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Are you looking for new product ideas, are you looking for ways to improve your product, or better ways to market your product? How about capitalizing on some of the short-comings of your competitor's products? Social media offers some of the most un-biased information on the web and offer a wealth of knowledge for new spotting trends.
Sites like Facebook, Digg, Stumbleupon, Youtube, Myspace (list goes on) are a good places to find new product ideas and extensive information on existing products. These sites have a huge user base and large amounts of daily traffic and are even better places to market your products.
Once you determine which social media sites to join(don't be afraid to try more than one), the fun starts. Do a keyword search related to your product or service and those of your competitors, and start reading. Are common themes or opinions coming up? Is there an un-met need that is surfacing? Ask questions and test ideas in these type of websites. It is free marketing research right at your fingertips.
Also don't forget to monitor Digg, Technorati and other blogs for interesting ideas. Bloggers are some of the most opinionated people on the web and they are not afraid to post their opinions. Blogs with large
followings can definitely shift demand or create demand for products and services.
Just today I read a story on Digg about How to build a better, tastier and juicier burger. Any restaurateurs out there? This could be a new product idea for you. How about coaching HR Managers on the 10 Mistakes Managers Make During Job Interviews? This was duggtoday as well.
New ideas are plentiful in social media websites. You just need to spend some time researching to see which ones you want to capitalize on.