Social Media Meets Market Research

8/8/2019 Social Media Meets Market Research

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Research Rockstar

Social Media Meets

Market Research:

A Compendium of Views


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Sentiment monitoring tools?

Social media forums for discussing market research topics?

Online community platforms that brands use to facilitate customer feedback?

Recruitment of survey participants through social networking sites like Facebook orLinkedIn?

Attaching the phrase social media to anything seems to create a lot of buzz, and market

research is no exception. However, as these questions suggest, the intersection of social media

and market research can mean many thingsand even that list is far from complete.

To cut through the haze of hype surrounding all things social, a selection of content from

researchers, analysts, and authors who have contributed useful views has been collected.

The goal of this white paper?To create a concise compendium of views on the intersection

of social media and market research, so that anyone interested in investing time and money

(as a buyer, supplier, or career developer) can quickly get an informed, balanced view.

When you hear the terms social

media and market research in the

same sentence, what comes to mind?


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But first, let us address the issue of definitions.

The phrases social media research, social media monitoring and social media market

research are all in use. So what exactly do they mean? Ray Poynter has concise definitions for

the first two. Quoting fromhis blog:

Social Media Monitoring

To me this term relates largely to the process we call listening (even though we use our eyes

we seem to prefer the metaphor of listening). It can mean simply reading interesting material,

perhaps organized via a tool such as TweetDeck or via an RSS feed and reader, but more

often refers to using tools such as specialist search and analysis software (e.g. Radian6). In

terms of methodology, this would fit the complete observer approach.

Social Media Research

By contrast to monitoring, social media research is a generic catchall that embraces socialmedia monitoring, netnography (as defined by Robert Kozinets, i.e. requiring participation in

communities, talking with people), MROCs, blog research (in the style of Revelation), creating

discussions in existing social media (for example in Facebook), and potentially using the idea

of bots to interrogate social media users in the way being floated at this years MRS

conference.1

The term social media market research is less commonly used. When used, it is common to

interchange it with either of the above, or less frequently, simply to refer to gathering directionalinformation by monitoring or posting questions on social media sites.

In considering these definitions and common uses, it quickly becomes obvious that the

intersection of social media and market research is initially focused on data collectionthrough

either robust primary or anecdotal research, using quantitative or qualitative methods. Currently,

other promising areas are largely unexplored, such as:

Social networking sites as a way to collaborate on research design and execution

Social media as a means of communicating or promoting research results

1I would argue that the term social media research should be research about social media (such as research studies that measure

the effectiveness of social media), but alas, that is not how it is used.
http://thefutureplace.typepad.com/the_future_placehttp://thefutureplace.typepad.com/the_future_placehttp://thefutureplace.typepad.com/the_future_placehttp://thefutureplace.typepad.com/the_future_place


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This paper is divided into three sections:

1. Introduction to Social Media Research

This section includes four articles that each serve as an introduction to the topic of social

media-based market research. Each article has a very distinct angle, so when read incombination they do a great job of identifying a variety of applications and methods.

2. Social Media Research Reality Check

The second section includes three articles that do a particularly strong, though not needlessly

cynical, job of pointing out the limitations of social media-based research. For those who feel

they may be hearing more hype than reality about the rise of social media research, these

articles will give you a sensible way to think about risksand how to mitigate them.

3. Social Media Research Applications

The third section concludes this compendium on a high note: the opportunities. These final

four articles are all very different from one another; you will see little content overlap, yet each

identifies important opportunities and shares concrete information.

If it makes you uncomfortable, it is worth a look

Infusing social media into the market

research world makes many researchers

uncomfortable. Remember: we have

been through big changes before. At

first, many balked at online panels.

Some resisted the idea of online

surveys. Currently, many lament the

surge in DIY research tools. However, all

three have been met with huge demand

and are firmly entrenched in the industry.

So if the idea of social media research

makes you angry, annoyed or appalled,

take a good, close look at it. If you really

thought it had no value at all, you

probably would not react so strongly!


