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As well as using internet research, market reports and government reports, businesses gather market research data through social media. Through social media businesses can reach huge numbers of customers and it allows them to conduct research cheaply and on a large scale. There are several social media platforms and each gives access to local, national and international customers.

Some of the benefits of using social media for market research include:

• it is cheaper than other forms of research, such as using a market research agency, and can often be free
• it can save time putting information together, eg some online questionnaires put the results into a graph instead of the researcher doing this themselves
• it allows businesses to spot the latest tastes and trends, and monitor the behaviour of their competition

This research could lead to a business bringing out a new product or offering a discount to match its competitors. Without social media, it would be more difficult to find out how tastes and trends are changing, and what competitors are doing.

Example of the use of social media in market research

A hairdresser asks their followers to complete a short questionnaire. In return, the business could offer entry into a competition to win a free haircut. In this way, the hairdresser quickly gets access to valuable information about the wants and needs of their target market for a low cost.