Confronted by a competitive market and consumers with high expectations, startups, as well as established brands, depending on market research tools to gather business-critical information about their customers, competitors, market trends, and target audiences. By enabling them to better understand the market for their products and services and changing consumer needs, market research tools help firms identify opportunities for product development, evaluate the viability of new products and services, and optimize marketing efforts – ranging anywhere from audience segmentation and content development to product positioning and pricing strategy.
With social listening tools, firms now have a cost-effective way to access the consumer mind and customer opinions on social media platforms, discussion forums, and other places on the social web. Social media intelligence platforms make it easy for brands to gain real-time insights into the market, their customers, and their competitors.
Conventional market research tools
Until the advent of web analytics and social monitoring tools, firms were dependent on traditional market research tools: customer surveys, questionnaires, feedback forms, interviews, focus groups, and product trials. While still valid and useful for carrying out market research, relying on methods like these has its limitations. Conducting interviews and focus groups can be costly and time-consuming, and online surveys and feedback forms may suffer from low participation rates, failing to supply organizations with meaningful sample sizes. Moreover, conventional market research tools tend to be backward-looking, leaving firms with data that’s no longer relevant.
Market research tools leveraging social data
Referred to as “the world’s largest focus group,” users on social media offer firms a highly effective channel for conducting market research. Social listening software gives you an easier, more efficient way to gather quantitative and qualitative data about and directly from consumers—real-time insight into the people, ideas, images, and trends influencing the market and your business.
With the use of social listening tools, you can access honest, unsolicited opinions from customers and get immediate insight into emerging trends around the world. And unlike conventional market research tools, social listening doesn’t even require a question, to begin with. Intelligent social listening tools do the work for you, surfacing unexpected and significant insights from billions of conversations happening across the social web.
Using social listening tools like market research tools
Social listening tools let you capture mentions of your brand, your competitors, and other topics of interest from social networking services, forums, online reviews, blogs, and more. You can explore relevant mentions and conversations, as well as obtain valuable feedback directly from your customers in real-time. Your marketing, PR, and product development teams can learn more about what your customers need and want, identifying product issues and opportunities to innovate—enabling you to act proactively to satisfy customers while protecting your brand reputation.
With the right social listening platform, you are able to:
Measure brand awareness and engagement on social channels
Assess the impact of and optimize your marketing campaigns
Identify the influencers and brands loved by your customers
Detect and track social, consumer, and industry trends
For companies unsatisfied with conventional market research tools, Synthesio offers you a suite of social media intelligence tools that provide you with AI-powered sentiment analysis and trend and insights detection capabilities. Combining social listening with social analytics, Synthesio’s platform provides you with actionable insights, not more data to filter.
Collecting and processing data from the widest selection of mainstream sources including popular and niche social networks, Synthesio Social Listening Dashboards displays social media KPIs, such as Engagement Rate and Share of Voice, and mentions that matter most to your brand. Synthesio uses Natural Language Processing technology to uncover the topics and conversations—from over 190 countries and in 80 languages—you can’t afford to miss. Explore detailed demographics and other useful information about your audiences with Profiler, Synthesio’s audience insights tool, and leverage state-of-the-art data science algorithms to detect the latest trends online with Synthesio Signals.
Market Research Tools Used to Gain Company-Wide Insights
The most common methods used to carry out market research are surveys, which are relatively inexpensive and the most widely known and used method, interviews, which are useful for exploratory research, focus groups, which can be expensive but are an excellent way to get detailed feedback from consumers about a particular product or service, and direct observation.
Where can I find data for market research?Carmen Yeung2020-02-12T09:03:19-05:00
Primary data for market research can be obtained through interviews, surveys, questionnaires, focus groups, interviews, direct observation of consumers, and social media monitoring. Secondary data can be obtained from government publications and statistics, industry trade groups and trade publications, commercially available market research reports, and an organization’s internal sales and CRM data.