How to get better new product insights from social media research

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Social media research techniques like Facebook monitoring or consumer sentiment scores can provide valuable information, but usually don't directly translate into new product initiatives. In fact, these methods often lead innovation teams to more questions than answers. This slideshare provide an overview of new social media research tools that privately engage your target consumers and have your most pressing questions answered. Learn first-hand how these new approaches impact the quality and efficiency of new product development projects.

You will learn:
* How social media research approaches are being applied to new product development today
* How to identify pros and cons of private social media research vs. other VOC tools
* How to evaluate private social media research to generate and optimize new product and service ideas

Published in: Business, Technology
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  • How to get better new product insights from social media research

    1. 1. How to get betternew product insightsfrom social mediaresearchMay 17, 2012 Discover Your Untapped Potential © Fountainhead Brand Consulting,2012
    2. 2. Social networks have become an important part of howconsumers talk and learn about brands Source: Nielsen Social Media Report: Q3 2012 http://blog.nielsen.com/nielsenwire/social/, 4/12 Discover Your Untapped Potential 2 © Fountainhead Brand Consulting,2012
    3. 3. Brand marketers have used several types of social mediaresearch to learn more about these conversations • Aggregation/sentimen • Recruit for traditional t measurement research Monitoring Sampling Co-creation Engagement • Listen and/or engage in • Ask for ideas and selected conversations feedback Discover Your Untapped Potential 3 © Fountainhead Brand Consulting,2012
    4. 4. Social Media Monitoring tracks public sentiment and trendskey likes/dislikes of brands and product categories Source: http://www.netbase.com, 11 for 11 Netbase Webinar 4/11 and 5/11 There are now hundreds of firms offering social media monitoring tools. See a Wiki of Social Media Monitoring Solutions at: http://wiki.kenburbary.com/social-meda-monitoring-wiki Discover Your Untapped Potential 4 © Fountainhead Brand Consulting,2012
    5. 5. Sampling companies deliver traditional new-product surveysto social media users outside client’s existing social network Source: www.facebook.com/pureprofile 4/12 Discover Your Untapped Potential 5 © Fountainhead Brand Consulting,2012
    6. 6. Social Media Engagement programs can identify productopportunities along with customer satisfaction issues Altimeter Group, 2011 Social media users are also interested in collaborating with their favorite brands, with 60 percent of 18- to 34-year- olds saying they want to give product improvement recommendations. http://blog.nielsen.com/nielsenwire/consumer/how-social-media-impacts-brand-marketing/ 10/14/11 Discover Your Untapped Potential 6 © Fountainhead Brand Consulting,2012
    7. 7. Brands are building Co-Creation platforms to build newproducts using social media Source: http://www.toyota.com/id eas-for-good/ 4/12 Learn about more co-creation case studies at: http://www.mediapost.com/publications/article/170153/co-creation-nation.html Discover Your Untapped Potential 7 © Fountainhead Brand Consulting,2012
    8. 8. Product Development groups are less likely than Marketingand Communication to use social media Discover Your Untapped Potential 8 © Fountainhead Brand Consulting,2012
    9. 9. One reason may be that basic social media monitoring toolshave difficulty analyzing more complex issues Source: Converse on Whitepaper: Social Media Insight Requires End-to-End Language Technology Capabilities, http://converseon.com/social-media-insight-white-paper, 4/12 Discover Your Untapped Potential 9 © Fountainhead Brand Consulting,2012
    10. 10. Engagement has limitations because many social mediaconversations are happening privately among friends “28% of Facebook users shared all, or almost all, of their wall posts with an audience wider than just their friends” Source: http://www.consumerreports.org/cro/magazine/2012/06/facebook-your-privacy/index.htm 5/3/12 Discover Your Untapped Potential 10 © Fountainhead Brand Consulting,2012
    11. 11. There may also be patent risks with co-creation in publicsocial media communities Source: http://www.slideshare.net/ScottGilbert/use-of-social-media-for-product-marketing-research-ss-3437810, 4/12 Discover Your Untapped Potential 11 © Fountainhead Brand Consulting,2012
    12. 12. An emerging approach, Private Social Media Panels, extendsthe concept of private online communities to Facebook Source: http://www.communispace.com/, 4/12 Discover Your Untapped Potential 12 © Fountainhead Brand Consulting,2012
    13. 13. Facebook is largest social media site, but other platforms can beused depending on your target consumer Source: Nielsen Social Media Report: Q3 2012 http://blog.nielsen.com/nielsenwire/social/, 4/12 Discover Your Untapped Potential 13 © Fountainhead Brand Consulting,2012
    14. 14. Private Social Media Panels offer many benefits for newproduct development Consumer friendly platform Targeted focus Real-time observations Discussion and co-creation Multi-media experience Discover Your Untapped Potential 14 © Fountainhead Brand Consulting,2012
    15. 15. However, Private Social Media Panels are not the right tool forevery NPD project. Consider other approaches if: Not social media users Need a quick surface level answer Too complex for virtual observation Panelists need confidentiality Seek a projectable sample Discover Your Untapped Potential 15 © Fountainhead Brand Consulting,2012
    16. 16. Private Social Media Panels can be used to create a roadmap ofhow target consumers make decisions in your product category Decision Process Model Person: Beliefs/ Purchase Lifestyle or Usage Decision Making Situation: Context for Criteria Decisions Ideals: Features, Benefits, Ou Brands Evaluated tcome Discover Your Untapped Potential © Fountainhead Brand Consulting,2012
    17. 17. They can inform development of new product or marketexpansion opportunity areas Example Opportunity Area Companion Reading Current Solutions: Needs and Ideals: Decision Making: Clip-on light My Light Gift purchase Small HH flashlight Security Impulse occasion Clever Just for me Define my space via light Target: Heavy Readers Situation: Reading in bed, car, etc. Don’t want to disturb others Discover Your Untapped Potential © Fountainhead Brand Consulting,2012 17
    18. 18. Private Social Media panels an also be expanded to include avariety of participants for idea generation and optimization Creative Lead Users Consumers Influencers Brand Lovers Innovative Ideas Discover Your Untapped Potential 18 © Fountainhead Brand Consulting,2012
    19. 19. Private Social Media Panels can optimize new product ideas Introducing Pillowlights Discover Your Untapped Potential © Fountainhead Brand Consulting,2012 19
    20. 20. And can help in later stages of product development to build theright marketing mix Customize for Message Pre- Service Integration regions or retailers Testing • user manuals • Regional trends • Logo/taglines • technical support • Special features • Point of Sale • customer service • Custom Packaging materials • loyalty programs • Local causes • Packaging • Website content Discover Your Untapped Potential 20 © Fountainhead Brand Consulting,2012
    21. 21. In summary, social media research can effectively addressmany new product development questions optimize go to market develop/re strategy fine new identify product new map ideas product consumer evaluate platforms decision current monitor making products trends Discover Your Untapped Potential 21 © Fountainhead Brand Consulting,2012
    22. 22. To gain better insights from social media research… • explore multiple social media research tools • examine both private vs. public forums Now What? • evaluate data quality and IP issues • integrate social media with in-person research Discover Your Untapped Potential 22 © Fountainhead Brand Consulting,2012
    23. 23. Learn more by watching a replay of our webcast Link to our webcast from: http://www.fountainheadbc.com/New---Events.html 23
    24. 24. Or contact us directly. We’d love to hear from you… Visit our website at http://www.fountainheadbc.com activate hyperlinks using slideshow view Discover Your Untapped Potential 24 © Fountainhead Brand Consulting,2012

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