It seems fairly obvious that there should be many variations of market research, each one as important as the other. Social market research, in particular, is becoming increasingly more significant as millennials make their way up the economic food chain. Social media platforms (particularly Facebook, LinkedIn, and Twitter) are becoming the smartest way to obtain valuable information for businesses wanting to launch new products or services.
Social market research focuses on the behaviour of a particular target market. In order to accurately complete this type of analysis, one would need to gather information relating to the opinions, needs, attitudes and motivations of a group of people. This data can then be used to pinpoint which target market would benefit the most from a particular company’s products or services. Due to the inherent “openness” in the behaviour of most millennials, it is relatively easy to collect the information needed to complete the social market research process.
For a business to succeed in the Information Age, it is necessary to fully understand the target market. Customers are always looking to support businesses that are conveying a message or aiming for a socially conscious goal. Connecting with potential customers on social media platforms is probably the smartest move any business can make; inspiring communication whilst collecting valuable behavioural data.