In business, every decision should be an informed, strategic one. Using market research helps to spot emerging trends, but without proper social media analysis a brand is only getting one half of the info needed, particularly when it comes to product launches.
And this is where Quid Social comes in.
We will explore how merging market research with social media listening helps brands move confidently – maximizing their time and dollar, and ensuring a successful product launch. We’ll delve into:
- What Quid Social can tell brands about products and services consumers want
- Minimizing product launch risks with social media listening
- Pinpointing a market with accurate and real time results
A few interesting social media marketing stats include:
- For every $1 spent on influencer marketing, $5.20 comes back
- 75% of millennials are willing to pay extra for sustainable products – highlighting the need for brands to be eco-conscience
- 75% of consumers have become more confident in the kitchen – and restaurants can create new products/services to support this trend
Social Media Listening to Capture Consumer Cravings
Consumer cravings are more refined, as they’ve spent months indoors thinking about them. And just because consumers are anxious to get out, that doesn’t mean they’re ready to do so. Or does it?
Vacation destinations and hotels worldwide will be testing the waters to find out. And it’s best to do this with compelling stats sourced via social media listening. Exploring social media analysis around getting outdoors, for instance, we can discover just what consumers are feeling.
Using a timeline view, top categories shift month over month – but not all of them. Our leading category Years Ago has stayed steady, while Mental Health shows a bit of growth around September 2nd. Clicking on these columns reveals social media posts from a variety of social platforms.
If a destination wanted to know how consumers feel about getting out, they would need only to click any bar of interest. Here, we’ve chosen Mental Health as we saw it spike this month – most posts found echo this one below:
Getting outside is definitely on the mind and in the plans. But what about staying overnight somewhere? How are consumers feeling? This post from our bar chart shows one Florida Keys traveler who was less than impressed, comparing the good and the bad. Socially distanced beach experiences and hotel rooms that opened up onto the beach or pool – allowing for a more private experience are definitely appreciated, while staff not wearing masks was a deterrent:
This signals both the desire to travel and consumer concerns over health and safety post-COVID. In fact, 44 percent of consumers are willing pay more for a hotel where you can easily socially distance. And this is something Wynn Las Vegas has picked up on and implemented. Perhaps a little social media listening helped this company to win?
This will certainly be a top destination for nervous travelers. Staying ahead of potential trouble points is super important, and they’re doing precisely that.
And with every new venture, whether it’s a new location or a product, there are always risks, of course. Social media analysis empowers brands to spot these pitfalls and avoid them.
Assessing Product Launch Risks
Staying in the game means beating your competitor to the punch, or improving on what they’re doing. And in quick serve category, one of the places to beat or best is McDonald’s. With close to 37,000 locations around the globe and selling 75 hamburgers per minute, they are royalty for a reason.
Exploring food in the quick serve category, specifically “nuggets” – we see this finger food made popular by the golden arches has a large following. There’s everything from Vegan choices to spicy options discussed.
One segment of considerable interest is Air Fryer. Consumers have spent a large amount of time indoors, perfecting some of their best loved foods using this valuable instrument – including nuggets:
Discovering opportunities hidden within this segment uncovers two telling articles about healthier nugget options. One focuses on alternative breading/meat options, and the other captures the DIY movement, where a meal kit may be in order. And this makes sense, as 75% of consumers have said they’ve become more confident in the kitchen, with 22% increasing their meal kit ordering:
Could these desires be the new McMeal option? McDonalds is smart enough to know that social media analysis will guide them in this and other critical decisions.
And luxury brands understand this as well . . .
Knowing Where in the World to Focus – And How
Social media listening helps luxury companies big and small uncover sentiments surrounding their industry. And this allowed many to position themselves successfully when COVID-19 hit.
And as we adapt to our new normal, social media listening can help prominent names like Chanel sort out new product and show launch considerations. It’s particularly useful in determining where in the world to have them – and why certain locations are more lucrative or floundering.
For example, we can see Chanel capturing 4.7% of our worldwide luxury conversation in a very general search, which is exceptional considering the scope:
We can also explore a sentiment summary about “luxury” by location. This shows us where in the world luxury brands and products are being discussed, by volume, as well as the sentiment – positive (green), neutral (yellow) or a negative (red):
Segmenting out the conversations happening about Chanel in China, we can capture very specific insight:
And one article in particular captures the luxury leader’s ability to increase prices and why it works so well in China. The concept of “surrogate shoppers” will be an important one to have on any luxury retailers radar, as these influencers are driving conversation, sentiment – and sales. And this is just one bit of information gleaned from our search. There’s so much more to discover:
Social media listening can guide luxury brands toward different demographics as well. For instance, another article shared that Millennials are shopping second-hand, as they are extremely environmentally conscience. 75% of millennials are willing to pay extra for sustainable products, and that’s not all:
- Millennials are very influencer-focused, with 72% of Gen Z and Millennials following an influencer.
- Influencers = big profits, for every $1 spent on influencer marketing, $5.20 comes back.
Combining sustainability with a valuable influencer creates a millennial magnet – something luxury brands, like Chanel can take to the bank. Add in that surrogate shopper insight and you have powerful potential.
And all of this is critical information for luxury and other savvy brands to use in deciding how, where and what avenue to take when launching a product.
Quid Social brings brands the best of both worlds, market research and social media analysis, so you’re never launching blind. You’d be surprised to find out how many of your competitors are! Know how you’re being talked about and where, spotting emerging trends along the way. Reach out for a demo to capture actionable insight first!