Market research: How do business gather market research data from social media? - CCEA

Businesses gather market research data through social media by leveraging its vast reach to connect with a large number of customers. Social media platforms provide an affordable and scalable way to conduct research, allowing businesses to access local, national, and international audiences. By analysing interactions, feedback, and trends on these platforms, businesses can gain valuable insights into customer preferences and behaviours.

Some of the benefits of using social media for market research include:

• it is cheaper than other forms of research, such as using a market research agency, and can often be free

• it can save time putting information together, eg some online questionnaires put the results into a graph instead of the researcher doing this themselves

• it allows businesses to spot the latest tastes and trends, and monitor the behaviour of their competition

This research could lead to a business bringing out a new product or offering a discount to match its competitors. Without social media, it would be more difficult to find out how tastes and trends are changing, and what competitors are doing.

Example of the use of social media in market research

A hairdresser asks their online followers to complete a short questionnaire. In return, the business could offer entry into a competition to win a free haircut. In this way, the hairdresser quickly gets access to valuable information about the wants and needs of their target market for a low cost.

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