Are your business decisions based on assumptions, hard data or your experience? If you use assumptions or data, think about the quality of your information. What is the cost if you were wrong?
Can you afford to be wrong?
Market research is important so you have a better idea of what your customers want. As well, if you advertise to the wrong market, or the right market but with the wrong message, there are negative implications for your brand. Think of a brand who sends the wrong message to the right market – Motrin did it last year with a huge backlash from moms on Twitter. Word of mouth is a powerful tool which can be either positive or negative for your brand. So you want to make sure you get it right. With market research, you will have confidence in knowing that you’re sending the right message to the right market. The result will be happier consumers and increased revenue.
As more people use social media, the amount of data available increases, and the question isn’t so much “what” (as in what are people doing online) as it is “why” (as in why are they doing that). Once you understand how to answer the why (which isn’t as easy as you might think) then you can become more effective at developing marketing that drives sales and grows your brand awareness.
If you’re curious about how social media has changed market research, then you need to hear Brian Singh talk. He will be the first speaker and will not only discuss in detail how market research has changed but will also talk about the unique characteristics of the Canadian social media market.
Buy your tickets today to learn more about how social media is changing the way companies do business.