In today’s digital era, social media has transformed into a very powerful tool for many companies to reach their target business audience, interact with customers in a more personal way, and build strong brand awareness. Just imagine, billions of people around the world are active users of various social media platforms, so it is no wonder that more and more businesses are using it to reach a wider range of potential customers. However, to execute an effective social media strategy, of course every business needs to understand the behavior and preferences of their respective audiences. So, this is where social media market research tools will be needed.
Social media market research is a research or analysis practice carried out on social media platforms that aims to gather information about customer behavior, market trends, and insights related to business competitors from a company. Market research helps businesses gain valuable insights that can guide their marketing and business strategies. In this blog post, we’ll discuss the importance of market research, the methods used to carry it out, and how businesses can leverage the insights they’ve gained.
The Importance of Social Media Market Research
Social media market research is one of the most important steps in any online marketing strategy. By analyzing the market on social media, companies will gain valuable insights about the behavior, preferences and needs of their business customers. Here are some reasons why Market research is so important:
Understanding customer behavior: Social media for market research can help companies gather valuable data about customer behavior, such as the type of content they like, the most active time they spend on social media, and the types of devices they use. This valuable information can certainly help businesses adapt their social media strategy to better reach and engage with their target audience.
Identify market trends: Social media market research can also provide insights related to the latest market trends. By analyzing hashtags, topics and conversations, companies or businesses can easily find out the latest trends in their business industry, so they can adapt them to their respective business strategies.
Analyzing competitors: Social media market research is also capable of monitoring the business strategies of their competitors, such as the type of content they share, the platforms they use, and their level of engagement. This important information can certainly help companies identify gaps in the market and develop new strategies to innovate more than their business competitors.
Methods of Running Social Media Market Research
There are several methods that companies or businesses can apply in carrying out social media market research. Here are some of the most common methods:
Social Media Listening: The social media listening method is monitoring the mention of a brand, product or service from a business that occurs on one or several social media platforms. This method provides insight into customer sentiments, opinions, and preferences.
Surveys: Survey methods can be used to collect information directly from customers about anything, such as their social media usage, preferences, and behavior. Survey activities can be carried out on any social media platform or via email.
Social Media Analytics: social media analytic tools can provide quite a variety of data, such as engagement levels, growth in the number of followers, to content performance. This important information can be used to track the success of social media campaigns and make decisions based on the data that has been obtained.
Competitor Analysis: Competitor analysis methods can provide important information about key metrics that a business’s competitors have, such as growth in the number of followers. the level of engagement, the type of content they share, the social media platforms they use, even the performance of organic content and endorsed content. This information is of course very valuable because it can help companies create new strategies so that their business can remain competitive.
For the practice of social media market research to provide comprehensive results, of course companies or businesses need the right tools so they can make strategic decisions. In this section, we will explore some of today’s most popular social media market research tools and their features, one of which might be suitable for your business.
Dataxet:Sonar
Dataxet:Sonar is an integrated social media market research tools in Indonesia that provides various advanced features on one platform. Apart from providing social listening features, this tool that has been enriched with AI technology can also assist your business in analyzing market sentiment, digging up important information about your business competitors, and analyzing the marketplace. And you also have to know the advantages of the new Dataxet:Sonar, DXT360ᵗᵐ product. In addition, Dataxet:Sonar also works in real-time so that it can help your business take strategic steps against all possibilities that occur immediately.
Hootsuite Insights
Hootsuite Insights is a social media listening tool that helps businesses monitor their brand reputation and stay ahead of the competition. This tool allows businesses to track mentions related to their business or product, analyze market sentiment, and identify influencers. Hootsuite Insights can also help businesses identify emerging trends, track competitor activity, and measure the success of their social media campaigns.
Brandwatch
Brandwatch is a social media market research tools that allows businesses to monitor their brand reputation and track consumer sentiment. With Brandwatch, companies can track mentions about their business on various social media platforms, analyze influencers and know the company’s reputation on social media. Brandwatch can also provide real-time notifications, so businesses can quickly respond to negative responses that may occur.
Sprout Social
Sprout Social is a social media management tool that includes a social listening feature. This tool can help companies track their brand mentions, analyze social media metrics, and identify influencers. In addition, Sprout Social also provides social CRM features that help businesses manage relationships with customers across various social media platforms.
BuzzSumo
BuzzSumo is a content analysis tool that allows businesses to analyze their competitors’ content and identify trending topics. With this tool, companies can see which content is performing well on social media and identify influencers who can help promote their business. BuzzSumo can also help businesses create content strategies based on data-driven insights.
Socialbakers
Socialbakers is a social media marketing tool that includes social listening and analytics features. As well as being able to track brand mentions, this social media market research tool can also analyze social media metrics and identify influencers. Socialbakers also includes social media management features that help companies schedule posts, monitor comments, and respond to messages across various social media platforms.
Meltwater
Meltwater is a media monitoring and analytics tool that provides social media listening features. This tool can help companies monitor their brand reputation on various social media platforms, track mentions, and analyze consumer sentiment. Meltwater also includes a media database that allows businesses to identify journalists and influencers who can help promote their business.
Mention
Mentions is a social media listening and analytics tool that enables businesses to monitor their business reputation, track competitor activity, and identify influencers. By leveraging this tool, companies can monitor mentions of their business across multiple social media platforms, analyze market sentiment, and measure the success of their social media campaigns. Mentions also includes social media management features that allow companies to schedule posts and monitor comments.
NetBase Quid
NetBase Quid is a social listening and social media analytics tool that enables businesses to track brand mentions, analyze sentiment, and identify emerging trends. Other features offered include social media management which allows businesses to schedule posts and monitor comments across various social media platforms. NetBase Quid also includes competitive intelligence features that enable businesses to track their competitors’ activities and identify growth opportunities.
NetBase Quid is a social listening and social media analytics tool that enables businesses to track brand mentions, analyze sentiment, and identify emerging trends. Other features offered include social media management which allows businesses to schedule posts and monitor comments across various social media platforms. NetBase Quid also includes competitive intelligence features that enable businesses to track their competitors’ activities and identify growth opportunities.
