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Social Business By Design: Transformative Social Media Strategies for the Connected Company by Jeff Dachis, Peter Kim, Dion Hinchcliffe

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Chapter 7

Social Product Development

Who can help a company design its next product better than its own customers? Traditional approaches to product development involve customers to some extent, while social business approaches transform the legacy process to achieve better outcomes. Most large companies maintain long-standing product development processes, often involving proprietary formulations, patents, and other intellectual property and critical methods. However, recent studies show that up to 80 percent of all new product introductions ultimately fail, leaving a lot of room for improvement given that a product failure can sink an entire chain of investment from R&D, marketing, sales, distribution, partnership overhead, manufacturing, and ...

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