Social media can be an excellent way to reach out to both existing and potential customers and take advantage of their creativity.
There are two ways to involve your network in developing new products and services:
*Crowdsourcing - asking your network to brainstorm solutions to a particular problem your company is experiencing, either on their own or in groups. The community collects, develops and ranks the contributions to reveal the strongest performers.
*Open innovation - allowing people to submit their own competitive ideas and inventions for your company to harness.