Smart Social Media And Product Development

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One of the popular examples of companies that successfully integrated social media in product development is Quirky. Quirky is a community company that allows every user to join their product development community. People in the community can suggest innovative ideas, provide feedbacks, and vote for the best innovations. Quirky will then manufacture and distribute the product with most votes. Given its high demand in the market, it has 1,174,402 people in the community and invented over 291,600 products since 2009 (Quirky, 2016). Starbucks also has its own large online community called “My Starbucks Idea”. It offers a co-creation platform that allows crowdsourcing of its customers and employees to improve product innovation and…show more content…
With such high percentage of consensus, it can be perceived that great numbers of enterprises will integrate social media strategy in their business process in the future. VI. Effectiveness of Social Media in NPD Social media creates value to any phase of product development process. It builds a customer-centric organisational structure that increases the interaction and intimacy between the company and its consumer. It has the capability to change the market structures and relations between market participants profoundly (Piller, Vossen & lhl, 2011). Small companies usually prefer social media in NPD to increase its market potentials and resources, stay competitive and be connected with its consumers. Large organisation, similarly, used social media to improve the relationship with the consumers and expand the user community. With social media technologies, companies can easily monitor online communities, develop new communication channels, and enhance their understanding on the customer needs (Rajagopal, 2013). Source of innovation can also be gathered with relatively low investments. The network can even grow bigger when a social user recommends the community platform to another user. Adaptation of social media strategy can also enable knowledge flow across the

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