Twitter has come a long way since its launch in 2006, but despite the recent mind-blowing valuation of twenty billion pounds – Twitter has still managed to maintain the simplicity and innocence that made it so effective in the first place. The micro-blogging site is now the fastest growing social networking site in the world, and while still lagging behind Facebook in total number of users the exponential speed of Twitter’s growth means it’s biting the heels of the Facebook machine.
One of the main appeals of Twitter is the ease of communication; this is especially beneficial in the corporate world. Twitter is now becoming a common way for businesses of all sizes to interact on a more personal level with their audience; this boosts online presence that in turn directly affects brand appeal and recognition. Because of this, Twitter is becoming an effective tool for market research purposes. But how exactly can market research be carried out via Twitter?.
Tweets are an instant indicator of the feelings towards your company. A simple search of your company’s name will bring up all tweets mentioning you, giving an insight into the current attitudes towards your business – are customers appreciative of your services? Is there any resentment? Are people recommending you to friends? This information is an essential part of understanding the behaviour of your customers, an integral part of market research.
The same method can be used when keeping track of your competitors; you will likely find most major organisations following their main competitors on Twitter. This is not some sort of friendly courtesy - following and keeping track of your competitor’s actions on the micro-blogging site allows you to gain insights into how they operate on the social network platform, their communication and how customers perceive them.
Communication is extremely valuable for both market research and branding purposes. In terms of market research, the instantaneous nature of Twitter enables you to effectively communicate with the very people you are targeting. You can use Twitter as a platform to ask your audience questions in the same way you would carry out traditional focus group sessions or distribute surveys, depending on how many followers you have accumulated, you could potentially gain thousands of responses in a very short period of time.
That is not to mean focus groups and surveys are outdated forms of market research – far from it. Twitter should be incorporated into your market research techniques as a supplement to the methods you’re already using. Focus groups and surveys are still invaluable approaches to diligent market research. Surveys in particular can play a key role when questioning potential or existing consumers, Decision Fuel (Decision-fuel dot com) provide market research solution on platforms provided by mobile technologies to provide fast market research solutions. Their bite-sized reports generated via results gathered by the use of surveys provide useful insights into the market.
It was only a matter of time before the vast influence of social networking contributed to a possible advancement in market research. Twitter is this advancement; the simplicity of Twitter makes it an exemplary addition to the market research techniques for a business.