Social media is playing a key role in marketing activities. Now facebook has more than 1 billion members. Other social media sites like twitter, tumblr, youtube, linkedin & others are also growing. This has made the companies to use social data for market research activities. Data can also be obtained from chat, ratings, polls, surveys, voting, review sites & others. People know about the brands through social media & also share their purchasing & other experiences. Consumer ratings are used by people before deciding about the product. Such data helps market research lower costs, speed up the process & also helps better decision making.
Many analytic service providers have started including social media data in reports & this can also be used for research purposes. Top brands are mentioned by users regularly in conversation & this helps them uncover many insights. Social media listening is playing an important role in research. With the use of smartphones, more people are using social media & this helps tapping into data related to localization.