We usually associate social media in business as a marketing tool; to promote a brand, product or service to target consumers.  However,  you can also use it to engage with your consumers to develop an appropriate product that will best suit their needs.

 

Here is a video that will explain how:

Social Media + Product Development = Social Product Innovation

 

Source: YouTube KalypsoLP

Key points:

Use Web 2.0 and  Enterprise 2.0 for crowd sourcing ideas, fine tuning concepts, feedback and  innovation

  • Web 2.0  are public networks such as wikis, blogs, LinkedIn groups, Facebook, Twitter and other custom sites.
  • Enterprise 2.o are secure networks within an organization that can be shared with partners and suppliers such as  SharePoint,  video conferencing, shared workspaces, custom portals, instant messaging and electronic whiteboarding.

Advantages of Social Product Innovation

  1. Faster time to market
  2. Faster product adoption
  3. Lower development costs

However, the most significant benefit is having a product that will surely sell because it meets the needs  and wants of your consumers. Sometimes what the company  perceives  as nice and useful is just a waste of money for the consumers.

Collaborating with your consumers can reduce the gap in perceived value. You won’t waste your time developing a product that is hard to sell and the consumers won’t waste their money buying a product that has no real value to them.

Cheers!

 

 

Photo: Flickr Bytemarks