how to get better new product insights from social media research
DESCRIPTION
Social media research techniques like Facebook monitoring or consumer sentiment scores can provide valuable information, but usually don't directly translate into new product initiatives. In fact, these methods often lead innovation teams to more questions than answers. This slideshare provide an overview of new social media research tools that privately engage your target consumers and have your most pressing questions answered. Learn first-hand how these new approaches impact the quality and efficiency of new product development projects. You will learn: * How social media research approaches are being applied to new product development today * How to identify pros and cons of private social media research vs. other VOC tools * How to evaluate private social media research to generate and optimize new product and service ideasTRANSCRIPT
How to get better new product insights from social media research
May 17, 2012
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Social networks have become an important part of how consumers talk and learn about brands
Source: Nielsen Social Media Report: Q3 2012 http://blog.nielsen.com/nielsenwire/social/, 4/12
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Brand marketers have used several types of social media research to learn more about these conversations
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• Listen and/or engage in selected conversations• Ask for ideas and
feedback
• Recruit for traditional research
• Aggregation/sentiment measurement
Monitoring Sampling
EngagementCo-creation
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Social Media Monitoring tracks public sentiment and trends key likes/dislikes of brands and product categories
There are now hundreds of firms offering social media monitoring tools. See a Wiki of Social Media Monitoring Solutions at: http://wiki.kenburbary.com/social-meda-monitoring-wiki
Source: http://www.netbase.com, 11 for 11 Netbase Webinar 4/11 and 5/11
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Sampling companies deliver traditional new-product surveys to social media users outside client’s existing social network
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Source: www.facebook.com/pureprofile 4/12
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Social Media Engagement programs can identify product opportunities along with customer satisfaction issues
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Social media users are also interested in collaborating with their favorite brands, with 60 percent of 18- to 34-year-olds saying they want to give product improvement recommendations. http://blog.nielsen.com/nielsenwire/consumer/how-social-media-impacts-brand-marketing/ 10/14/11
Altimeter Group, 2011
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Brands are building Co-Creation platforms to build new products using social media
Learn about more co-creation case studies at: http://www.mediapost.com/publications/article/170153/co-creation-nation.html
Source: http://www.toyota.com/ideas-for-good/ 4/12
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Product Development groups are less likely than Marketing and Communication to use social media
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One reason may be that basic social media monitoring tools have difficulty analyzing more complex issues
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Source: Converse on Whitepaper: Social Media Insight Requires End-to-End Language Technology Capabilities, http://converseon.com/social-media-insight-white-paper, 4/12
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Engagement has limitations because many social media conversations are happening privately among friends
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Source: http://www.consumerreports.org/cro/magazine/2012/06/facebook-your-privacy/index.htm 5/3/12
“28% of Facebook users shared all, or almost all, of their wall posts with an audience wider than just their friends”
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There may also be patent risks with co-creation in public social media communities
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Source: http://www.slideshare.net/ScottGilbert/use-of-social-media-for-product-marketing-research-ss-3437810, 4/12
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An emerging approach, Private Social Media Panels, extends the concept of private online communities to Facebook
Source: http://www.communispace.com/, 4/12
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Facebook is largest social media site, but other platforms can be used depending on your target consumer
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Source: Nielsen Social Media Report: Q3 2012 http://blog.nielsen.com/nielsenwire/social/, 4/12
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Private Social Media Panels offer many benefits for new product development
Consumer friendly platform
Targeted focus
Real-time observations
Discussion and co-creation
Multi-media experience
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However, Private Social Media Panels are not the right tool for every NPD project. Consider other approaches if:
Not social media users
Need a quick surface level answer
Too complex for virtual observation
Panelists need confidentiality
Seek a projectable sample
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Private Social Media Panels can be used to create a roadmap of how target consumers make decisions in your product category
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Person: Beliefs/ Lifestyle
Situation: Context for Decisions
Brands EvaluatedIdeals: Features, Benefits, Outcome
Decision Making Criteria
Decision Process Model
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Purchase or Usage
They can inform development of new product or market expansion opportunity areas
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Target: Heavy ReadersSituation: Reading in bed, car, etc. Don’t want to disturb others
Current Solutions:
Clip-on light Small HH flashlight
Needs and Ideals:
My LightSecurityClever
Just for meDefine my space via
light
Companion Reading
Decision Making:
Gift purchaseImpulse occasion
Example Opportunity Area
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Private Social Media panels an also be expanded to include a variety of participants for idea generation and optimization
Innovative Ideas
Influencers
Lead Users Creative Consumers
Brand Lovers
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Private Social Media Panels can optimize new product ideas
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Introducing Pillowlights
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And can help in later stages of product development to build the right marketing mix
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Service Integration
• user manuals• technical support• customer service• loyalty programs
Customize for regions or retailers
• Regional trends• Special features• Custom Packaging• Local causes
Message Pre-Testing
• Logo/taglines• Point of Sale
materials• Packaging• Website content
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In summary, social media research can effectively address many new product development questions
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monitor trends
evaluate current products
map consumer decision making
identify new product platforms
develop/refine new product ideas
optimize go to market strategy
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Now What?
To gain better insights from social media research…
• explore multiple social media research tools • examine both private vs. public forums• evaluate data quality and IP issues• integrate social media with in-person research
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Learn more by watching a replay of our webcast
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Link to our webcast from: http://www.fountainheadbc.com/New---Events.html
Visit our website at http://www.fountainheadbc.com
Or contact us directly. We’d love to hear from you…
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