Gathering information for market research is a daunting task. Focus groups, surveys, interviews… Those things take a lot of time, money, and effort.
If you’re a small business, and you’re not in the position to conduct thorough research, media monitoring tools may be just what you need.
In this blog, we’ll show you how media monitoring can be used for market research!
Market research: media monitoring vs other methods
The problem with interviews, focus groups, surveys, and similar methods is that they’re biased. In focus groups, peer pressure can motivate participants not to be fully honest. In interviews, the interviewee may want to impress the interviewer. Because of that he/she may answer questions according to what the interviewer wants to hear. When it comes to surveys, participants may answer them in a rush.
You get the point.
The three main reasons for using media monitoring over these methods are:
1. Social listening data is unbiased
2. It’s a rare opportunity to observe customers in their natural surrounding
3. It’s a real-time research
With this approach, you can discover unfiltered and honest information about your (potential) customers’ preferences, wants, and needs.
If you’re planning on launching a product in a new market, a great idea is to find influential people there and see which ones are the right fit for your brand.
You can use Mediatoolkit to discover those people by checking your top 10 influencer list in the tool. They are sorted by reach, source, and the number of mentions and you can find it in the Advanced report.
Then, you can start tracking them to see which ones are the most popular in the specific market (in this case pay attention to the number of mentions and their sentiment).
You want to make sure that the influencer(s) you’re going to collaborate with have a positive perception among your target audience.
Research different markets with Location and Languages option
With Mediatoolkit, you can narrow your monitoring to specific countries and languages.
For example, if you’re interested in the Italian market, you can set up the tool to track mentions only from Italy and in Italian. It’s also smart to set up the English language as well.
This means you can be anywhere in the world and still be able to research various markets for little or no money.
Discovering popular channels in the market
The tool will gather data about channels your audience is already predominantly using, so you can save budget on testing various channels and focus your efforts towards the most popular one(s).
In the tool, you can also find information about mentions over time by source and sentiment ratio by channel. With these charts, you can see the intervals of mentions on specific channels and what type of sentiment is predominant on which channel.
If you spot predominately negative sentiment on a specific channel, you should find the reason behind it because it may give you valuable insight into where your product or strategies need improvement.
This is maybe one of the most important aspects. You need to identify which competitors you might face in the new market.
By identifying key players, you’ll be able to analyze their strengths and weaknesses and assess your position in the market. With Mediatoolkit’s Competitive analysis you’ll be able to do just that.
In a matter of minutes, you can get a comprehensive analysis of your position compared to competitors. Inside the analysis, you will be able to see the comparison in the number of mentions, the share of voice, sentiment, influencers, and so on.
To sum up
Media monitoring can significantly lower the time and manual effort you would usually invest in the market research. Not to mention the financial aspect.
Furthermore, media monitoring tools should be a part of your data collecting process because of all the valuable information you can get from it fast. The best part is that you won’t have to sort collected data or create reports by yourself, the tool will do all the work for you.
If you want to start media monitoring, sign up for a free 7-day trial!
If you have any additional questions about the market research possibilities, contact our Customer Support team through the chat button in the tool!
We’ll be happy to help!