Using social media to gain consumer insights

By Chandi Gmuer

eWidVDioSP27UJLemcl8xTl72eJkfbmt4t8yenImKBVaiQDB_Rd1H6kmuBWtceBJFacebook has received its share of bad press recently following its IPO and subsequent slide in share price. However, earlier this month it announced it had reached the remarkable milestone of one billion users.

Despite the arguments about how well Facebook monetizes its business, or perhaps because of them, this massive audience is a magnet for business. As a forum for expressing opinions, social media is especially valuable to those looking for consumer insights! This is an overview of the various methods available in gleaning those insights.

Passive Monitoring:
There are several software offerings out there that monitor the web (especially Facebook and Twitter) for comments about subjects you are interested in. Often for a business the subject is their brands. For a retailer this may be in-store experiences under their banner brands or it may be feedback on a new store brand that has just been launched.

Companies can look at the volume of comments and see if they are positive, negative or neutral. They can be reactive to what they hear about their products, services, advertising and people. A free website tool, socialmention.com is a quick way to get started.

It was recently reported that investors are even using this type of monitoring technology to predict market fluctuations.

To read more of their top tips, including open-ended posts and Facebook questions, visitstorebrandsdecisions.com


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