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MARKET RESEARCH 3.0

Can you imagine your posts on Facebook being monitored?

Your texts on Twitter being analyzed and decoded using an algorithm!!

The thought is creepy… But, the answer is YES.

Next Gen… Market Research 3.0 has arrived!

mr3

To an extent, every marketer/ researcher is aware of the limitations and inadequacy of traditional approach of qualitative methods (such as focus group) and quantitative (such as surveys). The setup for this approach is at times so biased that it may not always get the truth out of the respondents.

Studies across the globe have shown the exponential growth in social media. Recent Study from Nielsen shows that Facebook was the No. 1 social networking destination with 144.3 million unique visitors. Also Twitter was the fastest-growing Web brand, increasing 1448% YoY. There has not only been an increase in the number of visitors, but the average time spent per person has increased three folds. This potential has created ripples and marketers have increased social media spending where return on investment is not a concern for them. A study from Forresters proves that despite the recession, more than 50% of marketers have increased spending on social media. These statistics are really mindboggling.

The evolution of Market Research 3.0 can be attributed to the above stated factors i.e. inadequacy of traditional approach and potential in social media. This field is still in its nascent stage and includes the following key benefits:

  • Cost Effective and Efficient
  • Real Time Capture
  • Accurate in recording attitudes/opinions of groups and individuals

This mining of the words, tones, demographics and other information(s) of social media consumers is used to understand brand attitudes, market needs and social habits. This would be helpful for companies in working out strategies and also for concept/product development. Some of the companies involved in this initiative are Nielsen, Google, Yahoo, Newssift and Jodange. With its initial development phase, it is also referred as Sentiment Analysis, Social Media Analysis & Monitoring, Listening, Opinion Mining and Brand Monitoring.

This is just another tool for market research which would not change the entire landscape of research methods but would become a part of the research mix along with the other traditional approaches. There is a lot to watch out for from Market Research 3.0 as it journeys on its quest to perfect this art/science.

October 14, 2009 at 1:06 am 6 comments


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