17 Sep How is Social Intelligence Changing Market Research?
How is Social Intelligence Changing Market Research?
With the passing of each year, there is one or the other revolution that is taking place in the technological world which revolutionizes the way marketers approach their work. A few years ago, it was social media that took the marketing world by storm as the latest technological tool, but now it has become a mere channel of advertising for agencies and brands. In spite of all the technological advances, one issue still remains to be addressed and that is integration of data across different departments and channels.
With the ever changing consumer interests, preferences and behavior, integration of data is not only personalization but even need of times. Armed with key insights, marketers can not only create but even deliver accurately targeted content in the form of offers and advertisements to address specific segments of their chosen audience.
Defining Social Intelligence
Social intelligence is aptly described as the practice of collecting data from different social media platforms for the purpose of generation of key insights to aid businesses in decision making activities. There are numerous social media platforms such as Facebook, LinkedIn, Twitter, Google+, Instagram, and more to name a few. Collecting data or intelligence has become all the more important for brands due to rising competition and constantly evolving consumer behavior.
Can a Brand achieve anything by using Social Intelligence Strategy?
The application of social intelligence strategies for a brand is boundless along with being inter and cross departmental. With the ever increasing usage of social networking sites, the richness and abundance of information pertaining to consumers is ever increasing.
Social intelligence strategy has revolutionized the way of conduct of market research by offering innumerable data points in the building of audience profiles. In fact, the integration of consumer data along with social intelligence strategy has made the traditional marketing research methods obsolete. This latest, cheap and faster marketing strategy has done away with the labour intensive, highly expensive surveys and focus groups.
With social intelligence strategy playing a key role in market research, the market research industry along with becoming online has also become instrumental in transforming market research suppliers into Insight Generators. Moreover, the market research industry is also encountering the below mentioned trends.
- More phase of listening and observation than questioning
In the initial phase, the industry of market research was more oriented in asking consumers with various questions, but with the advent of social media, the emphasis is now more on listening, observation and inactive data collection strategies. This enables into tapping hundreds and millions of conversations that has already taken place.
- Transition from artificial to real or actual human interaction
Greater emphasis is laid on integration of consumer insight by actual understanding of how consumers react naturally to any given situation. This aids in avoiding an artificial set up for the conduct of interviews or questionnaires or even creation of a focus group. Brand interaction undertaken only through listening and observation enables in making a whole lot of difference.
- Shift of focus from qualitative and quantitative research analysis to other types of hybrid research
From being a traditionally conservative industry comprising of qualitative and quantitative research methods, the market research industry has come a long way with newer and better opportunities in the form of social media and social intelligence analysis and research. This has opened better avenues to explore and understand consumers in a better way including their needs, behavior and attitudes.
With more and more types of researches being undertaken from various angles involving social media analysis, the trend is heading towards hybrid research which is likely to bring a revolution in the form of better and deeper understanding of the consumer behavior in a much more comprehensive way.