That organisations have to be in social media can never be over-emphasised. Social networking sites are what have redefined some aspects of business so radically that businesses would take some time before they come to realise the full impact of social media and its potential as a useful business tool. Nevertheless, whether your organisation realises the potential of social media or not, you would be losing out on opportunity, if you did not take the pains to get on to the social media bandwagon.

The one advantage that stands out immediately when businesses think of social networking sites is the ability of the business to stay in touch with customers and consumers. One simple reason why your organisation has to be on social media is that, your consumers are out there.

The rationale could be something like this, in simple terms: The reason your product has to be advertised on television is that your consumers and potential buyers watch television. While that is, admittedly, an oversimplification of the social media phenomenon, the fact is that the reasons why your business can not afford to miss social media are a lot more powerful than your organisation’s advertising on television.

Let’s consider the case of new product development in business. Developing a new product is a necessity for business if it were to maintain an unassailable lead in the market; however, it is also one of the tricky things to do. A new product has to be born out of genuine consumer needs and the product should address a concern and provide a solution to consumers.

If the product does not address a need that consumers genuinely feel, it may not make much business sense. The other aspect of new product development is to find out, assess and analyse consumer needs, which are not easy to come by – it requires extensive market research to find out what is it that consumers are missing and what is it that would add value to the consumer.

This vital piece of information is readily available in social media, if businesses are willing to listen. Conversations and complaints in social networking sites provide sharp insights into what it is that customers – corporate buyers as well as end consumers – are looking for in a product and which needs are still not addressed to the satisfaction of the target market.

Businesses that are geared to meet customer needs and are looking at ways to find out what consumers want, simply need to log into social media sites and be on the lookout for information that could make all the difference to the company’s’ customer service standards and their ability to squarely address consumer needs.