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5 Steps to Gain Market Intelligence by Using Social Media Listening

15 Sep 2017 10:57 AM | Kathy Doering (Administrator)

Case Study: 

Hot Toys for the 2017 Holiday 

Objective: Determine what toys are being talked about the most in social media for the upcoming holiday season. 

1. Set up the topic: How you set the topic up is very important and will determine the amount of time you will be devoting to harvesting the data. Every monitoring software platform is a little different. If possible, run the topic through multiple platforms and use different keyword variations. 

2. Set a start date & end date: running a topic over time is ideal because you won't miss anything as the software gathers the data day in and day out. You may be able to identify significant trends that change over the course of the study.

3. Organize the data: The software intelligence has the ability to begin this work for you and it tends to be 70%-80% accurate (Digital-MR). Tone, sarcasm, and colloquialisms all play an important role. The data is coming in from all sources as well, from Tweets to blog posts. Word Cloud top themes is a great place to start.



4. Interpreting  the data: How should the data be quantified? Should an influencer's opinion carry more weight than the average person? For our study, a power house retailer dominated the online discussion by publishing results from a research study using children as participants. In many ways they set the tone for what is being discussed at this point of the study (September).  Will that continue a month from now? 

5. Action the data: The data has been gathered, harvested and interpretation. Next it needs to be measured against the objective of the study. Consider how this data ties into other data streams within the company. Social Media data and brand perception is changing all the time. For best results this should not be used as a one time study. Incorporating social media research into your other methods is advised for optimal results. 


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