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How to use Twitter as a Market Research Tool
1. Define Research Goals
Before starting any research on Twitter, clarify your research objectives. With this, you can get a clear focus for your research and identify what you want from the platform.
Here are a few questions you need to ask to define your research goals:
Why am I doing this research?
Who is/are my target audience(s)? Are they on Twitter?
What is my research methodology?
How can/should I measure my success?
Having clear research goals will improve your understanding of the market and your customer needs. In addition, defining your research goals ensures that your research is focused and delivers valuable insights for your business.
2. Check and monitor relevant keywords
This helps you understand your audience, competitors, and the industry; It tells you what your audience cares about and what your competitors are doing.
By doing so, you can track people’s opinions about brands, products, and trends in real-time and use that data to create content, engage or resolve your customer’s issues.
For example, just by typing the name of your city in the search box, you can know what people have said about your city, what they are currently saying, and the popular trends that have occurred so far.
You can do advanced research using specific keywords with your city to narrow your focus and get laser-focused results. This data will be useful if you want to target a specific niche to market to.
This can help your business because, with the data and insight you’ve gotten through these keywords, you can tune your products and service to fit the market demand.
3. Analyze Customer Sentiments and Interaction.
A Twitter sentiment analysis determines the emotional tone behind a series of words, specifically on Twitter.
A sentiment analysis tool is an automated technique that extracts meaningful customer information about their attitudes, emotions, and opinions.
This tool allows you to analyze customer feedback, survey responses, and product reviews.
Here’s how it works; you input a set of keywords or hashtags to get data for what you want to research from Twitter, extract your data and upload it into the tool.
The tool will help you analyze your data, generate a sentiment score, highlight posts receiving the most positive or negative sentiments, and check the popular sentiment toward a brand or product by looking up the product name or brand.
With this result, you can go ahead to make your marketing decisions. For example, If you notice one product is consistently listed under a negative categorization tag, this would suggest there's an issue with that product that customers are unhappy about.
While relying solely on the data is not wise, it can be effective if a human eye and experience work to ensure the data matches real-time conversations and experiences.
4. Speak to your Customers
Your customers will always give real-time insights into your products or services' good or bad.
Engaging in conversations with customers can help your business grow your Twitter audience, develop relationships and discover gaps that can help you improve your product or catch trends earlier.
It is also an easy way to gather feedback and identify potential brand advocates and influencers.
A few ways to speak with your audience on Twitter:
Monitoring your competitors not only helps you discover their strengths and weaknesses for leverage. But the answers you need to stand out in the competition are in the tweets and surveys your competitors have conducted in the past.
You can develop new products/services or improve your own using this valuable information.
Businesses can also understand and determine customer preferences and discover industry trends through this information.
When you check through your competitor's page to observe how they interact with their audience. The comments section will give you insight into what customers need and how they meet them.
Get Customer Feedback for your Twitter Market Research
Twitter has over 450 million monthly active users tweeting, engaging, and interacting in real-time. That’s a lot of people, but how can you use that to your advantage?
1. Real-time insights
Millions of Twitter users share ideas, thoughts, and opinions actively in real-time on Twitter. This means your business can get immediate feedback on products or services and quickly respond to customers' needs and concerns.
What matters here is speed and how fast you react to this information.
This is a huge advantage for businesses in today’s fast-paced business environment, where customers expect immediate attention and resolution to their problems.
You can use these insights into your target audience, improve your marketing efforts, and enhance customer satisfaction.
You can check trendy hashtags or popular tweets to get real-time data on customers’ experiences and needs.
2. Engaging in Conversations
Because of the level of interaction and engagement on Twitter, you can leverage this to build customer relationships, improve customer service and increase customer loyalty.
As a business, you can humanize your brand and set a voice to help your business.
You can connect with your audience and engage with them in the Dm and even use it to solve customer service issues.
Twitter is a cost-effective tool for market research and customer feedback.
It is an affordable option for small businesses and startups to perform market research and also does some major marketing at relatively cheap prices.
Businesses can set up their accounts for free without additional costs associated with receiving feedback from customers.
Although Twitter is one of many channels for conducting market research, it is still one of the best for many industries, as users on the platform come from different industries in different parts of the world.
Businesses can use this tool to stay ahead of the competition and deliver better customer experience anytime. However, every activity and research on Twitter should be done with careful planning and execution, dependent on a workable strategy.
Finally, measure your success accurately and take important steps immediately to stay ahead of the game.
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