There are so many ways to track the activities and preferences of the consumer market. Market research companies look to further understand the nature of their consumers, as well as their purchasing preferences. The field of market research employs many different strategies in gather information about consumer trends. There are focus groups, wherein small groups of consumers come together whether in person or on an online platform, in order to discuss their likes and dislikes of a given product. Companies also sometimes create surveys to be sent out to consumers in order to determine if they may favor a new prototype that a company is set to launch. Yet another form of monitoring the consumer’s behavior is tracking social media activity. This practice comes with a variety of methods and is very effective in the modern marketplace.
Tracking Likes and Comments
The social media monitoring process involves many different aspects, including noting which accounts and pages individual consumers like. There are software programs that can help the small business to conglomerate social media information in regards to likes and comments. These programs will note which accounts for which businesses receive the most likes and favorable notes. Those businesses whose social media accounts get the most positive attention should be paid careful attention to by the company looking to further understand consumer trends. These accounts should be given special examination as to exactly which products are successful and which patterns occur across their successful products. The small business can then look to emulate these products or emulate the characteristics that make these products favorable by the larger consumer market.
Tracking Accounts with the Most Comment Activity
Businesses who look to save time and money with the utilization of social media monitoring are able to employ the social media accounts of other businesses in order to garner consumer information. For example, should a business be in the market of producing children’s toys, this small business can track the social media activity of Mattel. They can look at Mattel’s Instagram, Facebook, and Twitter pages on a regular basis in order to garner information about the current consumer trends in the toy industry.
They should sign up to receive alerts for when someone likes a post on Mattel’s page, posts a comment, posts a photo with the #Mattel hashtag, or starts following Mattel’s page. All of the major social media pages have an option in the settings bar to turn on alerts for follower’s likes, posts, and new follows. The business should note when new followers sign up for major toy brands pages and correspondingly request to follow these new followers.
Actual Social Media Monitoring Software
The small business is benefited by signing up for actual social media monitoring software. Professionals in the world of technology can assist the small business in successful monitoring of social media by offering programs meant to track the small business’ social media activity. This software compiles information about the patterns of who likes the pages, comments, and photos on a company’s social media page. They will then note patterns that occur across race, gender, class, and ethnicity in this social media activity. The software may compile this information in order to determine a target market that the business should attempt to target their communication toward.
NetbaseQuid is one company that offers these social analytics tools. They offer you many different package options for further understanding the nature of your business’s consumer preferences. Their services are employed by major brands like T-Mobile, Yum! Brands, and Hyundai. They use advanced AI for data compilation.