Customers Input via Social Media for New Service Development

The objective of this research is to investigate the use of social media for customer interaction for developing new services. To collect data we adopted a multi-phase research approach used in several recent ethnographic studies. The findings suggest that a firm must use social media to interact with the customers while developing new services. Other traditional methods of customer interaction also play a key role in developing a successful new service. The article has implications for the financial service firms interested in marketing new services in the United States and other developed countries.