29. Social Media and Online Tools Enable Real-Time Research

Every company wanting to keep pace with change faces the challenge of staying current with the massive amounts of data available. Several companies have emerged to answer the need for more information, and to filter that information so you can find just what you need when you need it. Search engines, research aggregators, Internet resources, and a vast number of innovative new media tools can help you research and find information so you’re never behind the learning curve.

News Aggregators

As the Internet continues to grow by millions of new users a year, and thousands of new Web sites are created each day, you probably have the same problem most people suffer from: information overload. Many new media services and tools have risen to the challenge to help with this problem. News aggregators will help you filter large amounts of web-based content by delivering information that is relevant and timely right to your desktop. Instead of remembering to constantly check Web sites, blogs, news wires, and podcasts, or subscribing to content that clutters your inbox, you can subscribe to content feeds and news aggregators that track and organize information for you.

More than 2,000 different news feed tools have been created that distribute content from a huge array of sources. Simply subscribe to the content you want from multiple Web sites and have it delivered to a central news aggregator to read when and where you want. This allows you to scan headlines in one place and directly access content that interests you with a single click.

RSS creates a win/win situation for both the consumer of information and the publisher. Publishers benefit from the ability to syndicate their content very quickly and send it to people who are truly interested in it. Readers benefit from subscribing to content that is delivered directly to them, and they can receive automatic updates from their favorite Web sites that can be read where and when they choose.

Unlike email subscriptions, it’s easy to unsubscribe to feeds by simply removing the feed from the aggregator. Another important benefit is that users of news aggregators do not supply their email address, which mitigates any risk from viruses, spam, and phishing.

Using Social Media for Real-Time Research

Many people think of social media as a form of implementation to create leads and build a brand. It does indeed do these things, and it’s also a fabulous tool for conducting research—in real-time. Because you have gone through this section, you are now aware of several areas you would like to research on an ongoing basis that would be beneficial to your business. There are several social media, networking, and bookmarking sites that will speed this process for you. Here are just a few ways you can use social media to increase your marketing intelligence:

• Most sites have robust search capabilities (Twitter search, Facebook search, and so on). Add key words to track topics, such as the following:

• Competitors

• What is being said about your company and key executives

• Trends in your industry

• Products and services in your industry

• Flag key conferences for information and presentations

• Get feedback from people in your network

• Exchange ideas with others in your network

• Discover new resources

Social Networking and Bookmarking

Twitter is a social networking site where you can send and receive information with people whom you choose to follow, or who follow you. Like social bookmarking sites, you can share information with business associates to stay up-to-date on the topics most relevant to you. It’s also a valuable tool for research projects because you can tell people what you are working on and ask them to share ideas. If you follow people who share similar interests, you will begin to discover hundreds of resources with interesting and timely information you would not otherwise find. Several other tools are listed in the social media tools strategy and planning section in Section V, “Implement.”

If you are just getting started on Twitter, I recommend checking out several resources that will help you navigate the “How Tos” such as the Twitter Guide Book on Mashable or the growing number of resources available on social media.

And of course, don’t forget that Google has great search capabilities. Customize your own search terms with keywords, names, companies, and other topics. Google will send you email messages right to your inbox as often as you like.

LinkedIn is a fabulous social networking service for business professionals to connect and network with each other. Many people use the service for finding new jobs and careers, and others use it for research purposes when they want to hire someone with specific skills, locate someone in their network who works for a particular company, or connect with others who share similar interests. Sign up for membership in the thousands of professional and association groups that are in your industry, or with whom you are affiliated. It’s a great way to communicate, share, and get ideas. Use LinkedIn Answers to pose a question to your connections and get feedback.

Delicious and Stumble are just two of the most popular social bookmarking sites to tag, manage, and consolidate Web sites and resources. Sites like this give you a heads up on what other people are interested in knowing because the most popular Web sites are sorted by topic.

Tools and Gadgets

You can use social media sites for research and there are also several tools that can help you streamline the process of real-time customer feedback.

