This article explains the increasingly difficult challenges of social media companies in trying to be innovative and gain a competitive advantage in today's market.
Books.google.com (2007) Social networking: the essence of innovation - Jay Liebowitz - Google Books. [online] Available at: http://books.google.com/booksid=xFG5AAAAIAAJ&q=social+network+innovation&dq=social+network+innovation&hl=en&sa=X&ei=caqnT8vlIM3f8QPrwKX-BA&ved=0CFoQ6AEwBA.
Large companies and firms are increasingly trying to use social networking to encourage innovation in their employees and the organisation as a whole.
There are three simple distinctions in innovation: 1. Challenges not Ideas
2. Process not Events
3. Diversity not Homogeneity
1. Challenges must adhere to the Goldilocks principle - they can't be too small or too big; instead, they have to be just right.
There must also be an appropriate 'Signal-to-Noise Ratio' or the ratio between what you want and what you don't want.
2.Innovation is not something that happens every so often, it is an ongoing process. There are 8 steps to the process: The challenge, Collaboration, Combination, Scientific Peer Review Evaluation, Testing and Development, Implementation, Review and New Ideas and Inspiration.
3. Diversity brings in different things from different people such as innovation styles, disciplines and challenges. Diversity can create incredible value for an organization. It can help facilitate the innovation process. It can help increase the quantity and quality of
breakthrough ideas. The key is knowing the right wayof managing and engaging a diverse set of perspectives.
Campbell, A. (2012) 9 Easy Ways You Can Use Social Media to Inspire Innovation : Innovation :: American Express OPEN Forum. [online] Available at: http://www.openforum.com/articles/9-easy-ways-you-can-use-social-media-to-inspire-innovation.
This article offers 9 different ways in which companies can use social media to inspire innovation.
"Use social media to see what your customers are saying about your company, your products and your services. To start, all you need to do is simply observe what customers are posting, tweeting and sharing about your business. Notice not only the questions and concerns that arise, but also those that come into your business by phone, chat, e-mail or any other way customers contact you."
1.What customers like about your products or services.
2.What customers dislike about your products or services.
3. Common questions are customers asking about your products or services.
4.What people like about your competitors’ products and services.
5.What people dislike about your competitors’ products and services.
6.Common questions people have about your competitors’ products and services.
7.If there's a creative way customers are using your product or services.
8.If there's something that a lot of customers have questions about.
9.If there's something a lot of customers are doing.