Social Networks as a Market Research tool

Traditionally, marketers used demographics (compiled by market research firms) as one of the main tools to identify and target potential customers. Factors such as a person's age, sex, and where they live remain important to getting your message across to the right people.

Social networking is one of the hottest new Web technologies in sight with millions of users registering and participating around the globe. The social web is an often overlooked resource full of excellent information. Whether you’re working on a research project, building your brand, or just trying to find some information, look to social media sites to find what you’re looking for.

Word of mouth has always been one of the most powerful marketing methods—people more often that not use the products that their friends like and recommend. Social media sites can provide this type of data on numerous products and services. Want to find the best laptop computer? Doing a traditional Google search won't get you far. Why? Because you won't get a recommendation, or multiple recommendations. More than likely, you'll get review sites. Do a search on a social networking site, however, and I guarantee you will find a list of what people think are the best laptops.

Because of the open nature of social networking, you can easily find your customers and see what they do online and who their friends are. Friends of your customers are an excellent target market. In fact, research has shown that people are as much as five times more likely to buy a product if their friends like it.

While you may not be able to get full details of an existing customer's contacts from websites like FaceBook and MySpace, you can get a lot of valuable information. If you set up a FaceBook profile and ask to become a friend with an existing customer, you will most likely be accepted, if they liked your product. Through this one connection, you have the opportunity to identify their friends and other contacts.

Some people may argue against the ethics of this, it can certainly be effective. If you're genuine and upfront, you shouldn't have any problems. If you approach it as a problem solver, rather than a marketer, you'll be able to make some headway.

However, it's not a good idea to make unsolicited requests for friendships on these websites. You'll probably get rejected as well as banned from contacting that person again. However, if you can come up with good, interesting content you can send it along to your friend list. If people value your information, they will ultimately value you.

Use these tips to make the most out of social web research.

Read more