Six Key Aspects to Inbound Marketing ROI: Part 6 Innovation

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Innovation is a key ingredient to the longevity of a successful company. Times change, people’s behaviour changes, our needs and desires also change, and innovation is the answer to keeping fresh and having products and services that will be in demand. Without innovation, products become stale and obsolete, and the demand for your products and service deteriorates.

Social media can play a solid part in assisting you remain on trend by listening to feedback and ideas from the social web.  There is genuine opportunity in social data, enough to make social listening a permanent part in your company’s innovation strategy. The goal here is to listen using social analytics tools such as Nuvi, and listen and respond to product and client feedback, which will contribute to your product and/or service innovation.

Measurement of social media impact on innovation would be to collect data on:

* Opportunities and Threats – Becoming aware of potential opportunities or threats will enable you and your team to plan and be ready for action;
* Idea Resonance – Which ideas gain the most traction with your audience? What are you customers asking for? What are the most popular ideas?
* Idea Impact – What is the impact on the idea and the effect time has on the idea?

Collecting these metrics will assist with new product identification and service innovation. It will allow you to understand what people are engaging with, spotting the new trends and gaining competitor intelligence.  If collected and acted upon, this data will be the essence of your innovation moving forward.

This was the final part of our 6 part series in the Six Key Aspects to Inbound Marketing ROI. Please join our mailing list to be updated on new ebooks and white papers and follow us on twitter and Facebook.

Back to Part 5 – Customer Experience


For more information on anything in relation to social, digital or mobile – feel free to contact us at Mighty Media Group for a no obligation chat about how we can help you. Contact@mightymediagroup.com.au.

If you enjoyed this blog – please check out our latest ebook – “The Inbound Marketers Manifesto

 


About the Author

Bruce GrantBruce Grant is the Chief Integration Officer at Mighty Media Group and has a wealth of expertise and experience with managing people and projects along with data, systems, workflows and technology. He oversees the company’s implementation and technology teams, driving transformation from social media and digital strategy, with a focus on inbound marketing, web development, sales enablement, SEO, social media marketing and campaigns, blogging, content creation, analytics and much more. Follow Bruce on Twitter @BruceJohnGrant or drop him an email anytime on bruce.grant@mightymediagroup.com.au.


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