using the networks, you’ll see that it’s quite easy.

Here are some tips for conducting market research with the two major social networks:

Market Research on Twitter

On Twitter you can see your competitors’ Tweets and you can also see their customers’ reactions to those Tweets. Conducting research is simple. Just use Twitter’s search function to search for your competitor’s name. If that business has a Twitter account, you should be able to locate it this way. Once you’ve found your competitors, you can begin studying their Tweets and researching the strategy they use to get their customers engaged. Are they promoting discounts, customer service, community interaction, or helpful hints? How are the customers reacting to those Tweets? If you have a Twitter account, this is also a great way to see your competitor from a customer’s point of view. Participate by posting some Tweets. Read what your competitor’s Followers are saying. Be on the lookout for areas where you company can outshine the competition.

Market Research on Facebook

This social network can also provide a lot of information about your competitors. However, keep in mind that Facebook is a collection of pages, and may seem less lively than Twitter. Once again, you can conduct a search to locate a competitor’s Fan Page by using the company’s name. You may have to ‘Like’ their page in order to view it. This is yet another chance to see them through the eyes of a customer, so do so. Once you can view their page, you’ll know if they’re using Facebook to generate leads through the collection of emails, adding information from other social networks, encouraging consumers to participate in a conversation with comments, or using applications. As before, pay close attention to the way your competitor interacts with their Facebook fans. Have they posted exclusive promotions, articles, tips, videos, photos or contests? Read the comments on your competitor’s wall to see what their customers are saying. Those people are your target market, so pay close attention to any needs, wants, suggestions, or problems they mention.

You can see that it’s not complicated to do market research on social networks. They are places where potential customers express their opinions freely and share their likes and dislikes. By carefully monitoring the Twitter and Facebook activities of your competitors and target market, you can see which techniques work, which ones fail, and serve your customers better in the long run.