If you own a liquor business, market research can help your company have information regarding the consumers to understand, competitors to consider, and business context to work with. Only a marketing research expert or marketing research firm can help you with this.
You cannot deny that the alcoholic beverage market is the most competitive niche in Singapore. Moreover, it is a heavily regulated industry with several implications and significant social considerations. So, it is essential to have an understanding of the market.
Liquor industry market research companies can help you have deeper insights into your industry.
How Can Social Media Help You Learn?
Social media analysis of your marketplace can let you have a broader knowledge. It is a more wide-ranging form of market research as it scales up the principles of traditional surveys. Moreover, you can have focused groups with larger groups of people to listen to their unsolicited options. You can syndicate this breadth with a significant depth of insights. This will help you have a clear understanding of your online consumer and their highly valuable opinions. With the help of several software and marketing research skills of professionals, you can quickly analyze different aspects of the alcohol industry. These include:
How People Drink: Through nuanced text examination, you can quickly get an understanding of consumer behavior. This part of market research involves analysis and consideration of different aspects of pubs that appeal to people in Singapore. It also involves how consumers define the reasons for drinking alcohol. It is a social thing for them or just a private matter? They love drinking at home or out at a bar? And most importantly, why do they do it – just to relax and unwind, or do they love partying all night?
What People Drink: To know more about what they like to drink, you can simply look at ‘share of voice,’ using hashtags, mentions, or similar. This will give insights into how different types of brands or drinks are performing. Wine or Beer? Pelforth or Kronenbourg? Jack Daniels or Jim? Once you get there, dive deeper to ask what is driving people’s sentiment towards their drinks. You must understand why consumers do what they do and buy what they buy—this is important for any alcoholic beverage business.
Who The Consumers Are: In market research, demographics such as age, gender, geography, or income bracket, have been the traditional way to segment people together with respondents. Here, however, we employ different calculative tools to explore the real, granular interests of individuals. Rather than making assumptions about people based on demographics, it is essential to explore who they are and what they are genuinely interested in?
Are There Any Social Implications?
Yes! Alcohol has genuine and severe social implications. People think that marketers and researchers should strive to recognize, for example, ‘binge drinking,’ underage drinking, and health issues. If you need to know more about market research of alcoholic beverages. In that case, you need to hire an expert who could do the best possible research considering social media as an essential market research platform.