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The Market Has a Memory: How to Leverage it for your Next New Product Development Initiative
Product development is one of the most costly, time-consuming, and risky aspects of a business. Bringing the wrong product to market can mean millions in lost time, revenue and human resources. Using traditional market research techniques (like focus groups and surveys) to inform product development can only go so far.
Today’s smartest manufacturers and service providers are using long-term social media research to gauge exactly what the marketplace wants. They leverage historical analytics to spot the trends their target demographic is talking about, stay ahead of the curve on product development, and avoid costly mistakes.
Why is long-term social media monitoring so much more effective than other forms of market research for tracking industry trends to drive product development? Short-term social media monitoring no doubt has its place in new product development, but a long-term look at the marketplace lets you evaluate the needs and wants of your target demographic across seasons and through different economic conditions.
In this white paper we explore why you need to leverage social media conversations and commentary to improve your product development initiatives, how to gather that information, and how to apply that knowledge to deliver better products. We’ll explain how tracking long-term market trends can help you spot the “next big thing” before your competitors do or avoid mistakes your company (or your competitors) made in the past when planning new product development initiative.
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