Giving the market what the market wants through testing and feedback

Social media is a different beast than traditional media and it lives and grows in a new way.

Economists have long thought that producers — the people making products and running companies — are naturally the ones coming up with new ideas, Professor von Hippel said. In fact, he said, consumers often come up with ideas for products, and companies wait on the sidelines to see if they have mass appeal.

Looking beyond social media, there are many situations where consumers don’t know what they want but producers try to read between the lines and create a product to address this latent need.  I think that’s a more truer and universal description of innovation.

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