techhints 
Could a social networking site like Facebook replace traditional market research? It’s already happening. As social media continues to remould the nature of customer-brand relationships, multinationals have already begun to utilize social networks to elicit product and service feedback. The social network in question? Why one of the top three, Facebook, of course.
In an interview with David Tryder of Dunkin Donuts, which is documented on eMarketer, Tryder relates how the company elicited feedback from their 370,000 Facebook fans for a newly launched healthy menu. In Tryder’s opinion, the exercise, which took the form of a two-day event, facilitated cost-effective, real-time feedback that took the form of a meaningful conversation about the newly launched brand in a way that did not come across as blatant advertising.
Using Facebook to extract opinions
In a similar exercise, “BearingPoint has partnered with a leading bank to develop a survey using Facebook to extract opinions on consumer banking habits. The recently launched survey is being monitored to determine its effectiveness. A $25 gift certificate from Restaurant.com. It is being offered as an incentive to attain customer feedback. ”
A Social Network For Such Market Research
Use of a social network for such market research activities replaces old-fashionedcumbersome, expensive, and slow methodology. Significantly, especially for successful international brands, targeted feedback can be built up quickly and effectively, and following this, eliciting feedback can be swift and painless.
Might the same approach be used for smaller enterprises, perhaps only just beginning to market their brand? Absolutely. As such outfits begin to build up their loyal tribe of brand devotees via Social Networks, they will find that their tribe will be invaluable as an honest source of brand appraisal, enabling them to optimize the public appeal of their product or service while the brand is still at an early, embryonic developmental stage.
How are the time and cost savings?
