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Nike, Inc. got it right: Just Do It. Dont over think the situation, trust your instinct and just take the leap; you might even have fun.
I recently attended several market research conferences. Not yet a clarion call within our industry, above the faint conference whispers could be heard talk of adopting a hybrid approach in using Social Media Research (SMR). While SMR is still being considered fringe by some, the trending of its use in market research has appeared, albeit leaning more towards experimentation.
But experimentation does not have to imply high risk. Cost of entry into its use can be surprisingly low, as compared to the sticker shock for the lifecycles of more traditional market research studies. With the use of
SMR, you may just reap novel, new brand insights for your clients.
At the recent
CASRO
Technology conference held last month in New York City, Tim Macer, managing director at
meaning ltd, reported on the current state of technology within the market research industry. His report also featured the findings of a market research practitioner survey. Among the respondents, survey results showed:
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31% of members are experimenting with the use of social media
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33% of members are considering use of social media in the future
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12% of members are providing social media insights to a limited number of clients
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59% of members already engaged in social market research said they would slightly increase their social media investment
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Some larger firms see social media use as an alternative to qualitative research
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Expensive manual research methods continue to dominate industry-wide
Why wouldnt a market researcher or brand want to factor into their brand innovation strategy unbiased, naturally occurring authentic brand sentiment conversations conversations that can be automatically processed within 85%-95% reliability?
iTracks
Vice President of Research James Longo encouraged the attendees at the
CASRO
Tech Conference to think outside the box. For starters, he suggested that the market researcher begin to experiment by combining
SMR
with various traditional research methods. Others have suggested that practitioners should begin exploring the range from
brand passion index
and trend tracking to theme-mapping or a
netnography report, as well as be asking our organizations these two key questions:
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With what frequency do we need to track and report social media brand insights?
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How customized do our reports need to be?
In another industry gathering last month, the
MRA
Conference in Washington, DC, Alan Chumley of
Carma International
charted the magnitude of
SMR
in this way: Every hour in a 24-hour day 500,000 new blog and micro blog posts, status updates, and comments are posted in social media. At the same conference,
NetBase
Chief Evangelist Malcolm DeLeo framed SMRs gargantuan proportions like this: The amount of social media content created daily amounts to 420 pedabytes the equivalent 3600 x all books created in all languages.
A discussion of whether or not to use
SMR
and, if using, how to use it effectively, also was captured by Conversitions Annie Pettit, in a round-up of a thought leaders keynote address.
Does all this discussion imply reckless abandonment of traditional market research tools, a throwing of all caution to the wind scenario for #MRX or its replacement by #SMR? No, not today say our industry thought leaders, although there does appear to be a quantum shift somewhere on the horizon. As
The Future Place
Managing Director Ray Pointer blogged in wrap-up of a recent gathering of C-level market research executives in the UK:
The feeling, amongst our thought leaders, was that most of the data companies were very bad at understanding people and very bad at addressing the Why? question, and this represents the opportunity for market research.
It is precisely this Why question todays social media insights technology developers and early adopters of
SMR, big and small, are betting on.
Perhaps the analogy put forth by David Carr, technology editor at The New York Times, which was featured in the recent motion picture film Page One a collision of two worlds, describing the current state of print and new media journalism today could also be applied to the current state of market research and
SMR.
SM Brand Equity - July Offer
With each new in-language coding or translation order, we will create a social media brand equity index for up to 5 brands in a category, using NetBase Insights Workbench. You can also opt for a US/UK/Canda/Australia cross-cultural passion index for a single brand. See our previous article about this here.
Contact Localspeak: tel 646.370.4987
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