Creating Products They Want: Consumer Driven Innovation via Social Media Monitoring

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Whether a product is in its conceptual phase or near refinement, it is important to consider the wealth of insight available in social networks.
A social media monitoring tool can gather the conversations and tap into the collective intellect of consumers at large. It provides brands with the opportunity to learn directly from their customers, target markets, that of competitors and the industry as a whole.

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Creating Products They Want: Consumer Driven Innovation via Social Media Monitoring

  1. 1. Creating Products They Want: Consumer Driven Innovation via Social Media Monitoring An Excerpt from the Let’s Talk! Social Media ROI Series Download the full whitepaper here: http://socialmedia.alterian.com/learn-more/roi/Product-development-whitepaper
  2. 2. Brief Overview: Whether a product is in its conceptual phase or near refinement, it is important to consider the wealth of insight available in social networks. A social media monitoring tool can gather the conversations and tap into the collective intellect of consumers at large. It provides brands with the opportunity to learn directly from their customers, target markets, that of competitors and the industry as a whole. Download the full whitepaper here: http://socialmedia.alterian.com/learn-more/roi/Product-development-whitepaper
  3. 3. The ROI of Using a Social Media Monitoring Tool This white paper will provide an overview of the following ways that a social media monitoring tool directly impacts the return on investment in product development: • Reduce traditional market research costs • Shorten the product development cycle • Post-production feedback • Identify influencers & advocates • Discover new markets Download the full whitepaper here: http://socialmedia.alterian.com/learn-more/roi/Product-development-whitepaper
  4. 4. Reduced Traditional Market Research Costs: The social web creates the perfect incubation area for new product ideas. In contrast to traditional market research methods, the organic nature of social media conversations provides unique value. Consumers openly share information about brands, comparing them and making suggestions in real time. They contribute to the conversation at large with no reservations or filters in place. Most importantly, they participate because they want to. Download the full whitepaper here: http://socialmedia.alterian.com/learn-more/roi/Product-development-whitepaper
  5. 5. The ROI of Using a Social Media Monitoring Tool A social media monitoring tool allows one to segment the data and identify demographic trends around a brand. The following Theme Clouds show the words that women used in regard to McDonald’ s McCafe products. The larger the word, the more frequently they were used in the conversations about the brand. The following words offer excellent opportunities to gather product development ideas: iced, free, mocha, love, chocolate, breakfast, tea, and vanilla. Download the full whitepaper here: http://socialmedia.alterian.com/learn-more/roi/Product-development-whitepaper
  6. 6. Shorten the Product Development Cycle: Consumers are more likely to provide feedback, and it is the perfect opportunity for the product team not only to listen, but also to participate. This will reduce the time needed to research new product ideas, vet feature lists (provide the opportunity to vote) and test the pre-release version (beta). Many companies find that when they engage their customers, not only do they lower production costs, but they build brand loyalty and generate excitement about the product. Download the full whitepaper here: http://socialmedia.alterian.com/learn-more/roi/Product-development-whitepaper
  7. 7. Shorten the Product Development Cycle: A brand can create a private or public community and use a social monitoring tool to identify main themes and sentiment. Many social media monitoring tools allow the ability to add custom RSS feeds. This allows you to analyze the content of the conversations. Specific topics of concern to the user community can be identified. It also offers the ability to see patterns in feedback on sentiment about the products. Download the full whitepaper here: http://socialmedia.alterian.com/learn-more/roi/Product-development-whitepaper
  8. 8. Post-Production Feedback: Consumers shopping online are more likely to purchase a product when it is recommended by a friend; this is especially true if the friend helped in the product development phase. In addition, post-production feedback can help work out any bugs. Another benefit of post-production feedback is that real-time feedback enables companies to make changes in the supply chain. Brands no longer need to wait months to see the fruits of market research. Download the full whitepaper here: http://socialmedia.alterian.com/learn-more/roi/Product-development-whitepaper
  9. 9. Post-Production Feedback: The following chart shows the tone of the results. The negative ones offer the obvious place to dig into. It’ s also important to not overlook the positive ones. They will provide many clues as to what is effective along with hints as to what additional features consumers desire. Download the full whitepaper here: http://socialmedia.alterian.com/learn-more/roi/Product-development-whitepaper
  10. 10. Identify Influencers & Advocates The ability to find influencers and engage with them and their communities takes product development to the next level. As you work with them to understand their needs, you build customer loyalty in addition to developing a better product. Relationships with influencers and online communities are based on trust. People buy products when they learn from others’ positive experiences. By following influencers and their communities, companies can expand their reach as they learn the sentiment towards a product, as well as the demographics and geography of those who use it. Download the full whitepaper here: http://socialmedia.alterian.com/learn-more/roi/Product-development-whitepaper
  11. 11. Identify influencers & advocates: A Case Study Download the full whitepaper here: http://socialmedia.alterian.com/learn-more/roi/Product-development-whitepaper
  12. 12. Discover New Markets: Are you interested in new markets? Social media monitoring reveals potential markets by identifying demographics and online communities with a need for your products. It is important to set up broad searches for industry keywords. Don’t limit the language to specific brands, but include products and features. A social media monitoring tool can also help you identify unexpected uses of your products. Download the full whitepaper here: http://socialmedia.alterian.com/learn-more/roi/Product-development-whitepaper
  13. 13. Conclusion: Social Media Marketing provides key data that enables a company to refine a product and expand its reach at the same time. Listening to your market and online communities helps guide market research and customer engagement in the process, and it builds brand loyalty for post production. Beyond developing existing products and markets, using a social media monitoring tool leads to identifying new markets. Download the full whitepaper here: http://socialmedia.alterian.com/learn-more/roi/Product-development-whitepaper

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