Using crowdsourcing for real-world innovation

Crowdsourcing is a concept that encourages organisations to access ideas and expertise from an untapped knowledge base that often includes customers. The survey was conducted among MENG members in December of 2007 in order to gauge the opinions and experiences of its members regarding this topic. The majority of the members who responded to the survey were Chief Marketing Officers and VPs of Marketing.

Of particular interest is the way that these marketing executives view the effectiveness of crowdsourcing relative to internal R&D staffs for new product and service development. 62% of executives surveyed rated crowdsourcing and consumer collaboration as an effective or highly effective approach to new product and service development, while only 11% more rated an internal R&D staff this way. This is a stunning development in the way executives consider approaching R&D. Additionally, 63% rated employee ideas and contributions as effective or highly effective, while 60% did the same for sourcing ideas from functional experts accessible from business and knowledge networks. Rated lowest was the use of traditional consulting and professional services firms (54%).

In regards to using crowdsourcing to tap useful business information, 80% felt it was probable that opportunities exist to source this expertise from business and knowledge networks, with half of these particular executives feeling there was a definite opportunity, and 84% rating this information as valuable or highly valuable. Perhaps not surprisingly, almost a quarter of executives indicated they would definitely be willing to contribute to a panel of experts that others would use to source expertise, and another 72% said they would consider it.

"There is clearly a growing interest among marketing and other business executives to leverage this approach in a variety of business applications," said Richard Guha, Chairman of MENG.

Steve Fisher, Chairman of the MENG Consulting Special Interest Group that coordinated the survey, advised that "Corporate executives should seek to explore ways to leverage their employees, customers and consumers not only for new product and service development, but also for channel management and customer satisfaction. Service providers should look for opportunities within their clients' businesses to do the same."

Source: eMediaWire.com