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Introduction to Social Media and Market Research

Harnessing Social Media in Online Market Research

Michael Stanat, March 5, 2010

Through this informative slide deck, Michael Stanat gives a highly practical introduction tomarket research applications of social media. Stanat describes approaches to uncovering

unmet needs, monitoring opinions, testing niche markets, and gathering competitive

intelligence. Illuminating the positive side of online engagement, Stanat provides some

surprising assertions such as, (social media) is 2.8 times more effective than paid ads

(unfortunately he doesnt define effectiveness in the deck). This slide deck makes the case

that social media and market research will be increasingly entwined both for traditional

research methods and emerging ones.

Market Research 3.0 Is Here:

Attitudes Meet Algorithms in Sentiment Analysis

Kevin Randall, September 18, 2009

While Kevin Randall reveals his initial reaction toward social media monitoring was one that

feared Big Brother, his article shows how monitoring has the ability to revolutionize the

market research field. Through sentiment analysis (an approach which builds on web

scraping with the addition of language analysis to gauge attitudes and perceptions), he

suggests that market researchers are able to bypass the limitations of other qualitative

research methods. The author refers tothe work of Bo Pangas a reference for how

sentiment analysis can be applied, a Yahoo researcher and Sentiment Analysis pioneer,

(who) identifies three areas for measurement: polarity (positive/negative feelings); intensity;

and subjectivity. Randall concludes that social media is not the entire future of market

research, but rather just a channel in the consumer experience mix.

The Lowdown on Social Media Monitoring

James Turner, April 23, 2010In his article, The Lowdown on Social Media Monitoring, James Turner offers an in-depth

look at the world of media monitoring. While Turner recognizes the positive attributes of

the 200+ monitoring tools currently available, and reviews a few in this article, he also brings

to light the challenges that can arise. For someone looking to learn more about social media

monitoring, this article provides a look at how to choose and manage monitoring tools. The

article is peppered with actual customer experiences and insightful anecdotes.
http://www.scribd.com/doc/28059189/Harnessing-Social-Media-in-Online-Market-Research-SIS-International-Researchhttp://www.scribd.com/doc/28059189/Harnessing-Social-Media-in-Online-Market-Research-SIS-International-Researchhttp://www.fastcompany.com/blog/kevin-randall/integrated-branding/market-research-30-here-attitudes-meet-algorithms-sentiment-ahttp://www.fastcompany.com/blog/kevin-randall/integrated-branding/market-research-30-here-attitudes-meet-algorithms-sentiment-ahttp://www.fastcompany.com/blog/kevin-randall/integrated-branding/market-research-30-here-attitudes-meet-algorithms-sentiment-ahttp://research.yahoo.com/Bo_Panghttp://research.yahoo.com/Bo_Panghttp://research.yahoo.com/Bo_Panghttp://www.research-live.com/features/the-lowdown-on-social-media-monitoring/4002550.articlehttp://www.research-live.com/features/the-lowdown-on-social-media-monitoring/4002550.articlehttp://www.research-live.com/features/the-lowdown-on-social-media-monitoring/4002550.articlehttp://research.yahoo.com/Bo_Panghttp://www.fastcompany.com/blog/kevin-randall/integrated-branding/market-research-30-here-attitudes-meet-algorithms-sentiment-ahttp://www.fastcompany.com/blog/kevin-randall/integrated-branding/market-research-30-here-attitudes-meet-algorithms-sentiment-ahttp://www.scribd.com/doc/28059189/Harnessing-Social-Media-in-Online-Market-Research-SIS-International-Research


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How to Use Social Media for Market Research

Mike Lee, January 11, 2010

In his article, Mike Lee offers a quick, do-it-yourself guide to social media monitoring.

Lee positions social media monitoring to his readers as a free technology that offers

immediate, real time commentary from consumers. (Of course, free does not include the

value of time, and all of these techniques take real time to do and quite a lot to do well). Lee

focuses on tools that allow a variety of tasks to be performed, including: searching (looking

for keywords within a given social media site), asking (communities that allow questions to

be posted), trend finding (tools that show how popular or unpopular a given topic has been

over a period of time), and competitive researching (sites that allow you to research

competing companies). While Lee offers a somewhat single-sided view of social media

monitoring, it is an informative one nonetheless.

