Social media permeates every facets of business, from branding to marketing, sales, customer service and to often overlooked market research, product development and HR
Increasingly though, retailers and brands are turning to social media for market research.
Consumers have adopted social media in a massive way and, in spite of concerns for privacy, are sharing what they like, buy and want on platforms like Facebook, Pinterest and Instagram to name the biggest ones.
Having a presence on these and other social platforms is critical and allows retailers to listen to consumers and get a pretty good feel about what consumers buy. Carefully listen to comments gives retailers feedback on what consumers like and dislike and allows them to tune in products before manufacturing, stocking and launching them, potentially avoiding costly mistake and future markdowns
Carefully listening and engaging consumers on social media also allows retailers to catch new trends when they start, giving them an edge on the competition
Genuinely listening to and nurturing consumers on social media platforms has a number of upsides.
- Consumers feel more engaged and are more likely to review, like and share with their friends if they feel like they are part of the merchandising process.
- They feel more connected to the retailers and brands
- They are more likely to interact with the brand or retailer
- as a result, the retailer or brand posts are more likely to appear on the consumers and their friends’ feed and, of course, generate sales.
Using social media for market research is a quick and cost effective and quick way to stay in touch and engage consumers
Read more about retailers using social media for market research