Business research refers to obtaining comprehensive information about all the dimensions of the business to increase its scope. It is critical to make informed decisions.
With the enormous amount of people associated with social media and the amount of time they spend on it has made it easier for us to understand their needs, preferences, and their tastes which contribute immensely to business research. Adequate utilization of this source of medium can assist us in making plans and strategies of great usefulness and also aid in strengthening the core of the business.
Here are a few ways which state how social media is useful for business research :
1. Identification Of Taste And Preference By The Means Of Popularity:
In our daily lives, we come across these recurring advertisements, which are popularly the surveys and questions which assist in understanding the penchant of the public (Example: which is the most preferred shampoo – Clarifying, Volumizing, Oily hair, Medicated or Swimmer’s shampoo). These pop-ups can often be seen in the main applications of socializing (Example: YouTube, Instagram, Facebook, etc.) and generally require only a few seconds of our time and are often preferred over watching the commercial ads and waiting for the thirty- or sixty-second ads to finish. This is one of the most popular ways of finding the taste and preferences of the public. The most frequent and popular reaction acts as the foundation for future planning.
2. Grasp The Trend And Get The Initiatory Benefit:
Social media is the motivator of trends, and this is how it is approached; the influencers put up creative, new, fashionable, and quality stuff online. The most liked, desirable, easily adaptable, and something that is found ideal by all is what becomes the trend. And hence, an interpretation can be made about what is the most accepted and liked trend. This acts as a basis for future planning.
3. Interaction With The General Public Utilizing The Comment And The Live Chat Feature –
Most social media applications make it possible for users to give their opinions on a public platform. This is the most convenient form of communication with a huge group of people in the most economical way. The comment section helps to identify the majority of similar preferences, and the live chat facilitates conversations with hundreds of people at the same time, thus, helping the planners understand what are the things that are positively accepted and what are the things they should steer clear of.
4. Staying A Step Ahead Of The Competitors:
With the help of social media, we can close check on any new initiatives competitors take. It warns us on a prior basis so that our business has the time to plan a rebuttal. (For example – Company A decides to give discount vouchers on its products to increase sales, and Company B is the competitor who comes to know about the decision beforehand. B will try to take the initiative to avoid a decline in its sales. As a counter to the decision made by A, it can plan on increasing the advertisements to keep its product prevalent and relevant in the market.)
5. Understanding Where The Potential Audience Lie:
Social media can help in identifying the target audience for a product. It gives us clues on the age group, gender, occupation, etc, of the people who may be in favor of the product/service. It can help the business to plan how it wants to promote the product. (For example – If the identified audience is school students below the age of twelve years, then the most advisable platform to advertise the product will be in the cartoon channels.)
6. Predicting The Future:
Social media can help us in predicting future trends. They help in understanding the thought procedure of humans. (For example – Anushka Sharma, a Bollywood actress, made a unique and different choice for her wedding lehenga as she chose pastel and light colors instead of the typical red color. This color scheme inspired many other designers to take up a new approach in the color scheme department and the people to try new styles.)
Hence, it can be concluded that social media gives us important useful insights, and thus it plays a significant role in the business research process.