Societal media success stories have highlighted the impact social media can have on companies'fortunes. Yet the writers argue that there is a significant opportunity that isn't being understood: using social media to support innovation and new product development. Professors and advisors alike have touted social media as a vehicle for obtaining knowledge, developing customer insights, cocreating notions and concepts with users, and supporting new product launches. Yet despite this guarantee, the writers have found the predicted positive effects are frequently not understood in practice. Although some companies have been able to use social media to develop new insights that lead to successful new products, many others just do not know the way to utilise social media for innovation. Some get diverted by the diversity of input signal and listen to the "erroneous audience."However, the writers believe that social media provides a game-altering chance for businesses that learn the way to develop clear strategies and objectives.
Those that utilized social media sources exclusively to search for technical information saw no progress in new product development performance; in fact, the effect on performance for these companies was often negative (due to information overload and the sophistication of processing such info). The firms that benefited the most from using social media for new product development were companies that used social media in every phase of the new product development procedures; they built organizational processes and structures to support new product development task. They describe three "camps": Camp Explore, Camp Cocreate, and Camp Convey. Each camp offer a distinctive advancement to thinking about the distinct stages of the innovation process and gives an important skill set.
PUBLICATION DATE: April 01, 2016 PRODUCT #: SMR549-PDF-ENG
This is just an excerpt. This case is about LEADERSHIP & MANAGING PEOPLE
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