collective way to create new ideas


Companies are increasingly using crowd-funding sites to develop new products. This is proof of a new, collective way to create new ideas where customers are part of the design process for the products they want. This cuts out many of the traditional ‘middle men’ functions in wholesale and retail and requires that companies are flexible and capable of using social media effectively.

 Invite customer involvement

The next great economic leap forward will not be demand-driven; it will be involvement-driven. Customers will determine what, when and how products and services are available, and the key will be how it makes them feel and how it is tailored to their specific needs. What’s more, their opinions will spread around the globe instantly through social media.

Enable stories and experiences

Customer engagement is increasingly reliant upon a business having stories and experiences to relate. The product or service matters less and less, as comparable quality is achieved relatively easily and everyone offers the same value-adds; what differentiates forward-looking companies are the experiences and emotions attached to the product – providing buyers with a narrative to relate amongst peers through the social networks.

 Proactively manage feedback

It was relatively easy to manage feedback before social media; face to face, email, letters, or through publications. Social media has sped up and simplified the process of giving feedback, making it easy to relate experiences as they happen and providing public access to these opinions. Successful organisations will be the ones that turn the threat of a bad reputation into an opportunity of a great reputation: respond to feedback and address service failures before they become major issues.