Cashing in on Collaboration with Crowdsourcing
From Facebook to Twitter, social media now allows decision makers to invite consumers and B2B buyers to participate in a range of functions, from product development to customer service. The result, according to an eMarketer report, is that brands and consumers now have the tools to work together to create value that benefits both sides. One way to accomplish that is through crowdsourcing product development.
For example, eMarketer notes that a 2011 Frost & Sullivan survey (mostly of B2B tech companies) found that crowdsourcing was most often used during the idea generation phase of development. But the companies also tapped into crowdsourcing for concept testing and development, idea screening, and product launch.
Social media intelligence and engagement is an ideal way to find out exactly what your customer wants and needs. Delivering the right product goes a long way toward creating a happy customer. And a happy customer translates into a happy bottom line.
How has your company utilized social media to crowdsource?