The Evolution of Market Research and the importance of

Social Media Listening

Wouldnt it be nice to know how your customers really feel about the product /
service you are providing them? Do you wonder if they are recommending you to
other people or are they bashing you on Twitter to thousands? How many
complaints have gone unanswered? Why didnt your Radio commercial bring in new
business, and how come your competitors Facebook (call-to-action) post brought in
50 new customers last week? And why didnt anyone tell you that a waiter was
unfriendly, your facilities were dirty, nobody responded to a customers complaint,
etc., etc.
Not knowing the answers to these questions can expedite the trip to Chapter 7 or
13. Many business owners think they know how to market their business, but they
are fooling themselves. If every business owner knew how to market their business,
there would be no tangible phone books, no direct mail and certainly a lot less of
the street corner sign flippers. Areas of focus in 2016 and beyond should be
knowing what consumers are saying about your brand in real-time.
Could you imagine if your customers were saying this about your product or service
on Facebook and your organization didnt know about it?

But first, a chronology

Old School
Traditional methods of Listening is not in the present and is almost too late once the
brand receives the information. Traditional methods included mailing out a survey in
the actual mail (this could take months depending on how long it took to get a valid
sample)! Then hoping to get a 5-10% response rate and a valid sample (Usually with
5% + / - margin of error). Several steps had to take place before finally getting the
data ready for a deliverable. Such steps included, hand coding the surveys once the
data was received, running a statistical analysis, handing off reams of data to the
analyst, cross-tabulating, putting those numbers into workable English and
ultimately presenting the data in a way which makes sense to mid-management or
C-Suite individuals.

Alexander Bell

We then graduated into telephone surveys using call centers and IVR (interactive
voice response) systems based on POS (point of service) information (lets not
forget how long that took to implement and become active). Survey fields could also
take months to receive the necessary amount of data to conduct statistically valid
analysis. Operations were similar to tangible surveys. The key point again was the
amount of time it took from consumer input to brand action.

Al Gore The Internet

Online surveys were the next wave of market research technological advances.
Again, the wait time to get enough information was not real time. Sure, theres
always going to be the 800 number, contact us forms via the brands contact us
webpage, long-form writing, etc.; but again, its just not quick enough to act upon.

BUT, if a brand really wants to be current with its former, existing and potential
customers, it needs to be socially aware of what is being said about them in realtime. Speed to action is vital to extend a consumers loyalty, impress, excite and
any other variation which leads to a moneyed transaction, likelihood to recommend
and likelihood to return.

So what is Social Media Listening?

Twenty years ago, this industry didnt exist. Now, its an absolute requisite for a
company to succeed in market-share expansion, crisis monitoring, customer
service, sales, strategy, public relations, marketing and beyond.
Social Media Listening simply defined is the following:
Listening is observing, interpreting and acting upon active conversation in real
time. Any time a former, existing or potential consumer mentions your brands
name on publicly available social media channels; theres always someone
observing, interpreting and acting upon that persons quote.

Does your Organization have a Competitive SOV in the Social Space? How about Reputation?

Brand A Brand B Brand C Brand D Brand E

21% 15%
9%
Brand F

34%

14%
7%

Dynamic
Social Media is about as dynamic as it gets. Facebook, Twitter, Instagram, LinkedIn,
etc. continue to change their algorithms to increase usage which in turn provides
more money into these Tech Giants. All the while, Social Media firms continue to
scramble to comprehend the dynamics so they too, can increase their client-base;
which in turn, that client base can go advertise on those giant social sites. Its all
cyclical, but the orbit is never the same.
Another item to consider when reading this, and its the same for any vertical;
consumer sentiment can change within seconds. A brands image can be positively
engaged in one minute and in the next minute, its stock price has plummeted by
5% or more. And there are plenty of examples out there which reflect this.

Angry / Offensive tweet from C-Suite or Celebrity

Product recall
Sensitive information
Political Views
Accusations
Imagery

These are just a few areas where organizations need to be at the ready in case a
forced or unforced error comes across the Public Relations Monitor.
Sentiment is happening in real-time and organizations need to have the ability to
understand where its coming from, how it happened, why it happened and what to
do next.

Gen X, Millennials, Boomers

The lovers of Direct Mail are wasting their money. When you live in an apartment
complex at the age of 25, do you want to get an ad about a Garage Door company?
How about a Plumber? Air Conditioning? Yet, on an individuals Facebook age,
theres targeted advertising based on that individuals demographic and a few other
clandestine (yet legal) metrics.
If theres a topic on Facebook, Twitter, Instagram, etc. which falls into your industry,
wouldnt you want to know whos talking about it, how old, is it Global, is it National,
what gender?

Brand A's Percentage of Facebook Authors by Age and Gender: Are you Targeting the right Demographic?
15%

16%

13%

14%

14%

12%

10%

10%
8%

6%

6%

4%

5%

7%

6%
4%

4%
2%
0%

2%

1%
18-24

25-34

35-44

45-54

55-64

65+

Male Female

Welcome to the Jungle

Its the 21st Century folks. If you are relying upon 20th Century tactics, youre
missing the train. Social Listening is becoming more and more dynamic in terms of
data availability. Were unearthing metrics which are not available to just any
organization. Its paramount for an organization to take its temperature, implement
a recourse if need-be and track the success of that campaign all within 60 seconds.