Social media is so useful for new product development that one company has made a success of developing products purely on the back of social media feedback.
Social data plays an instrumental role of the research armory. It brings qualities that can be difficult to find in other methods, with speed and scale just two of the benefits.
Popular frameworks for new product development is given here
- Idea generation – generate a lot of product ideas, using internal and external sources. This includes updating or amending an existing product.
- Idea screening – there is no such thing as a bad idea. Until you reach this stage. Examine and eliminate non-viable ideas.
- Marketing strategy/business analysis – establishes and describes the target market, projected sales, price, and marketing budget and campaign.
- Product design/development – develop prototypes or beta version to test with a panel of individuals. This will highlight the level of interest and desired product features.
- Test marketing –in this step testing is done of the entire concept, from marketing angle and message to packaging, advertising, and distribution and so on.
- Bring it to market – the grand unveiling. Locations and seasonality may be factored into the decision.
Product engineering solutions have been first and foremost requirement for new product development research. Technologies are changing every day with something new always in the market. Product engineering is also required if and when a new feature has to be added to the product or when the product has to be customized specifically to the needs of a certain client or sector.
These companies offer advice or assistance throughout the product lifecycle. This includes handling all matters right from the inception of the product, design, development up till the execution of the project. By implementing product engineering solutions to maintain daily basis updating about the product has become much easier. Product engineering services are like a portfolio under which all the services which needed for the product development provided by the service providers. Product engineering services include the manufacturing of the product. Product engineering service also includes the testing process of the product.
In offshore software development services, another country’s third-party involved due to the high cost demand of the same country service providers. Social data can help in various stages of this framework, providing quicker, detailed feedback at scale and on a cheaper budget than surveys and focus groups. It can help with both feedback on existing products and idea generation for new products.
How does that translate to practical application? Make a list of the product or service feedback items you might want to ask customers about. Then make a list of the information you’d like to know about your customers or prospective customers. Look at that list and pick the one or two major areas you wish you could solve with a little customer input or feedback.