Social A New Form of Demand Signal

too few companies are thinking about the use of social data to improve the demand forecast to become market driven. In interview after interview with pioneers, we have been looking for this change but so far, it has not happened. What is the difference between a market-driven and marketing-driven approach It is distinguished by three elements  

Open process that is orchestrated cross-functionally. In the 

The lifeblood of a corporation is new products. A new product launch is an example of where a marketing-driven approach can yield big dividends. The number one issue for new product launch failure is the lack of good demand insights. 

The use of social technologies to listen to consumer sentiment is an opportunity to rectify this situation. This information can be used in cross-functional launch meetings to be more effective. Dell, Newell Rubbermaid, and Whirlpool do this weekly. This could be an easy fix— placement, information, message—and quick sensing allows them to get it right before the product fails. 

When companies launch new products, they can now use action buttons to sense the market response to their new product launches. These data can then be used to build forecasting models. For example, if a fan in a company s loyal demographic wants the new product, it is a powerful causal factor to put into a demand forecast. If the majority of consumers hate the product, it is probably time to rethink the product build plan. The value is the speed at which a company can access this insight. Instead of a 7- to 14-day latency to get channel data, the company is able to see the end consumer s response in near real-time (1 to 2 days). 

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