Wisdom of crowds

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.

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.

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