Market intelligence is about finding the needle in the haystack, sorting out the relevant information in today’s era of data overflow. There is an abundance of data to be found online, but the data could be outdated, copied straight from a press release or some other news site, or otherwise just not quite what you are looking for.
Being in the know of social media
When screening social media platforms for data, one should take into account the added factor of who is sharing the information. Was it a globally well-known publicity figure, a local politician or a neighbourhood barista? This affects the weight of the argument, as well as the reach of the comment. However, one should keep in mind that sometimes a comment by the neighbourhood barista can be picked up by quite a few people, or even a news company. One never knows.
With social media, there are multiple factors that should be taken into account for successful performance. One of them is listening: you should keep an ear on the ground to get the feeling of the flow of data. Although you cannot control the flow, you can participate and keep an eye on what is being said, what the main conversation themes are at a given time.
Social is as a reflection of – everything
Social media reflect the society they live and thrive in. They can help you to gain a sense of the mood a market is in, to identify the main issues affecting a market you may be planning to enter and to collect feedback on how your product is being received. You can also keep an ear out for how your competitors are viewed, what kind of presence they have in certain social media channels or how their actions are received by the audience.
M-Brain’s Social Media Framework is about helping customers with the process of engaging with and in social media channels. To find out about a subject, you first need to set an objective and then determine the target groups and channels. Otherwise you can easily get lost at sea. The next step is to define activities and assign ownership, so the project has a chance of being concluded successfully.
In social media, listening and engaging are essential. Social media is all about social interaction. To learn from the process, you have to measure and evaluate the findings, as well as the process itself, which enables you to build a culture of social media in your organization.