Valuable Market Research For Free!

Facebook provides an interesting tool called Lexicon which counts the number of occurrences that users have posted on their walls over time. With such a massive userbase, you would assume that the infomation they provide you with would be fairly accurate! To test the accuracy of this tool, I decided to type “hung over” into it and as you can see from the images below, the results are nothing short of the obvious!

It seems like Saturday night is the biggest night for partying! But I wonder what time of the year is the greatest cause of the dreaded hangover?

Again, not too much of a surprise! But how can this affect your business? If you have developed a well known brand, you can check how often people are talking about you and understand the seasonal trends to time your advertising campaigns at the right moment!

But what is more exciting is the preview of Lexicon 2 which has yet to be released. Using this we can trawl deeper into the data, to get a better understanding about the demographics of users who talking about certain phrases. Selling flu medication that will wipe cure the swine flu? Females seem to be most concerned about it, and are probably a better demographic to market to. You can also drill further down by age, country to get a better understand of your potential target market.

Or you can get an understanding  of the value of your brand and get an understanding of the general feelings people associate with your product or brand grouped by demographic.

What ever your product or services, Lexicon is a great market research tool that can really help you to pinpoint your advertising campaigns to your target demographic!

Posted : 2 Jun 2009 by Ryan Blundell : Back to Tips And Advice on June 2009

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