WuFoo is a service that will let you create any kind of survey or form and embed it on your Web site or blog. You can use an existing survey or create a new one with multiple choice questions, open-ended questions, and quick polls. The report feature will give you real-time results so you can modify the feedback form as needed.

PollDaddy has a polling feature similar to WuFoo, and a special function for Twitter polls. Simply create the question, log in to Twitter, and the question is automatically sent to all your followers.

TwtPoll is similar to PollDaddy and includes an option that allows the poll recipients to ReTweet your poll questions to their networks, giving your research a much wider audience.

Blogs

If you like blogs, check out Technorati, the number-one blog index. Using either simple keyword and blog directory searches, or advanced tagged searches, you can easily access blogs about your company, industry, or any other subject of interest. Another useful Technorati tool is its “watchlist” option, where you can save your searches in RSS format and thus follow a particular blogger or story. If you have a company blog, you can tag it for certain searches, such as “Lifestyle,” or “Business,” to ensure higher hits. Fundamentally, Technorati allows you to read what “real” people are thinking about your company or industry, and what they’re disseminating on the Web.¹

Alltop is the online magazine rack of the Internet. The site is an eclectic collection of some of the most interesting stories, blogs, and Web sites you may never find on your own. Alltop’s goal is to aggregate information from thousands of resources into individual Web pages, making searching a whole lot easier. As Alltop says, it’s “aggregation without the aggravation.” If you are researching market trends, this is an Internet resource you definitely want to visit. And don’t forget to check out the Holy Kaw section.

Mashable is the largest blog focused on social media news and Web 2.0. It’s one of the best resources for discovering what’s new, which is incredibly valuable since there is something new every day. You can also read reviews on new Web services, Web sites, and blogs. Check out the “How To” section for useful social media resource guides.

Analysts Track Trends and Make Sense of Them

During this research process, one of your goals should be to identify resources that can regularly keep you updated on the latest news and trends in your industry, what your competitors are doing, and the changing buying habits of buyers and decision makers. A few of my favorite sites are the analyst firms such as Forrester, Gartner, IDC, Data Monitor, Deliotte, and McKinsey who regularly publish in-depth reports on certain topics. The firms employ analysts who are experts on specific topics and several publish blogs and studies that will keep you informed of the latest changes in your industry. Subscribe to their newsletters and the information is automatically delivered to you.

Some research reports from these firms are expensive; however, if you should find just the right information you need, it is less expensive than hiring a consultant or making a bad decision based on wrong or incomplete information. Just remember a MasterCard analogy: The price of a research report: $2,500. The price of just the right research to launch your new business: Priceless.

All of these tools can be used for the purpose of research while also increasing the effectiveness of your marketing and communications strategies. Social media as a strategy and tactic will be covered extensively in Section V.

The bottom line: Use social media and online tools to aid your research. It’s a smart way to save time, stay informed about topics that are important to you, stay connected with business associates, and expand your network. Add mobility tools, and you can mix, mash, browse, blog, text, and tweet your way to a real-time marketing plan.

If you follow these suggestions, it will keep your planning information organized and updated, and also easily access and shared with other people to encourage continuous learning. When it’s time to update sections of the plan, you will have a lot of the heavy lifting already done.

P • R • A • I • S • E™ Marketing Process

Research

Summary: Section II

Summarize market segmentation and target markets in your marketing plan.

Create an action plan for how you will drive more profitability and revenue. How can you transition “B” and “C” customers to become “A” customers?

Summarize findings on customer retention, customer loyalty, and CLV.

Create a working hypothesis for why your customers buy from you.

Define and scope your secondary research plan.

Create a primary research plan for information you need to get directly from customers to validate assumptions.

Determine what competitors you will track through the planning process and complete the Competitive Tracking Form.

Develop macro-environment questions that will be answered through research.

Evaluate how social media tools will help you get research done more efficiently.

Research is a process. Set up a system for collecting and organizing information.

Summarize findings into Section II of the marketing plan template so you complete the Market, Company, Customer, and Competitive Analysis sections.