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.
Does Engaging with Customers on Facebook Lead to Better Product Ideas?
Users are good at weeding out bad ideas.
October 12, 2017
Summary.
A recent study analyzed the role that user feedback on Facebook plays in the innovation process. The analysis used data from nearly 3,000 German manufacturing and service firms from a 2015 survey by the Centre for European Economic Research. The researchers found that the probability that a company introduced a product innovation was significantly determined by firms’ adoption of a Facebook page and by the activity by users, measured by both quantity and quality.