Social media can be an excellent way to reach out to both existing and potential customers and take advantage of their creativity. There are two ways to involve your network in developing new products and services:
Crowd-sourcing - asking your network to brainstorm solutions to a particular problem your company is experiencing, either on their own or in groups. The community collects, develops and ranks the contributions to reveal the strongest performers.
Open innovation - allowing people to submit their own competitive ideas and inventions for your company to harness.
With so many minds able to network together, crowd-sourcing and open innovation allow people to work together on a massive scale. By involving your on-line contact network in your company, you can benefit from:
the wisdom and creativity of people outside your own workforce
the increased likelihood of people picking up on and developing innovative ideas that might otherwise go unrecognizing
the outside perspective of customers - and potential customers - who may see issues and opportunities you're unaware of
increased customer loyalty and brand advocacy that comes from having a say in your company's offer
lower costs when developing new products or enhancements, and more certain market
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