We asked R&D and product development professionals to indicate how extensively and successfully they used social media as a market research tool. In terms of usage on four aspects of new products, they indicated more than moderate but less than ‘highly extensive’ use. They rated greatest use of social media to get feedback on new products or services (3.63). (See Exhibit IV-4)They used social media a little less extensively to improve existing offerings (3.55). But they used social media even less to identify new product or service opportunities, and least as a way for consumers to submit ideas for new offerings.
In terms of benefits, they gave highest marks to using social media to improve current offerings and getting feedback on new product concepts. They had fewer benefits from using social media to spot new product or service opportunities, and least from getting consumers to submit new product or service ideas.
Exhibit IV-4: How R&D Uses and Benefits from Social Media
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