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Data / Empowering High Performance

Porter Research
Jennifer Dennard, E-Media Marketing Specialist

Are You a Market Research Firm with a Slim Marketing Budget?

Jennifer Dennard, E-Media Marketing Specialist
May 3, 2010

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I think it's fairly safe to assume that many businesses today - market research firms included - have had to scale back budgets in a number of different areas - marketing definitely being one of them. And this has prompted many to jump into the realm of social networking/media (SM) in order to increase and measure awareness of their services at little to no cost. Not a bad idea when you consider that 46% of people surveyed for a recent Chief Marketing Officer (CMO) Council State of Marketing Report said that "investing in digital demand generation and online relationship building ranks among the top initiatives being taken to maximize the impact and value of marketing in 2010."

Free sites like YouTube, Twitter, Facebook and LinkedIn (which offers more premium services for a fee) are great resources for businesses on a budget. It's important to remember, though, that "free" doesn't necessarily mean it won't cost you anything. Time, effort, ideas and commitment are very valuable commodities these days.

As E-Media Marketing Specialist for Porter Research and partner company Billian's HealthDATA (both divisions of parent company Billian Inc.), I advocated use of these sites with the pitch that increased engagement on the Web using free social networking tools would lead to increased brand awareness and more hits on our respective sites. And hopefully future sales on down the line.

Perhaps I'll eventually reach the level of Ben Smithee, managing partner at Spych Market Analytics, which has utilized social media from day one. "I have had clients and potential clients approach me for MR, consulting and speaking engagements due to our firm's digital presence," he says. "Whether it is a discussion on LinkedIn or a deck on Slideshare ... heck, even a trip announcement on TripIt, social media is great for building valuable brand awareness."

I asked a few other colleagues who I've gotten acquainted with via social networking why their firms decided to take the plunge.

Jim Longo, PRC - VP, Client Development and Marketing at Itracks
"The reason we started using social media for marketing was because we saw possible potential back in February 2009 via LinkedIn, when we started to see an increase in market research people signing up for the many market research groups. So we figured SM would help us access and connect with potential customers more easily online than if we tried calling or emailing them.

"We learned quickly that it's not about hard selling or direct marketing via SM, but about sharing information and engaging with people, gaining their trust - no spams, no pitches, just industry conversation and sharing of best business practices. When the people we engage via SM need our service, they knew how to find us.

"We started using LinkedIn, then Twitter and finally Facebook, and have been doing so for about a year. We have increased our weekly in-bound leads since using SM."

Michelle Finzel - VP, Full Service Research at Maryland Marketing Source, Inc.
"We decided to start using social media sites for our firm because others were doing so and we wanted to keep up. I would have to say that the fact that the tools are free played a large role in our decision to use them.

"I think SM sites are like your website - you have to have one and it has to be decent. Your presence has to be established in order to be considered a viable entity. But since anyone can have websites and avatars, trust still has to be earned and relationships cultivated - and that's done the old-fashioned way. Hard work, attentive customer service and results. Those are our goals, and SM sites are just another tool, like SPSS and the pen with which I write."

It's still early days as far as our Twitter, Facebook and LinkedIn engagement goes, but so far, I've been pleased. ROI is hard to define and measure in this arena; I'm building relationships with colleagues in the field and prospective clients, making connections via online conversations, and finding a treasure trove of information that keeps me abreast of industry happenings.

Not bad for "free."





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