13 Finding the Right Role for Social Media in Innovation

Social media success stories have become widely shared narratives, highlighting the impact social media can have on companies’ fortunes. For example, Burberry Group PLC, the London-based luxury fashion brand, relies heavily on social media to reach customers and fans. As far back as 2011, Burberry was spending more than 60% of its marketing budget on digital media. Increasingly, companies are attempting to navigate the social media landscape and use social media as a business tool to enhance performance. This is reflected in reports of increased spending on social media initiatives and the establishment by some organizations of dedicated social media functions. Despite this, there is a significant opportunity that isn't being tapped: using social media to support innovation and new product development.