Social Media has proven to be a great tool that companies can use to research their target market. Traditional market research can be expensive, but with social media companies can now reach out to a vast audience for feedback and opinions. The benefits of using social media to gather information include low/no cost, instant results, and simultaneously creating another channel of communication with customers that make them feel valued. One downside is of course the potential for customers to provide negative feedback on something as public as Twitter, Facebook, and other platforms, but negative feedback is still very valuable if not more valuable than the positive.
The advent of social media opened so many doors for businesses. It also brought about opportunities to build new doors or alter the old ones. Product innovation has changed rapidly in recent years, as Facebook, Twitter, Instagram, YouTube and Pinterest exploded to become the social media titans they are now. Brands are becoming more and more daring with their innovation initiatives, bringing about bolder and bigger campaigns every year. Kalypso notes that many of the companies they polled on the topic don’t use it for sweeping changes or big projects – it would seem many companies are just dipping their foot in to test the water. Or maybe they are waiting to see how their peers succeed and/or fail?