Many companies cite lack of time, budget, and experience as reasons for not venturing into the social media arena. However, there are options for building a low-cost and relatively low-maintenance online presence. For example, invite customers to submit ideas and suggestions about your products and services through an online suggestion box. Allow users to rate the ideas so that the best ideas rise to the top. It's cheap -- there are pre-fab solutions out there that you can easily adapt. It's effective -- while you're building an online presence, you're simultaneously doing customer research and building your innovation pipeline. To maintain credibility and customer enthusiasm, be sure you implement the top ideas.
Today's Management Tip was adapted from "Three Instantly Effective Social Media Ideas" by Alexandra Samuel.