No matter the size of the business or the industry, we consistently hear that people want to do social media, but they just can’t justify putting the resources toward it. Be it an investment of time or money, people just don’t understand how to think about the return they’ll see.
We’ve talked before about how to figure out the ROI (return on investment) of social media before, but today we wanted to highlight one specific benefit that many people don’t consider: market research. If you think about social media as a part of your market research strategy, all of a sudden the investment seems much easier to justify!
Insights in Marketing recently published a great infographic that highlights this perfectly. In the graphic below, created with Digital Third Coast, you’ll get some helpful tips about using social media for market research, as well as eye-opening statistics, such as:
- 71% of business owners state that marketplace insight is one of the most valuable benefits of social media
- Only 16% of marketers are using social media for campaign and promotion development
- 50% of marketers say that tying social activities to business outcomes is one of the most challenging aspects of social media marketing
Pro tip: if you use Pagemodo and/or our mobile app to find and schedule content regularly, you can access insights that will help you figure out which kinds of content your followers respond to best, which helps not only with your strategy going forward, but also tells you a lot about the people in your social community!
Here’s the full infographic:
About the Author: Sarah Matista is the Marketing Communications Manager for Webs and Pagemodo. Loves marketing, small businesses, whales (not necessarily in that order). Get more from Sarah on the Webs Blog, Pagemodo blog, and Twitter.