Traditionally, companies study the market by sending out questionnaires or conducting focus groups, but with the latest social media monitoring technology, it is possible to track, even in real-time, consumer responses and comments.
Take e-car for example. Given China’s supportive policy, many auto firms, both foreign and domestic, have big plans to vie for a slice of the market. Carmakers would like to know what features interest Chinese consumers most.
By scanning public chats on the internet, social media research firm Lamplight Analytics found out that mileage is the most mentioned subject, compared to other criteria like fuel savings, safety and appearance.
This could provide a good insight to auto makers in terms of their R&D spending, product design and marketing campaign.
Such social media analysis can also be applied to gauging the response to events and functions.
Using Lamplight’s tools, which can show the volume of related online discussion and evaluate how positive or negative they are, a musical event organizer can, for instance, find out things like which band can gain the most traction.
It’s also a handy way to identify the best channel to reach a prospective audience or evaluate how effective a marketing campaign is.
Meanwhile, companies can locate influencers that can be tapped as a cost-effective way to promote their brands.
With social media becoming such a critical element in setting consumer trends and influencing buying patterns, it would only be a matter of time before more companies use social media tracking tools to fine-tune their business decisions.
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