The Role of Social Media in Market Research: SoDash
As an undergrad student, I recall working on a new product development project for a retail company in my final year. In order to get a good understanding of customer needs and wants, I had to recruit a number of individuals to get their ideas on the new product that the company planned to launch.
At the time, I undertook a survey, the only way to really observe and understand the market back in those days. Although this procedure was quite common, it was very expensive and time consuming. Fortunately, things have changed for the better in the last few years and, if you know where to look, you can find a wealth of information that can help inform your marketing strategy.