Abstract
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.
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