White Paper Sample
NetBase - Find Better Ideas for New Products with Social Listening
New product developers typically rely on voice of the customer (VOC) research techniques and other traditional methods to look for insights they can turn into new product ideas. The drawback to that approach is that VOC results are backward-facing and often erroneous or fractional, with the result that new products based on VOC findings have high failure rates.
To determine if social listening could be used instead of VOC to deliver the high-quality insights necessary to develop a successful new product for the highly competitive educational toy market, Lassen Innovation conducted an experiment. Lassen used social listening to understand the target demographic for the new product, analyze the online conversation about competitive products, identify the drivers behind consumer sentiment around educational toys, and pinpoint unmet needs being expressed by passionate consumers.
Author: Nicholas Webb, CEO, Lassen Innovation, is a world-renowned business futurist and innovation thouught leader. The author of The Innovation Playbook and The Digital Innovation Playbook, he is also a successful inventor with a wide range of patented technologies ranging from one of the world's smallest medial implants to consumer and industrial products. He is the inventor of the famous Hanz line of educational toys. He has been awarded over 40 patents and has launched hundreds of technologies in his 25-year career. His consulting firm, Lassen Innovation, currently provides business and innovation strategy consulting to a wide range of clients, ranging from small startups to Fortune 500 companies.
Breakthrough Innovation and Growth explores the impact that innovation has on growth and examines how leading companies are making innovation work for their organizations. The report explore three key questions;
- How are companies using innovation to drive growth and what is the return on this investment?
- How are approaches to innovation changing, particularly in light of a trend towards more disciplined innovations?
- What are the best practices and critical success factors that deliver tangible business results?
To answer these questions, PwC draws on insights gained from interviews with board-level executives from 1,757 companies, across more than 25 countries and 30 sectors, who are responsible for overseeing innovation within their company.
The quantitaive and qualitative research was conducted among board-level executives responsible for innovation within their company. In this context, innovation was taken to encompass products, services, business model and customer experience.
Twenty percent of interviews were from companies that generate more than $1bn+ revenue. Invterviews were conducted by PwC and Meridian West.