When you think of the number of people on these social media sites, it's difficult to even comprehend the magnitude of data that is generated on a daily basis. In fact, according to Wayne St. Amand, Vice President of Marketing at Crimson Hexagon, there are 1 billion posts that go up every 48 hours!
Social media is the single largest source of unsolicited consumer opinions, and very few companies are doing a good job capturing and analyzing this data. All of this data is already readily available at your fingertips, and there is much opportunity to utilize it to uncover meaningful insights.
St. Amand provided an example of a large automotive brand that sought to decode this social media data by initially categorizing the comments and posts into positive, negative, and neutral segments. But simply looking at the data in these segments did not provide the level of insight desired because the WHY piece was missing. It is not as powerful to know WHAT consumers are saying if you don't know the reasoning behind it. Once the brand dug deeper into this data to figure out WHY the customer comments were positive, negative or neutral, the company was able to uncover the detailed insights necessary to successfully complete their rebranding efforts.
The large amount of information being created on social media still might be hard to wrap your head around, but what is clear is that this data is already being captured, and it's up to you how you want to use it!
Mayuri Joshi is Research Magician at April Bell Research Group, a boutique, full-service marketing research firm, committed to delivering fresh insights you can act on! Learn more at aprilbellresearch.com.