Title: Product innovation: traditional marketing analytics vs. social media analytics approach

Authors: Vikas Kumar; Pooja Nanda

Addresses: Central University of Haryana, Jant-Pali, Mahendergarh, 123031, Haryana, India ' Amity College of Commerce and Finance, Amity University, Sector 125, Noida, UP, 201301, India

Abstract: The present work highlights the use of traditional marketing analytics and social media analytics for product innovation. It presents the transition from traditional marketing analytics to the new generation of social media analytics with specific examples and case studies. An exploratory approach has been followed to identify how customers are actively or passively contributing to the creation of new product ideas and facilitating the process of new product development (NPD) through social media platforms. The role of social media analytics in the product innovation process has been outlined in a stepwise manner following a marketing strategy. A comparative analysis between the traditional analytics approach and the social media analytics approach has also been presented to understand the importance of social media analytics. The paper highlights that businesses can adopt a social media analytics-based approach for NPD and a collaboration of social media marketing analytics and the product innovation process can lead to significant competitive advantage for a business.

Keywords: NPD; new product development; traditional marketing; social media analytics; marketing strategy; product innovation; marketing research; social media; product life cycle.

DOI: 10.1504/IJSOI.2023.137472

International Journal of Services Operations and Informatics, 2023 Vol.12 No.4, pp.307 - 324

Received: 29 Jun 2023
Accepted: 31 Jan 2024
Published online: 19 Mar 2024 *

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