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June 7, 2010
Lenny Murphy catches up with what’s been happening while he was away.
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Due to being at the CASRO Tech Conference last week (which was great by the way!) interesting news piled up! Here is a quick summary of my take on the “Best of the web” through today.
“B2B participation in social media marketing is steadily increasing, and marketers are beginning to see opportunities to generate quality leads and position themselves as thought leaders in their industries,” said eMarketer’s Evelyn Jung, author of the new report “B2B Social Media Marketing Heats Up.”
Outsell estimates that marketing on social networks will grow 43.3% in 2010. Forrester Research predicts that B2B firms will spend $54 million on social media marketing in 2014, up from just $11 million in 2009.
There are lots of other great stats and ideas here regarding the expansion of social media to the B2B space. It will be curious to see what MR firms do in response to this trend.
In between posting updates about their lives, fascinating or otherwise, users of social media seem to have plenty of time to opine about brands. In a Harris Poll released this week, 34 percent of adults who use social media said they have employed them “as an outlet to rant or rave about a company, brand or product.”
Happily for marketers, the polling (conducted in April) found near parity between the number of social-media users who employ those venues to express “my dissatisfaction with a company, brand or product” (26 percent) and those who use them to hold forth about “the companies, brands or products I like” (23 percent).
We’ve progressed over the years and have built much more solid and reliable tools since then, but, even so, those tools aren’t accurate in the same way that a weight scale or height scale is accurate. And, our MR tools aren’t measuring factors which are stable from day to day or even second to second.
The field of marketing research relies not on the science of assigning numbers to truths, but on the science of assigning numbers to thoughts, ideas, and memories. These are things with no truths, just trends and tendencies.
As MR evolves, the lines between our rigid methodological structures will blur and morph into all new techniques that combine the best of both approaches.
The reality is that listening platforms require a significant human touch in order to sift through mountains of data and extract golden nuggets of insight. I truly believe that it’s not too much of a stretch for market researchers to get comfortable with the methodological challenges of this kind of research, such as the fact that you never know the true demographics of the sample. Instead, what’s holding market researchers back is that it’s hard to do this research in an efficient and meaningful (read: insightful) way using just a platform alone.
….The current interest in listening among market researchers represents a significant opportunity for market research agencies to build up their services in this arena — and for technology vendors to seek out partnerships with agencies. I can tell you that I’ll also be keeping my eye on companies that have a value proposition specifically for market researchers, such as NetBase Solutions, Wise Window, and the SocialVoice offering from Conversition Strategies and Peanut Labs.
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The views, opinions, data, and methodologies expressed above are those of the contributor(s) and do not necessarily reflect or represent the official policies, positions, or beliefs of Greenbook.
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