Social Media: Heaven for Market Research

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Whatever industry you operate in Market Research is an essential element to help understand who your customers are and what they want. Once you truly comprehend your target market and their demands, then you are poised to become a genuinely customer-centric company.

Conducting Market Research via traditional channels can be expensive and time consuming, but Social Media provides your small business with a platform to reach a vast audience and best of all it’s free – apart from your time.

Co-Creation

As a small business your ideas, strategies and approach to your company is limited to your internal culture and way of thinking – why limit yourself?

Co-creation is basically as it sounds – the process of creating products & services with your customers to enrich customer experience.

In a world of homogenisation and same same same, co-creation can help set you apart from your competitors big and small. The level of involvement is dependent on your industry and company and you can choose to co-create with customers at a very basic level or collaborate with your most creative and talented customers to help shape your future products and services. Having your most talented customers design your products/services is also an excellent method of recruitment.

For those customers who aren’t involved in the co-creation process, they’ll see you connecting and collaborating with people just like them and identify you as a creative company who cares about what customers want. So many brands nowadays are capitalist driven managed by power hungry egomaniacs – the exact opposite of innovative co-creation.

Ask your Customers

How do you know what your customers like and dislike if you don’t ask them? Asking questions is the easy part, it’s how you listen that’s important.

Joining groups on LinkedIn, Google+ and Facebook will enable you to conduct Market Research by asking direct questions to your customer base. Be creative and create polls to gather feedback, they’re easy to set up and quantify into useable statistics – this is known as Quantitative Research

Qualitative Research is the process of understanding the opinions and experiences of your customers which can be collected by asking more open questions. Groups and forums are ideal platforms, but also consider using something like Google Hangouts which can be used much like a focus group.

Explore & Discover

Market Research doesn’t just have to include asking direct questions, running polls and facilitating focus groups. The beauty of Social Media is the ability to listen to your prospects, customers and close competitors.

Groups are an ideal way to engage in Social Listening, but you can dig a little deeper into their comments with friends, family and other brands. Determine their likes/dislikes and attempt to identify any patterns common to your type of customer.

Spy on your competitors too, especially the larger companies as there’s a ton of conversations which will allow you to understand trends and provides a higher level insight into your industry. Local competitors should also be monitored so you can identify any gaps in the market where you can tailor your products/services to fill that gap.

How have you conducted Market Research on Social Media and what successes/failures have you experienced?

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Social Media: You Can’t Teach Until You’ve Learned!

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The sheer raw beauty of Social Media is its ability to enhance how we communicate where we talk, listen, learn and develop. It’s rather sad to see so many businesses large and small mistake Social Media as a channel where they think shouting is how to be heard. If those very culprits understood how to share information and inspire people to learn they might realise the potential of Social Media

Sourcing Information

Rich or poor we all love getting something for free and on Social Media there’s all the free news, information, guidance, tips and tricks you can possibly find the time to consume.

If you want access to relevant, current and topical information then Social Media sites like Twitter and Facebook publish news quicker than traditional news channels. A recent Pew Research study found that 1/3 of U.S. adults’ access news via Facebook which demonstrates the shift in how people source and consume information.

The tragic Boston bombing springs to mind for me as I learned more from Twitter quicker than any news channel could offer. What’s the point in turning your TV on when you can access news and information whilst talking to your friends on Social Media?

Pick any industry in any country and I guarantee you that you’ll find free information on any topic you want to learn about. Therefore small businesses need to learn that by offering their time and knowledge freely to customers helps to build trust, credibility and relationships which are the first steps in winning new customers.

Change How You Think

Isolation is one of the most commonly cited problems of small businesses, particularly new start ups. The world is a big place and you’re only isolated if you choose to be, so change how you think and learn from different cultures and ways of thinking.

Connect with companies and people in your own industry in other countries. How do people in your industry solve common problems? How do their opinions differ from what you’ve learned in your own country? What do they do differently to achieve the success you crave?

Creativity and innovation are difficult to achieve if your approach and way of thinking is the same as all your local competitors. Your customers and competitors might not be in India, Italy or North America but what can you learn from their experiences and opinions?

How Do We Want to Learn?

How we learn as individuals is subjective – we learn at our own pace, digest information differently learning from a variety of methods. Some people absorb information by reading text, some via infographics, frameworks and videos.

Therefore if we understand that learning is subjective and people respond to a variety of teaching methods then small businesses should be poised to take advantage of this fact. Offer your audience a variety of methods to deliver that free information and guidance you share on Social Media. Be creative and offer video guides, podcasts, diagrams and images. Measure and listen to what your audience prefers and adapt how you communicate according to what your market demands.

If you’re the type of person who doesn’t use Social Media to source information or learn then there’s no place for you on Social Media. Communication involves listening and talking so less shouting and more listening leads to a greater understanding of how people use Social Media to source information and learn – you can’t teach until you’ve learned.