Social Media Research Reality CheckSocial Media Monitoring: Time to Say Sod It?

Karl Havard, July 12, 2010

Karl Havard speaks of the moral issues surrounding social media monitoring, posing the

question, When is enough, enough? Havard highlights the risks of social media

monitoring, suggesting that most consumers would be uncomfortable knowing their

conversations are being monitored, and that such monitoring will result in diminished brand

trust. Additionally, the author proposes that such monitoring is not a sustainable practice as it

takes time, effort, and immense resources for an organization to partake continually in social

media monitoring. This is a great piece for someone interested in learning more about the

risks of social media monitoring.

Social Media Research: From Buzz to Biz

Jeffrey Henning, June 21, 2010

In this delightfully concise article, Jeffrey Henning offers an overview of Annie Pettits

presentation from the 2010 Annual MRA conference in Boston. Pettits thesis presents her

view ofsocial media monitoring as an additional tool in the arsenal of market research

strategies; citing both strengths and weaknesses. Several important limitations are detailed,

including the inability to capture accurate demographic profiles of those being monitored and

the brutal reality that not all large companies hold a sufficiently large presence in social

media networks (making it difficult to gather insights).
http://bizthoughts.mikelee.org/how-to-use-social-media-for-market-research.htmlhttp://bizthoughts.mikelee.org/how-to-use-social-media-for-market-research.htmlhttp://econsultancy.com/blog/6202-social-web-monitoring-time-to-say-sod-ithttp://econsultancy.com/blog/6202-social-web-monitoring-time-to-say-sod-ithttp://blog.vovici.com/blog/bid/31660/Social-Media-Research-From-Buzz-to-Bizhttp://blog.vovici.com/blog/bid/31660/Social-Media-Research-From-Buzz-to-Bizhttp://blog.vovici.com/blog/bid/31660/Social-Media-Research-From-Buzz-to-Bizhttp://econsultancy.com/blog/6202-social-web-monitoring-time-to-say-sod-ithttp://bizthoughts.mikelee.org/how-to-use-social-media-for-market-research.html


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Consumer Attitudes toward Social Media Market Research

Jeffrey Henning, June 3, 2010

Jeffrey Henning describes consumer opinions about social media monitoring, based on

the results of a survey he presented at the CASRO Annual Technology Conference. Henning

found that 95% of sampled respondents (drawn from a pool of 426 U.S. members of theWestern Watspanel) felt concerned about the use of social media monitoring, claiming it

felt a bit like companies were spying on them. However, Henning found that respondents

also recognize that social media monitoring offers companies real life reactions to their

products, with the hope it is used to inspire better products that consumers will benefit from.

While social media monitoring appears to be a slippery slope due to issues of privacy,

Henning provides an objective reporting on both positive and negative consumer

perceptions.

On Social Media Research OpportunitiesThe Future of Social Media Research

Annie Pettit, July 7, 2010

In an article related to Hennings coverage of her work in Social Media Research: from Buzz

to Biz, in The Future of Social Media Research, Annie Pettit shares examples of both

social media researchs limitations and potential. She makes a strong case for the

importance of applying market researchs best practices to social media monitoring. To quote

her, Though social media monitoring can let you know what individual people are saying

about a brand, social media research applies scientific principles to that data such that valid

and reliable inferences can be made. Here, she also suggests that the future of social

media researchs real power lies in predictive analytics based on social media data. Through

such methods, Pettit concludes, researchers will be able to predict things such as the next

President, and the next American Idol.

