Businesses can now use social media platforms such as community forums, online community sites, blogs and social networking sites as ‘market research sources’ in order to further understand the preferences of market they are trying to serve. Through social media tools, consumers can participate in providing information and feedback to businesses and practically tell them what their market needs are. Market research through social media tools can provide benefits for the company such as cost efficiency, fast and timely consumer feedback, updated and relevant information straight from the consumers.
The paper will touch on companies who have done so effectively and what the key factors are in ensuring a successful market research campaign through social media tools. (ex. how Kraft used social media tools as additional ‘research sources’ to name the new “Cheesybite” and how Dell banked on IdeaStorm to get new product ideas from consumers). Privacy and volume versus control issues must also be taken into account when using social media applications. Evidence will be gathered from case studies, online journals and articles
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