Tag Archives: real time

A business cannot remain successful without undergoing change through ongoing product development and design. At one point in time, the majority of new products would be developed through brainstorming sessions – likely with key corporate players sitting around a boardroom table and a large flip chart or white board for recording. Today, product development is vastly different. The current use of technology enables individuals to converse and collaborate anywhere in the world. Perhaps what is of particular interest is the inclusion of social media and how it is now common place for companies to rely on their customers to come up with product ideas. In the world of retail sales, this route can be quite successful. Frito-Lay and their “Do Us A Flavor” contest is a perfect example of a company that took incorporating social media for product development to a whole new level and with great success. Not only does a social media based product development campaign engage customers, it enables the company a chance to create a product that hits the shelves with customers already feeling invested and ready to open their wallets. But is it possible to utilize the same social media product development in other industries to develop services, or possibly entertainment?