Market research (r)evolution

Companies still neglect vital product and business feedback found in social media. Agreed, it is difficult to get the message out of the massive noise. Therefore professionals must develop new ways on how to listen to customers' voice. The following process represents the (r)evolution of market research: Microblogs (i.e. Twitter) are a valuable resource and this is the process to be used:

Strategic listening steps with microblog Twitter.com
Phase 1: Screening phase (research)
1.    Tracking trends		Strategic listening
2.    Setting objectives and goals	Systematic design
3.    Identifying particulars
4.    Retrieving data	Data collection
5.    Processing data	Data analysis
6.    Delivering insights	Reporting
7.    Reflecting screening phase
8.    Setting up strategy for phase 2
Phase 2: Conversation phase (relationship)
1.    Resuming listening		Engagement
2.    Creating personal network (panel)
3.    Delivering valuable content
4.    Gaining deeper insights

A qualified list of micgroblogs to find market intelligence

Today I wanted to start a list of micgroblogging services. Before I started I stopped! I instantly realized that an unqualified list would be a waste of time because it already exists. If you are not afraid of a huge list visit the Top 250 list of twitter clones sites. 

I therefore plan to compose a qualified list that offers microblogging tools to assist companies in finding market intelligence easily and focused.

Thanks for any suggestions and keep you updated. Don't expect the list immediately it will take some time - be fair with me!

Do not upset prospective customers!

Opening a new thread in a discussion forum without having checked if the topic already has been treated will instantly uncover you to be a newbie and upset other forum users.

Likewise consumers will react if companies start surveying without having checked existing conversations. Market Researchers, thus, must rethink their techniques and take into consideration existing information. They must not start from scratch and ask boring questions that were answered long ago. Market Researchers must be part of the discussion, adopt the language of (prospective) customers, and engage in a dialogue.

Research teams therefore need people who participate in conversations and get sensitive for the word that spreads. They must look out for trends, weak signals, and understand the core of discussions. This ongoing process takes time. Ambitious companies rather start now even if they don’t now exactly what they are heading for.

The Internet is bottomless - and Market Research is out!

Poking around the Internet I am always impressed of its bottomlessness. (Agreed, a net has no bottom anyway.) 

Since having learned that even as a nobody it is possible to communicate easily and at marginal costs with the world I realized that this potential has not yet been discovered from many organizations. However, the number of companies engaging in social media is increasing still many of them have their long-established marketing practices and are novices in the field. Definitely those still applying traditional Market Research are quite a back number. Traditional Market Research is out!

The New Rules of Marketing and PR by David Meerman Scott demonstrate a systematic approach for Marketers new rules of Market Research are scarce. That's why I will investigate on this topic within the scope of my Master Thesis at the University of Liverpool. The idea is to share latest insights directly with readers of this blog and initialize a dialogue.

 

Comments, examples, and suggestions are very welcome! - Tell me what do you know about Social Market Research / Market Research 2.0 / Strategic Listening / ...