Marketers need to understand their category’s dynamics to optimally position themselves and compete effectively. To do this, they must get the consumer’s perspective – because consumers, not industries, are defining today’s markets.
Market structure maps that mirror the consumer’s perspective have traditionally relied exclusively on survey research. However, social media intelligence enables us to quickly, efficiently, and accurately identify consumers’ mental associations relevant to brands.
In this thought piece, Inga Havemann looks at building market structure maps, specifically a case study on the Volkswagen emissions scandal of 2015. Negative events can erupt – often quite suddenly – that impact how consumers view the brand, competitive brands, and how the category is defined.
Using social intelligence is an ideal means for developing market structures in particular, and has clear advantages over relying solely on traditional survey approaches:
- On-demand: Social intelligence can be done anytime and anywhere.
- Broad scope: Up to 60 brands can be examined at a time.
- Fully flexible: Social intelligence lets you zoom in or zoom out of a market or competitive set.
- Time period analysis: You have the ability to understand trends or the impact of specific events.