Market research can get down to the nitty-gritty of social
NOVEMBER 10, 2011 – In a world where the internet has created an information overload for marketers and consumers alike, sometimes the only way to root out the useful parts is by breaking the whole thing into smaller pieces. According to BtoB magazine, focusing and segmenting a brand’s social media efforts – with the help of market research – can be a huge asset in narrowing the message and appealing to consumers on an individual basis.
Debbie Qaqish of the Pedowitz Group told the magazine that advertisers can use some marketing campaigns – such as promotional events or conferences – as a way to conduct more market research for future projects. She pointed to research her company released, the 2011 Lead Generation Marketing ROI Study, and explained how her team was able to take the information on people who registered to download the report, determine who followed the link from Twitter or LinkedIn and use those metrics to figure out which strategies were most effective.
“You have to be clear about what it is that you are trying to use social to accomplish,” Qaqish said, be it gaining a sales-read or marketing-qualified lead. “Most of the time [social] is an avenue that can give you extended reach so that you can use another system to find out more about people.”
A new study from Euromonitor International shows exactly how market research through social media websites can drive up advertising efforts. Although its research specifically addressed the travel industry, the findings are applicable to other sectors as well.
Euromonitor noted that with the economy continuing to struggle, companies need to find new ways to convince consumers to spend, and mining social media websites for clues on what appeals to them is an effective, inexpensive way to do so.
“With economic headwinds picking up, we aim to pinpoint pockets of opportunity for the global travel and tourism industry,” stated Caroline Bremner, the head of travel and tourism research at Euromonitor International.
The report indicates that consumers located in the Americas are looking for more excitement while on their trips, which has led to a rise in mystery vacations – which include getting surprise itineraries on the trip or bidding for a package for a secret destination – while in Europe, travelers are looking to go on luxury vacations that are not detrimental to the environment and that support local, independent businesses.