The world has changed, and everybody knows it. However, Market Research is still made in the same way we used to do 60 years ago. Does that actually make sense?
If you are watching this video, you’ve probably watched the first part, which you can find here.
Enjoy the video!
(Or read the content here:)
Hello everyone, I am Riccardo Osti and on a daily basis I help the world’s best brands become more profitable by investing in the consumer experience
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Paying for traditional market research doesn’t make sense anymore, and if you are watching this video, you are probably coming from the first part (over here), where I explained why reviews and customer care are the most important thing to analyze if you want to obtain insights from customers.
Let me continue the list of the most important sources of customer insights with the
Number 3: Facebook.
This data source has its own pros and cons. The main disadvantage compared to the other sources that we mentioned is in the noise that comes with the data. It is easy to get lost in conversations that do not talk about the topic that we were initially interested in. One example? A conversation that starts on the facebook page of a Television manufacturer could easily evolve to discussions on what people have watched on that television, losing focus. So why would it be helpful to analyze conversations from Facebook? Well, if you are able to filter the noise out it is a great source to better know your audience. And, most importantly, we cannot forget that Facebook has more than two billion users, so your customers, most likely, are there.
Number 4: Youtube
If you are watching this video is because you ended up on Youtube, so it is already a good reason to value this data source. The good thing about youtube is that people put their face on it, so it is usually a data source that you can trust. Youtube has more than 1 billion users, and influencers invest a lot to grow their channels, aggregating many people with similar interests altogether. So if you analyze Youtube videos and conversations, and ideally also react to them, you would reach a very large, but also very specific audience. You also have to remember that video reviews are trusted more than texts, and are much more engaging. What does it mean? It means that videos drive sales as much as reviews do. So, once again, if your customers trust this source of insights, you really have to trust it as well.
I hope you liked my top 4 most insightful sources of feedback. Let me know what you think in the comments! The message that I want to deliver is that if in 2019 you are still doing traditional market research, you are missing out on the biggest opportunity of our times. There is so much out there, voluntarily generated, free and unbiased, that you don’t really need to reinvent the wheel anymore.
See you soon