Social media as a tool for open innovation

There is an exponential increase in the use of social media channels in various fields ranging from managerial practices to academic research. As a result, people from these areas especially brand managers are paying much attention to how businesses use social media for open innovation. In this post, am going to show you how companies and individuals can administer ‘social media for open innovation’ across the entire innovation funnel.

For your company to see the innovative benefit implementing social media in your day to day operations, there is a range of adaptations which you need to apply. That is what am going to give you. Let’s have a look.

How does social media support open innovation?

“Social media as a tool for open innovation” has played a significant role in building better products. The following core aspects have enhanced this:

  1. Business intelligence helps your company understand its ecosystem
  2. Identification of experts who can assist in your innovation efforts
  3. Regular interaction with customers, collaborators, consumers, and other interested partners
  4. Creativity in idea generation

‘Social Media as a Tool for Open Innovation’

Most companies have little knowledge on how they can incorporate social media tools and services for their innovation. This part has a quick primer on how you can implement ‘social media as a tool for open innovation.’

1. Social Media as a Tool for Ideation

Social media as a tool for open innovation

Product innovation is one of the vital activities that a company must engage in. Ideation, therefore, a crucial process when it comes to marketing innovation. It primarily involves the generation of new product-related ideas through crowdsourcing from consumers using social networks. Regarding idea innovation, crowdsourcing can lead to positive outcomes regarding improving your content and brand.

Tips to generate innovative ideas

  1. Communicate with your customers regularly
  2. Schedule time to consume industry information
  3. Build a repository of your ideas

2. Social Media as a Tool for Research and Development

Social media as a tool for open innovation

Social media gives you extensive options for monitoring and gathering intelligence about your company, products, and services you are offering as well as your competitors in the market. It can be done actively by carefully following online conversations about particular topics discussed by your audience. Gathering this information is helpful for your decision making and produce a better outcome, thus cutting research and development costs that could have been performed by traditional methods.
Steps for conducting better research.

  1. Set the goals for your research.
  2. Jot down essential questions to ask.
  3. Research and conduct answers to your important questions.
  4. Analyze the responses to come up with the right decisions.

3. Social Media as a Tool for Commercialization

commercialization


Social media platforms are continuously becoming important to brands seeking to leverage the user base to promote and sell their products and services. When it comes to commercialization, the user interacts with a different social media platform to communicate a particular message. Businesses are, therefore, using social media marketing as a strategy to use social media channels to deliver a brand message and ultimately gain a possible following of customers. A series of innovations in commercialization area such as customers being able to buy things online and safely make their transaction is a good example good communication that have installed a permanent trust among consumers.

Social Media Benefits…

commercialization

Social Media has many benefits which you should really look into harnessing and using to boost the productivity of your business. With a more efficient workflow such as harnessing the benefits that Social Media presents, you can increase your sales and give customers a better relationship. The social media industry is rapidly growing at an unprecedented pace. So, it’s not a surprise to see more and more platforms coming on board. Therefore, there is a need for all the companies to commence on the intersection social platforms and open innovation as soon as possible to improve business and reap future benefits.