Julian Narchet Discusses How to Use Social Media for Market Research

Miami, Florida, July 24, 2020 (GLOBE NEWSWIRE) -- Julian Narchet, marketing and mass communications professional with extensive experience in social media and market research, explores the advantages and strategies on how to utilize social media for market research.  

Social media can influence and complement market research of virtually any kind. Through social media, businesses can gather data for competitive analysis, product launching, campaign tracking, customer care, and brand analysis.   

“Traditional focus groups or surveys are time-consuming and often drawn out. Through social media outlets, real-time research speeds up the data collecting process immensely by keeping tabs on consumer behavior throughout the market cycle,” stated Julian Narchet.

Businesses have a rare resource to refer to for acquiring unique and personalized information per customer. People's posts on social media are about themselves eighty percent of the time, allowing businesses to gain a more in-depth understanding of their consumers. Customer information collected through social media lacks interruption or bias that might occur during traditional marketing methods such as participation studies or company-sponsored focus groups. 

Consumer statistics reveal why businesses should look to social media for marketing research. Ninety-five percent of adults from the ages of eighteen to 34 are more likely to gain knowledge of a brand and follow it through their social media account. Companies that engage with consumers through social media have increased their profits; customers spend twenty to forty percent more money on these businesses' products. Consumer interaction leads to positive customer experiences, and seventy-one percent of social media users who participate in positive exchanges with a company usually refer it to others. 

Investing in social media market research is a plus for businesses. Not only does social media market research have independent environment returns and immediate and past intelligence, but it also has a higher ROI.  There are several steps to take when a business chooses to use social media for market studies. First, a marketing team should identify a target goal and decide what data they want to generate from their sought audience. Social media also keeps businesses up to date on current trends, which can influence marketing goals.

Once goals are established, a team should decide whether to use quantitative data, qualitative data, or both. Examples of quantitative data on social media include comments, followers, likes, and shares. Industry trends, word contextualization, sentiment analysis, and theme categorization are forms of qualitative data.

After deciding which social media platform to use, there are several marketing strategies to choose from depending on what businesses are looking to research. For example, brands can conduct polls, hold contests, and publish brand mentions, call-to-action posts, and question stickers. 

About Julian Narchet

Julian Narchet is a marketing and mass communications professional, and a Communications Specialist at the University of Miami. He has extensive experience in customer service, market research, academic research, public relations, and social media management. He is passionate about making a difference in the lives of others through cooperation with non-profits and healthcare organizations.