There are two ways in which you can use social media to innovate when it comes to developing new products.
1) Product led innovations – here companies like Dell and Salesforce have led the charge in using tools to help them prioritize new product features with IdeaStorm and IdeaExchange (respectfully). These are great for engaging your user base and getting them exactly what they request on a schedule that they can see and influence.
But that’s only going to get you so far.
The reason for this is they are commenting on an existing product and helping to evolve the product. But this doesn’t protect Dell or SalesForce from someone leapfrogging them. Sure it would be hard but look at the iPod. MP3 players were around for a while before the iPod came out and cleaned their clocks.
Therefore I think the second type of innovation you can get from Social Media is Problem led innovation.
2) Problem led innovations – this is where companies like Dell or Salesforce gets outside of their four virtual walls and listen to customers in other virtual places for new product ideas. Things they haven’t thought of yet. Then they engage with the users and vow to help bring that product to market. Perhaps even recruit them to become part of a virtual product development team.
Social Media holds a lot of promise for companies both small and large especially when it comes to Product innovation. We have yet to see the full impact of all of this inter-connectedness. But it will take someone who truly studies and understands the landscape to navigate the waters to successfully find leapfrog opportunities.
In the same vein:
About Paul Dunay
Paul Dunay is an award-winning marketer with more than 20 years’ success in generating demand and creating buzz for leading technology, consumer products, financial services and professional services organizations.
Paul is Global Managing Director of Services and Social Marketing for Avaya, a global leader in enterprise communications, and author of Facebook Marketing for Dummies (Wiley 2009). His unique approach to integrated marketing has led to recognition as a BtoB Magazine Top 25 B2B Marketer of the Year for 2009 and winner of the DemandGen Award for Utilizing Marketing Automation to Fuel Corporate Growth in 2008. He is also a five-time finalist in the Marketing Excellence Awards competition of the Information Technology Services Marketing Association (ITSMA) and a 2005 gold award winner.
Buzz Marketing for Technology, Paul’s blog, has been recognized as a Top 20 Marketing Blog for 2009 and 2008, a Top Blog to Watch for 2009 and 2008, and an Advertising Age Power 150 blog in the “Daily Ranking of Marketing Blogs.”
Paul has shared his marketing thought leadership as a featured speaker for the American Marketing Association, BtoB Magazine, CMO Club, MarketingProfs, Marketing Sherpa, Marketing Executives Networking Group (MENG), and ITSMA. His articles and research have appeared in Business Week, BtoB Magazine, Information Week, MarketingProfs and Marketing Sherpa.
Paul holds an Executive Certificate in Strategy and Innovation from MIT’s Sloan School of Management and a bachelor’s degree in Marketing and Computer Science from Ithaca College.
Gain insights into Paul’s approach to integrated and social media marketing at: http://www.buzzmarketingfortechnology.com.
There are two ways in which you can use social media to innovate when it comes to developing new products.