Social Media: The Evolution of Communication

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Wherever you are right now reading this article whether it be in the office, at University or in a Cafe just lift up your head and look around you – you’ll see someone clicking their thumbs on a screen.

How human beings communicate has undoubtedly changed forever and Social Media plays a significant role in altering the dimensions of communication.

Developing an understanding of how people communicate on Social Media will help small businesses to connect, engage and build relationships with prospects and customers.

How we Communicate

Social Media has helped to evolve communication from speaking, to clicks, photos, videos and short bursts of information. A video, image or post on Social Media can be viewed and shared by a multitude of people – yet talking is merely a by-product of social sharing.

Language has also changed as we now shorten words and abbreviate to save time, space and to send our messages within seconds. Communicating in such a fast-paced environment means our attention spans are becoming increasingly diminished as we process vast quantities of information.

People like to live their lives on Social Media by capturing the moment to share with friends, family and colleagues. On Social Media communicating is instantaneous, personal and most importantly capture moments of real life untainted by the influence of commerce.

Changing the Culture of Communication

For us oldies reading this article we’ve had to adapt to new technology, new media and embrace new methods of communicating. For the younger generations communicating on Social Media is the norm. Therefore generations both young and old with their prolonged exposure to Social Media begin to create a culture of communication fuelled by Social Media.

TV shows prompt viewers to tweet mid-show, Vimeo, Pinterest and Instagram capture snippets of our lives and Facebook is ingrained in conversations. People will say “did you see what John posted on Facebook” or “I’ll friend you on Facebook, let’s arrange to meet up” and so on.

The inspiration for this blog was born from a scenario I experienced with 2 of my good friends. 3 of us in a room, nobody talking to each other yet all 3 were communicating on Twitter and Facebook – The culture of communication has changed. I’ll let you decide if it’s for better or worse.

What does this mean for Business?

We constantly hear about the importance of producing interesting, relevant and engaging content. Whilst this is vital, businesses must understand how to grab the attention of their audience. The creative elements of Social Media such as images and headings must make an immediate impact – people won’t read your content if you don’t grab their attention.

It’s also time to dump traditional methods of communication on Social Media, people have grown wearisome to one-way sales messages and advertising saturation. No more corporate mumbo jumbo designed to manipulate us into buying what we don’t need or want – genuine engagement with personalised and relevant interactions between 2 human beings.

This is where small businesses can trump the big boys – be genuine, interact on a 1:2:1 basis by using Social Media as a tool to facilitate relationship building.

Do you think Social Media has hindered or enhanced the way we communicate?

How to Create an Advert for Marketing

Creating an advert need not involved expensive creative agencies or take up much time if you attempt to put one together yourself. Small businesses have little to no advertising budget, so there’s no point in wasting your money if you follow the simple ADIA formula and D.I.Y.

AIDA = Attention, Interest, Desire, Action.

When creating an advert on your Social Media site such as LinkedIn or Facebook or the multitude of sites available, you should be aiming to guide the reader to your main website. Some companies may not have their own website, and it’s common to sell solely on a Facebook Business Page where it’s easy to upload images onto your product list. Facebook recently introduced new guidelines for the images you include in a Facebook cover page, specifying that text should take up no more than 20% of the entire cover photo. Follow the AIDA formula and you can’t go wrong, so here’s an explanation of how it’s implemented:

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ATTENTION!
Grab the reader’s attention using IMAGES, COLOURS, AMINATIONS or VIDEOS. Use BOLD HEADINGS or STATISTICS and don’t be afraid to be slightly controversial and bold in your approach. Think about whom your target market is and exactly what product/service you’re promoting. Grabbing the reader’s attention should take up the largest portion of the advert or creative area. Now you have their attention, it’s time to gain their interest.

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INTEREST
The fewer words you use the better, summarise and think about using no more than 140 characters as you do in Twitter. Create mystery if possible, tease the reader and make the message relevant to your product/service and to your audience. As you attempt to interest the reader, be mindful that you’re at a stage of educating the reader so don’t get too technical, use jargon or feature-blast.

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DESIRE
What problem has your product/service solved? Why is your solution unique and different from your competitors? Now you communicate the unique benefits, and again try to use no more than 140 characters in doing so. Create some urgency by promoting a special offer or discounts and ensure the offer has a time limit or is only available to the first 100 responses. You’ve grabbed the attention of the audience and educated them by making your product/service interesting and now you’ve created a desire by promoting something unique which the customer MUST HAVE.

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ACTION
If the reader has read this far then they’re definitely interested, so don’t let the sale slip away. Here you should display a link directly to your website, provide a phone number, text number or leave their email address to subscribe and declare their interest, time to get the customer to take ACTION and buy. Use the contact method which is suitable to your business and your target audience.

Play around with the AIDA formula a little and tweak your adverts according to the type of media channel you are using. Test a small volume initially to allow you to measure the level of response, if it’s not working change one feature at a time and you’ll soon devise a winning formula.