Competitive analysis and market analysis are indispensable for understanding your position in the market, developing new products, and designing promotion strategies.
Knowing your competitors and market needs can help you set personas for your products and services and derive success factors.
Here, we will introduce competitive research and market research, and how to utilize SNS analysis in those surveys.
3C analysis / competitive analysis
The acronym of three words is to perform three analyzes of “Customer”, “Company”, and “Competiter”, which are important elements of marketing in building a good relationship with customers. The C that is is called 3C analysis.
3C analysis is used to predict in advance whether the strengths of the company’s resources and products can meet the needs of the market and customers, and how well they will be accepted. Competitive analysis analyzes the sales of competitors, the size of the company, and the status, strengths, and weaknesses of the market share, and predicts the impact of the company’s entry into the market and the development of its own products and services. Useful for.
What can we learn from using SNS analysis for competitive research?
It is necessary to compare with the market and competitors in order to grasp the position of the company. It is not possible to judge whether it is more or less based on the response of SNS to your company.
We will analyze the SNS response to determine how much market share your company has and how the market itself is changing.
You can understand your position by comparing posts to your company and posts to competitors, and analyzing the percentage of common keywords that your company occupies.
In addition to investigating sentiment analysis and poster attributes centered on the targeted keywords, social listening can also analyze the attributes and interests of users who responded to those keywords.
In new entrants, you can use it in your persona setting and marketing strategies by analyzing competitors who have already gained market share.
You can use it for your company by analyzing what topics users who are posting about competing products and services are interested in, and by analyzing the reaction to the competition.
Market research / trend forecast
We will conduct market research to understand what kind of products the market is looking for and utilize it in our product development and marketing.
For new product development and services, it is difficult to change the policy after mass production or launch, so it is important to forecast demand in advance and plan sales and production.
Market research is divided into quantitative research and qualitative research according to its nature. Quantitative surveys are quantified data, and are typically “questionnaire surveys” for questions and targets prepared by companies. On the other hand, qualitative surveys are data that cannot be quantified, such as consumer feelings and behaviors, and are typically “interview surveys” for specific target groups and “social listening” that collects voices posted on SNS.
Use social listening tools for this SNS monitoring.
Register keywords related to your company in the social listening tool, and set to notify you of alerts when the number of posts moves differently from normal times. That way, the person in charge will be able to notice the change immediately and consider how to respond.
Even if the change in the number of posts is positive, you can take advantage of their reputation for further business and branding.
Content that has become a hot topic is immediately created on blogs, etc., and secondary information is spread. It is necessary to have such a system in place in order to deliver official information to users.
If you’re considering using social listening tools for risk monitoring, it’s important to note that the information is real-time.
Depending on the tool, there may be a time lag between the acquisition and display of information. In order to accurately capture changes in the number of posts, you should select a tool with a small time lag. Our social listening tool, NetBase, can analyze SNS data in near real time.
In market analysis and trend analysis by social listening, it is necessary to see the reaction of SNS in the long term.
Long-term analysis of consumer feedback on social media can help determine whether a trend is continuous or temporary. In addition, if you analyze the amount of posts on SNS over the long term, you can grasp the transition of the market size, so you can predict what kind of growth the market will achieve in the future and develop products and services according to it. can.