To launch or grow any type of product, whether physical goods or services, the first prerequisite for any business is to conduct market research. Among the available market research tools, Social Listening (or social monitoring) is a simple approach that delivers outstanding results for businesses carrying out market research. Read the article below to better understand social listening.
What is social media marketing listening?
According to a report published in early 2022 by We Are Social and Kepios, Vietnam had 76.95 million social media accounts at the time, across a population of approximately 100 million people. The number of social media users has been rising rapidly year over year (up 6.9% compared to 2021). These figures show that social media today is fertile ground for brand builders looking to practice "Social Listening".
Put simply, using Social Listening for market research is a way of conducting market research on social media platforms, following processes that closely resemble traditional market research methods. Social Listening is also a tracking tool that monitors online discussions and reviews from the online community about whichever issues are prominent at a given moment.
> Read more: What are the benefits of Social Listening tools?
Why customer sentiment analysis is critically important for Social Listening
Sentiment analysis is one of the applications of AI that proves especially effective in using Social Listening for market research. The technology uses a range of complex algorithms to understand human language and detect negative and positive emotional nuances around the same keyword or the same event at the same point in time, through both text and speech. Common data sources for analysis include Facebook media, blogs, product review sites, SMS call centers, and more.
Understanding customer attitudes and emotions delivers clear benefits for Social Listening, such as identifying and extracting useful information from the community and automatically assessing overall community sentiment toward a product or business. Recognizing consumer mood in conversations and discussions on social media allows a company to accurately gauge how satisfied people are with its brand, goods, and products. This is a highly valuable source of information for businesses as they shape policies in production, distribution, and marketing, and ultimately deliver effective support solutions.
> Read more: Social Listening metrics every business should know
5 ways to use Social Listening tools for market research
- Identify what customers want
- Track brand mentions
- Build marketing content
- Analyze competitor strengths
- Find the right influencers
Identify what customers want
To succeed in selling any type of product, a business needs to understand and capture customer shopping behavior and desires. The ideal place to gather data on consumer habits and preferences is social media platforms, where trends and discussions are updated by the second. To do this, we need social media listening and monitoring tools to track, observe, and analyze customer attitudes, and from there compile customers' wants and needs.
Track brand mentions from the community
Hashtag tagging features, or simply your brand name being mentioned in social media discussions, are also a way for you to use Social listening to monitor the market. You can treat your brand name as a keyword, and from there compile metrics on positive mentions and negative mentions. Tracking brand mentions from the community will help you identify where your brand stands in the market, and from there choose a suitable direction for growth.
Building marketing content
Thanks to its tracking tool capabilities, a Social listening tool can collect and analyze trending topics across social media platforms. It also serves as an information repository, contributing to a market research foundation for the business. Continuously staying updated on trends helps businesses shape appropriate communication strategies for different moments and different customer segments.
Analyzing competitors' strengths with a Social listening tool
In an era where everyone is active on digital platforms, it is extremely easy for you to use social listening to analyze your competitors' strengths and weaknesses. By listening to what the community says about your competitors, together with observing how they run their brand on digital platforms, you can see a complete picture of the market. From there, you can refine your brand's strategies, products, and services.
Using influencers for communications
The explosion in the number of social media users, along with the significant expansion in the number of social platforms, makes leveraging the influence of KOL/KOC in communication strategies absolutely essential. And once again this shows that using social media listening and monitoring tools for market research is a wise choice, because the tool can track and analyze prominent events and the most influential figures on your behalf at the exact moment you want to run your communication campaign.
Kompa - a provider of Social Listening tools for businesses
Kompa is one of Vietnam's pioneering companies in applying advanced technologies based on big data, artificial intelligence, and machine learning, thereby providing clients with valuable insights to optimize their business operations in a variety of ways. Kompa provides data analytics solutions and devices. Founded in Silicon Valley, Kompa is proud to be a Vietnamese technology company meeting international standards, delivering comprehensive data analytics built on the latest platforms (big data, artificial intelligence, and machine learning). Bringing you the most optimal solutions to your business challenges, especially in using Social listening to analyze the market.
At Kompa, every time a customer mentions your brand name, it creates real potential for your business — no matter which platform it happens on. And for a brand to succeed, it must know how to capture the potential hidden within every market shift. That is why Kompa's solutions were created: to stand alongside businesses in the search for the ideal path to developing their products and services. By gathering information through Social Listening, Kompa makes full use of every "insight" collected from tracking customer mentions of and discussions about your business, and then delivers solutions tailored to your company's specific context.
Conclusion
Based on the information provided in this article, it is clear that "listening to the community" — what people are saying and how they feel about the market and about your business — is the easiest and most effective way to conduct market research. We hope this article has helped you better understand the solutions available for optimizing your market, and has introduced you to a powerful ally in Kompa.
>> Read more: Why should businesses use Social Listening tools?
