Social Media Monitoring helps to understand your market
There is a broad consensus in Finland about the need to give a boost to the country’s economy first and foremost by improving the operational preconditions of exports. There is a general understanding that the problems with the Finnish export are mainly a result of our industry’s shattered competitiveness.
When looking for growth we should not only concentrate on the offering but also pay attention to the challenges of demand. In other words we need to talk about how Finnish companies can better match their offering to the needs and wishes of their customers. One way of listening to your market development is using a social media monitoring tool.
Social Listening combines Internal and External Information
Using information in strategic decision making is crucial in defining a problem as well as solving a problem. Finnish companies use a lot of resources to gather information about their business activities and optimizing their internal processes. What still needs to be improved is the way companies use the market information of the surrounding world. Even when companies gather information it is not always analyzed into a form in which it would be most useful when it comes to supporting decision making.
Thanks to new technologies and services there is more information, and more possibilities for analyzing that information, than ever before. Big data, meaning analyzing huge amounts of data, is one possibility, but often market information gathered through for example social media can generate valuable insight about the market and the customers. The biggest possibilities lie in combining market and business intelligence. This works for companies regardless of their size or market.
Understanding Changing Markets More Important than Ever
A certain food industry company makes a good example here. The company systematically used social media monitoring and analysis to rebuild a breakfast cereal brand, which had been successful for decades. The aim was to better meet the expectations of consumers today by adding fiber and decreasing the amount of sugar used in the cereal.
The cereals were successfully launched under the newly rebuilt brand. The company managed to speed up the rebuilding of the product, they saved up to six months and tens, maybe even hundreds of thousands of euros, by social media listening combined with internal information instead of traditional market research. And most importantly the dropping sales of the product got a much needed boost.
According to M-Brain’s Market Intelligence Trends survey for Information Specialists understanding the changing markets has become one of the most important areas where company information is being used. It is clear that it is important for Finnish export industries to have a deeper understanding of markets and customers, thus it is important for Finland as a country.
By Saku Oikarinen, CCO at M-Brain