Social Media Monitoring = Product Development Power
It doesn’t matter if your company is Fortune 500 bound or a bitty backstreet bakery, any businessperson paying one iota of attention to the world knows that companies small to large are using social media to access the powerful voice of the customer (VOC). While many tap into Facebook, Twitter, Orkut and other networks to create exceptional customer service experiences, there’s another bottom-line building part of social media strategy: product development. Check out these two ways to leverage social media:
You’re investing money, time, and manpower into product development, so the product should be what the customer wants (and what the customer will buy), right? Social media makes tapping into customer insight easier than ever. Does the customer need a widget that is easier? Faster? Do they need a product that helps them rustle three kids, a laptop, and a cup of coffee out the door each morning? Online listening will help you build that product.
Software company Archer Technologies harnesses the customer’s voice to product development via their software-related social networking forum. This type of social engagement has produced more than 1500 consumer suggestions, and the firm has already implemented more than 220 of them. An additional 200 suggestions are slated to be rolled into product development. Even corporate giant Unilever has started to listen to the voice of the customer to aid in product development for a variety of its brands, including Lynx and Magnum.
Social networks also provide an ideal forum for finding product testers and receiving targeted feedback, according to blogger Jeffrey Cohen.
Social media monitoring of competitive products is another way to leverage the power of conversation for product development. For example, online listening can clue you into potentially competitive products that other firms have in the pipeline. Development teams will also find opportunity by listening to what the competition is not doing well.
Contact Social Strategy1 to find out how online listening will power up your product development.