We looked at ways to connect effectively to customers to do product development. How should it be done?
Does Engaging with Customers on Facebook Lead to Better Product Ideas? By Irene Bertschek, Reinhold Kesler
Feedback on social media can serve as a valuable source of information for companies, helping them to improve and develop products and services. Examples include Gillette, which launched the very first product for assisted shaving based on feedback inferred from social media, and Tesla, which improved the company’s app based in part on CEO Elon Musk’s reading a customer’s complaints on Twitter. At end of 2016, Airbnb CEO Brian Chesky asked on Twitter what the company could launch in 2017.
Anecdotes aside, does this user feedback actually help create better products? In our study, we analyze the role that Facebook plays in the innovation process. For our analysis, we used data from nearly 3,000 German manufacturing and service firms from a 2015 survey by the Centre for European Economic Research. In contrast to studies focusing on large listed companies, our data set includes a large share of small and medium-size enterprises reflecting what’s typical in the German economy. With this data, we set out to study how important social media is for smaller firms. ... "
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