‘How to Mine Social Media for Authentic Market Intelligence’ – ‘MarketingProfs’ Blog
Marcel Florez says, “With more than $200 billion in spending power and opinion leadership positions in many product segments, Millennials are increasingly using social media to communicate to companies about the products or services they buy. Savvy companies have taken notice, and they have implemented social media strategies that enable them to engage with their customers, prospects, and even competitors on social media.
As important as such direct communications are, there are other social media conversations—those among consumers—that are nearly invisible to companies but are infinitely more insightful and actionable.
On Twitter alone, just 3% of the tweets that mention brands or companies use company identifiers. The other 97% can fly under corporate radar, never to be seen or acted upon.
Companies that mine that hidden world of social media chatter gain invaluable market intelligence into consumer opinion of their brands and competitors. Social media listening also identifies sales prospects, brand advocates, and detractors that never engage directly with the company“.
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