10 Reasons Market Research is Critical to Social Media

Adam Cohen, July 12, 2010Adam Cohens article provides a strong argument for an organization to coordinate the

market research function with the social media one. Through ten points, Cohen builds an

outline of the key aspects of social media and how market research is affected . In this

concise blog post, Cohen makes a good case for how social media efforts can be best

leveraged when the market research functions adds its resources and expertise to planning

and optimizing them. So yes, while market research can leverage social media, the reverse

applies as well.
http://blog.vovici.com/blog/bid/28663/Consumer-Attitudes-towards-Social-Media-Market-Research-casrotechhttp://blog.vovici.com/blog/bid/28663/Consumer-Attitudes-towards-Social-Media-Market-Research-casrotechhttp://www.westernwats.com/http://www.westernwats.com/http://www.scribemedia.org/2010/07/07/future-of-social-media-research/http://www.scribemedia.org/2010/07/07/future-of-social-media-research/http://adamhcohen.com/10-Reasons-Market-Research-is-Critical-to-Social-Mediahttp://adamhcohen.com/10-Reasons-Market-Research-is-Critical-to-Social-Mediahttp://adamhcohen.com/10-Reasons-Market-Research-is-Critical-to-Social-Mediahttp://www.scribemedia.org/2010/07/07/future-of-social-media-research/http://www.westernwats.com/http://blog.vovici.com/blog/bid/28663/Consumer-Attitudes-towards-Social-Media-Market-Research-casrotech


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Twitter Power: Tweets as Electronic Word of Mouth

Abdur Chowery, Bernard J. Jansen, Kate Sobel, Mimi Zhang. Journal of the American Societyfor Information Science and Technology. 60(11):2169-2188. 2009

The authors make strong assertions about the ability of microblogging, through sites

such as Twitter, to serve as electronic word of mouth for products. Through research,

the authors found that 19% of all blogs contain a form of product mention, with about 50%

being positive sentiments and reviews. The article details their original research, which

included analysis of 149,472 tweets. Ultimately, the article concludes that microblogging has

the potential to affect the general publics brand sentiment. Moreover, while they do not focus

specifically on market research, the implication is clear: a data source that captures word of

mouth is one worth considering as an important source of market insight.

Meet the New Market Researchers

Robert Bain, July 2010This fascinating article covers a range of topics under the umbrella ofhow traditional

market research functions are being encroached upon by new, often social media-

driven, methods. The trends observed by the author are all well presented, though one

might argue that it is not about replacing market researchit is about the evolution of market

research beyond conventional methods. Indeed, two of the topics succinctly get to the heart

of emerging market research opportunities. The first: using social networking sites as a way

to find and recruit survey participants. The second: the use of prediction markets, which may

even include betting sites as a way to predict a new product concepts chances for success.
http://www.scribd.com/doc/27270860/Twitter-Power-Tweets-as-Electronic-Word-Ofhttp://www.scribd.com/doc/27270860/Twitter-Power-Tweets-as-Electronic-Word-Ofhttp://www.research-live.com/magazine/meet-the-new-market-researchers/4003216.articlehttp://www.research-live.com/magazine/meet-the-new-market-researchers/4003216.articlehttp://www.research-live.com/magazine/meet-the-new-market-researchers/4003216.articlehttp://www.scribd.com/doc/27270860/Twitter-Power-Tweets-as-Electronic-Word-Of


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ConclusionExperienced researchers know that it takes time to test, optimize and assess new methods. It is toosoon to say what specific social media-infused approaches will work, and under what circumstancesUntil then, any conclusions may only accurately be positioned as preliminary:

In some markets, and typically for larger brands, sentiment analysis via social media

monitoring appears to be useful. However, anyone looking to draw firm conclusions shouldbear in mind Annie Pettits best practice recommendations.

Many options exist for gathering directional or anecdotal information from social media.Additionally, even if these results may not be conclusive enough to stand alone, they can beuseful for generating research hypotheses or augmenting other research findings.

Social media may provide a fresh approach to some common market research challenges,such as how to find qualified survey participants and how to simulate purchase behavior.

Anyone using social media sites for market research must consider the participants rights toprivacy, and apply the same ethical guidelines that exist for conventional research methods.

However, it is likely that new guidelines specific to social media will also be developed.

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Social Media Meets Market Research