New product introduction strategy in social media analytics

Abstract

The advent of Web 2.0 technologies has ushered in an era where consumers and customers are able to share experiences digitally, giving a rise to truly diverse Netizen communities. Social media like Twitter, My Space and Facebook have provided consumers a powerful way to express resentments about poor customer service meted out by organizations. In addition to these there are millions of blogs where consumers give recommendations about a product through their own experiences. The era of the 'informed and informing' customer is veritably here, and organizations will do well take note of the fact that they cannot treat customers as a fragmented lot anymore. The number of fans for brand pages in these social sites is growing. Similarly the need for interactive experience is growing. Fans reveal lot of information about them selves, which are still not getting harvested. A bad customer experience needs only few days of time to reach thousands of households. Internet has added a new dimension to word of the mouth or viral marketing. Marketing managers are increasingly getting concerned about the less time to react. More so, it is an accepted fact that the reactive measures to handle these emergency situations are not effective. Damage in terms of bad publicity, bad mouth and declining market share can happen very fast in this age of internet. Only way to keep the situation under control is to act in proactive manner by the means of constant monitoring of the market feedback from these social networking sites. However, it is still extremely challenging to extract meaningful and advanced information about these fans databases. This is where our proposed software comes into picture. The software bridges the gap between marketer and consumers / fans in terms of collecting the data from these social networking or any other websites. It carefully mines the unstructured information present in these sites, makes sense out of it and then hands over the structured analysis of the sentiments about the product / brand over to the marketers. The collected information is extremely useful in creating a future marketing strategy. It can also be used for correcting its course for the present marketing strategy. The software provides a unique value proposition since there are not many products operating in this space. This business concept is still at its infancy and hence it is extremely attractive. The product will be developed by 3 professionals with a total of 25 years of professional experience under their belt. All of them are engineers from reputed colleges. In addition to this, two of them are pursuing their MBA from IIM Bangalore. They have built extremely strong business networks over the last couple of years As part of this project, the promoters will come up with New Product Introduction strategy for new entrant in this emerging market space. The research will involve field research with marketing leaders across various business verticals and gain insights regarding industry perception about such a concept in India. Using this analysis, promoters will come up with detailed plan and go to market strategy for the proposed new product.