Social networks are not just a tool to connect with consumers and make discover a brand, a product or a service. They are also a solution to find out what consumers want and what they want to when consuming. Brands can design things that sell through what they learn in their social conversations and can reduce the error margin paying attention to what customers are telling them themselves. In fact, some companies are already doing.
That’s what just concluded 2015 Merchandise Planning and Allocation Benchmark; the firm has made Boston Retail Partners based on business decisions of companies in North America. According to his analysis 4 out of 10 companies are already used social networks in their product development plans, a growing trend and showing an increase compared to the results of the same survey in 2014.
The growing interest of companies responsible for this formula to find out what consumers really want is not trivial. According to statistics from Boston Retail Partners, the rise in penetration of this current exceeds two digits in percentage points. In 2013 were only 6% of respondents who did this type of action. In the latest study, the percentage has risen to 39%.
But what is exactly what companies look for and research in social media? How social networks help in developing the product? Social networks allow reaching a viewing reality.
Effective market analysis
Besides getting to create a dialogue between brands and consumers (i.e. is not only the company that speaks, but the recipient of your message also becomes issuer), social media opens the door to more. According to point from the firm responsible for the study, social networks allow “collect valuable insight on market preferences target “. Consumers tell companies what they are looking for when they need a product.
Thus, product design can be adjusted to your preferences and brands are offering not only products consumers are looking for but also do so in the most timely and most appropriate way to market.
Previous research is not the only potential of social networks when creating products are also fast and effective ways to do a market study. Instead of doing research group, companies can directly ask your customers using social media what they think of a concrete idea and thus have immediate feedback.