We need to regularly monitor our customers’ behavioural patterns, the changing trends in the market, competitor analysis, and the growing demands of the consumeristic society so as to explore the latest business opportunities, meet the needs and thrive in this highly competitive market.
In today’s world, social media insights play a major role in acquiring business intelligence which helps us make strategic and tactical business decisions regarding our brand reputation.
1. Quick & Cost-effective Method
Social media research is quick, cost-effective, and comprehensive helping us collect accurate and diversified data within no time. The insights gained from social media platforms will facilitate a game-changing transformation of our brand.
2. Customer-centric & Futuristic Approach
It helps us gain valuable information and predict probable emerging / future trends about the customer experience, needs, their likes, and dislikes so as to empathize with them and build stronger relationships by fulfilling their needs through short-term and long-term growth campaigns. Thus, enabling the brands in better customer retention, loyalty, and growth rate.
3. Market Gap Identification
Social media research helps us take advantage of the market gap opportunities to run the business with more personalized campaigns, an improved and highly competitive brand positioning, and a more optimized budget in order to expand our market share by outpacing our competitors.
4. Customer Intent & Sentiments
We get to know our target audience through social media platforms on a more personal level by connecting to them on certain topics of interest that can influence their shopping decisions. We can even understand where we stand amidst the pool of competitors in the heart of the customers.
5. Customer Perception & Expectations
It often gives us information on how well our products/services are perceived and are being used by the customers by engaging with them and their interests via social media platforms. It can also help us gather the requests and suggestions from the customer lot for our product team to consider in the future.
6. Content Formats & Performance
Social media research tools help us understand which of the available media and content formats are the most trending amongst the audience and the most suitable pathways to yield better results in terms of brand recognition and sales.
7. Competitor Intelligence
Studying the social media tactics employed by fellow competitors enables us to be watchful of the changing trends in the market and the potential scope of improvement in our own business strategies.
8. Feasible Collaborations
Social media channels help us sieve through the wide array of collaborators and influencers to find the right set of content creators who match with our brand values and who can partner with us to engage our target audience for mutual good.
From identifying new business opportunities to achieving company goals, social media marketing tools and strategies can help us win the game undoubtedly by means of better understanding of our customer journey.