Hone Your Business Strategy and Development With Social Media Data
Social media is one of the most popular forms of communication used worldwide. The brand and user relationship has never been stronger than it is right now. More and more brands are using social media to find ways of improving and developing their products and services. The users as a whole have the power to change campaigns and develop new products all by using their engagement with the brands via social media.
Developing New Products or Services
The next big idea may not come from the research and development team at a Fortune 500 company. It may come from the customers themselves. There is constant chatter about products and services going on every second of everyday. It is the brand’s job to screen the posts and detect a pattern of demand. What are the needs and wants people are posting about?
With all of this information at your fingertips, you can be sure to develop something that satisfies the users. For example, a potato chip company can run a contest where the users suggest a flavor they would want implemented. Once the flavors have been narrowed down, the users vote. The winner is then sold to the masses. Both the users and the brand are happy, making a win-win situation.
Improving Existing Products or Service
Companies are constantly trying to improve in every area of the business; the goal is to become as efficient as possible. Social research will give brands a glimpse of areas that they are excelling in and places where they can improve. Many times the areas the company thinks it needs to improve on may not match what the customer thinks should be improved.
Developing and Improving Advertising Efforts
Executing a successful ad campaign is a daunting task that companies constantly tackle. Social media provides instant feedback on whether your ad was liked or disliked by your audience. Typical positive metrics would be substantial views, clicks, and shares. This is why comedy or shocking material goes viral so easily–people are inclined to share it with their friends. Pay attention to ads that don’t get a lot of traction. They may be fine ads but ultimately didn’t connect with the viewers or pronounce a good call to action.
Research is a major step in continuing to develop new products or services, maintain competitive advantage. Social media and its users are a perfect resource to gather data and turn that data into something profitable. If the “customer is always right,” you don’t want to be wrong.
Image: iStockphoto
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