Valued Opinions has uncovered the opportunities for online market research via the use social media.

The online market research industry has been exponentially growing over the past 10 years and companies recognise the need to gain opinions quicker in order to hold market position in an ever competitive environment. Online market research offers a faster, cheaper option to traditional forms of market research through paid online survey platforms such as Valued Opinions. As global Internet penetration increases, an abundance of untapped opinions are available for the taking.

But the online market research industry is also evolving with the advent of the social media landscape. Social media networks are widespread throughout the web and offer those willing to listen with an abundance of extremely useful information. Coupled with paid survey sites such as Valued Opinions, social networks are helping Sir Tim Barnes Lee, inventor and Director of the World Wide Web Consortium, realise his dream. That is “to develop a pool of human knowledge, and human culture which would help collaborators in remote sites to share their ideas.”

Through an online opinion poll conducted by online market research panel Valued Opinions, only 22% of all respondents in 5 countries have never given an opinion on products and services through social media web sites. Surprisingly, of those who answered “yes” to providing a review of the product or services they consume, very few (5%) are inclined to write a review based on a negative experience with their purchase.

Interestingly, when looking at the behaviours between a developed and developing country, there was also little difference in opinions between UK and Brazil, with 28% and 23% respectively answering yes to providing a review on social media sites, irrespective of satisfaction. With a wealth of information at their fingertips, consumers around the globe are evolving into advanced shoppers, giving reviews and sourcing information from like-minded netizens.

Word of mouth is increasingly becoming the main vehicle from which to base and influence purchasing decisions. As people continue to provide opinions on the products and services, the “pool of human knowledge” will continue to expand, providing companies with an additional avenue from which to conduct their research.

Advanced social listening tools are being used to filter, decipher, and analyse the amount of buzz being fed through the social universe. With online opinion polls, paid online surveys and online focus groups accounting for most of the market research turnover in 2009, the industry is set for continued growth in 2010. The only thing left to do is listen.