In the US, new product advisory service Top Box Associates has developed a forecasting tool examining the way social media and word-of-mouth activity influence new product sales.
The company uses proprietary tools to forecast the sales of new products, line extensions, and re-launches prior to their introduction. The new service was developed to specifically understand the facets of social media or person-to-person word-of-mouth (WoM) messages, and their ability to move brand sales. It is designed to identify which new product ideas are most likely to generate 'buzz', and which attributes are more appealing to those individuals who are more socially active.
Partner George Ciardi explains: 'By combining analytics with primary research, deeper insights can be had that will lead to smarter decisions about which new products to launch and which are more likely to be influenced by social activities/WoM.'
Web site: www.topboxassociates.com .
All articles 2006-20 written and edited by Mel Crowther and/or Nick Thomas unless otherwise stated.