The times, they are a changin’….a notion famously expressed by Bob Dylan some 50 odd years ago, and one that can be applied to organizations’ and their product development practices as a result of social media. In recent years, technological advancements have changed the socio-economic landscapes for organizations, and have created an ever competitive and complex market. Social media is playing a pivotal role, with an unprecedented rate of adoption that surpasses conventional tools such as the radio, telephone, television etc. Companies across all industries are having to use social media in product development in order to stay current on fine-tuned market needs and trends. Social media offers the potential to significantly improve a business’s performance. It is being used by companies to not only communicate to their customers, but also to learn about their customers, in hopes of advancing product development.
Budget Marine is the Caribbean’s leading marine chandlery with retail locations throughout the Caribbean. Budget Marine’s customers range from live-aboard cruisers, to power boaters, to megayacht captains & crew. Right now, Budget Marine focuses on product promotions and education. It does not use social media specifically for service development. So, for this blog, I decided to write about ways in which Budget Marine can use social media as a tool both to engage customers and to enhance their presence in the market.