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Social Media- the Preferred Tool for Market Research Today

  • By admin
  • February 7, 2013

Market research has become more futuristic today. It seems that every organization is dedicatedly concentrating towards the discovery of the right sample that would execute market research accurately. For example, the remarkable thing to notice now is that, exit polls with only thousand voters give almost correct predictions about the probable winner in the general election. Now from this example, it can be derived that a handful proportion of people or product makes strong definitive declarations that influence larger masses! This shows how important it is to make the accurate sampling.

Social media is a preferred tool for market research in the current scenario. While its upside is the easily traceable pool of data, the downside is the complexity of tackling this huge plethora of information! Drawing idea from here can remark that sample size and the process of recruitment are the major determiners during the development of samples. It is quite true that the sample size of social media is much vast than traditional tools. But what is the actual recommended size of sample still remains a mystery to be debunked! Perhaps, a quick glance at the recruitment process will throw light on the aspect.

The basic characteristic of the traditional market is to focus upon and plot the percentage of people getting involved in the research. However, Market Quotient has different approach to sampling altogether. We draw our required insights from social media base via our concentration upon the data people share with each other. We analyze these data to interpret the perspectives and opinions of these people. It needs to pin point here that we focus on the people behind the scene as well who are the catalysts for the development of such public views. However, it is equally true that this factor is taken into consideration only in connotation with the conversation that is going on. This wise technique helps us to understand that the sampling was done randomly, and that is exactly what goes for a good market research.

Now if we go back to where we started, that is the sample size, we let the results of the research decide it naturally. Till the time final stage is achieved, we keep on gathering data and scrutinizing it until patterns get automatically emerged out of the process and clusters get developed involuntarily.  We carry on with the process till the time these patterns get structured, themes get distinctly interpretable and insights become perceptible. This unique process of extraction of insights from data help in the development of convincing and action oriented insights that further help in the development of award winning business resolutions.

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