This post was written by Mirna Bard, a social-media consultant, speaker, author and instructor of social media at the University of California at Irvine.
Last week’s poll question: Did you conduct any kind of market research — surveying your customers, focus groups, monitoring online conversations, etc. — before jumping on the social- media bandwagon?
- No – 66.67%
- Yes — 33.33%
During one of my recent speaking engagements to executives of medium-sized companies, I asked the audience if they had conducted any kind of market research before jumping into social media. From an audience of approximately 120 people, only about 10 to 12 people raised their hand, which surprised me.
At 33.33%, I was relieved to see that the percentage of SmartBrief readers who said they did conduct market research was higher than in the response to my original question. This tells me some companies are moving in the right direction. However, the 66.67% who responded they have not conducted any kind of market research worries me, since this is still a lot higher than I expected. It would be nice to see these two percentages reversed.
Here are five reasons why companies should invest in doing market research before jumping on the social- media bandwagon:
- Doing social media without conducting research is like jumping off a plane without a parachute. If you blindly follow everyone else who is using social media because you are anxious to get started, you risk getting flattened.
- Monitoring online conversations facilitates the process of identifying who your online audience is, especially brand evangelists and influencers.
- Social media starts with curiosity about your audience. Using market research to listen or ask your prospects and customers how they view your brand or products, what they think of your competitors, what they are interested in, what bothers them and what motivates them allows you to find out what is going on in your marketplace.
- Asking your prospects and customers where they want to engage with you online is a better pay-off than guessing or even hiring someone to tell you that you should tweet or blog. Simply put, you need to be where your customers want you to be.
- With enough quality data, you can determine the best marketing strategy for your business. Thus, research allows you to create a long-term sustainable strategy versus only using tactics and tools.
What is your opinion about marketing research? Why do you think some companies are jumping in
without taking time to do the research?
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Is there a stigma about market research?
Is there an assumption that a business owner can gain actionable knowledge from their network? After all they didn't get to where they are today on luck (did they)?
Businesses and business owners have a lot to consider today. Though I think that investing a little time for even some basic, DIY, market research will go a long way. Some will rely on an 'attempt' at social media and possibly rely on metrics or results (which vary in what are social media measurement metrcis) as their research. To your point, businesses can easily, listen and ask (in person or digitally) and get a baseline of what may be more worthwhile in focusing A resource on.
Knowing your customer is what will get you along in business. Not guessing and correcting.
[...] were not surprised to read the results of a recent SmartBrief on Social Media reader poll that only 33.33% did any market research before jumping into a social-media campaign. In fact, that number is somewhat encouraging because it means that a third of companies understand [...]
Excellent eye opening facts…that would definitely change the perception of ones not doing market research. Looking for more good posts.
I think some companies are jumping in without doing proper research because they want to rush their social media and try to get the most out of it, with the least effort. In my opinion, there still is a stigma that social media isn't worth a company's time and therefore executives don't see the investment in it. Also, maybe some companies want immediate results, rather than developing and understanding their online audience.
My recent post What’s your 140
Good point Komail! As we all know immediate results don't happen without knowing our audience
.
My recent post The State of Social Media for Business 2010