At
present the market is consumer driven and not the companies. Consumer
needs and wants are chnaging at a very high pace which makes very
difficult for companies to find out which is the right product for
their target consumers, which causes companies to do various
researches. Through this companies know why consumers like one
particular product or why they don't like a product or what new
features they want in a product etc. This
at first looks like a mammoth task but can be simplified by analyzing
the reviews of mass consumers on social media websites.The social
media sites are the pool of wisdom, the crowd shares about a
particular thing because the mass is using these sites for sharing
their experiences. Sapna Mehta The author is a business
researcher with CheckBuzz, a social media monitoring company. About CheckBuzz : A Social Media Monitoring Company, which tells brands/corporates
what bloggers, journalists, powerful consumers, or even ordinary
people are saying about them. Having a healthy experience of 3+
years, this company gives its solutions on Social
media consulting, Social media marketing and Social media monitoring. For
any inquiries, please feel free to write our team: info@checkbuzz.com
Million
of people use to blog on the social media sites in order to share
their thoughts, views and experiences and these discussions can be
about various brands or products. Thus large number of people express
their views and ideas, where these can be followed by the companies
in order to get good market status of their brand or to develop the
new one.
A
collective wisdom of large number of consumers on social media
websites is proving as the base for the companies to identify and
introduce new innovative features to the products in order to make
strong position in the market.
In
total we can say that social media websites are the place where large
mass of crowd share their wisdom and the companies by following them
can strategically benefit themselves.