Product strategists think social innovations could increase

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If there are more and more people engaging with brands on the social web, the opportunity to collaborate with the social community becomes a lucrative meaning for brands – and their product strategists. These managers could open up a new „external R&D department“ when they use social technology in order to increase product innovations by integrating their customers in the process of product creation and development.

A recent Forrester study of 181 consumer product strategy professionals from companies around the globe states that product strategists in companies strive for social innovations. Though Forrester makes clear that social innovation is not yet where it should be from the product strategist’s point-of-view. The study shows the familiar picture that we see in more or less all departments in companies: It is still early days also for product strategists to work with social media. And only some leverage social media in favor of social innovations.

Still it seems to be a big challenge for companies to find their way from being engaged with their customers on the social web to understanding the impacts and chances to social innovation management. This becomes clear when we see that 83% of the companies use social media to drive customer conversation but then not even half of those have product teams that influence product design, creation, or strategy by using social media.

It is also surprising for me to acknowledge that it is not the resources that are lacking. More than two-thirds of the responding product strategists have dedicated social managers or teams. On the one hand, it lacks the right technological connection bridges between the different company departments. On the other hand, when not more than one-fifth have formal policies in their companies for sharing data from social technologies with product teams, the road to succeed with social co-creation efforts seems to be long.

Spot On!
The best way to produce the right products for your customers is to ideally let them inspire a business. In the past, we had focus-groups which were cost-intensive, time-limited and time-consuming. The concept of social creation and social innovation can work on a day-to-day innovation platform. Just think of Dell Ideastorm, MyStarbucksidea, Adobe’s ideas lab or the IKEA Hacker approach. Nevertheless, companies should be aware that customers very often need or want some kick-back for their inspirational efforts. So, in my eyes the point of giving away some form of incentive will be necessary to get such communities started and make them sustainable.

Or will customers in the future co-create for free to receive better product-price-quality? What do you think?

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