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Crowdsourcing is allowing a crowd to participate in a task outsourced by a company to the public. One very popular crowdsourced site is Wikipedia. Instead of having their own writers and editors, they let people all around the world, the general public, be empowered to input their knowledge or expertise on certain topics making wikipedia as enormous as it is today. If market research will tap into the use of crowdsourcing in market research, it will be a great way to gather data. Here are some reasons why it is relevant: 1. Speed - compared to the traditional methods of conducting a research, taking advantage of the internet has made researches speed up greatly, but through crowdsourcing, it can speed up even more. 2. Cost effective - by far, it is seemingly the most cost effective way to conduct market research today. Entirely utilizing social networks to connect to the general public and getting massive responses in a short amount of time could save research companies millions of dollars. 3. Accessibility - with the ease of connecting to the masses, conducting ad testing, concept testing, or gathering the crowd's ideas on a product or service can bedone without much hassle or difficulty since all the connections are done online. 4. It opens an information mine. Endless flow of opinions both good and bad will be presented making searching for certain data much more accessible, and it's available by the hundreds, thousands, maybe more. 5. What's more is that crowdsourcing also opens doors to a pool of potential consumers and bridges connections with those already using certain products or services. There is no one who knows best of what they want than the people themselves. Crowdsourcing helps people voice out what they want or need to their favorite brands and this is only one advantage. Another is that people who are already loyal to a brand would love to help out in the creation or innovation of something new. They take pride in being part of new trends. Thirdly, many people participating in crowdsourced tasks tend to broadcast it to their friends making them advocates of the brand gaining more potential customers by simply sharing. Fourthly, if a circle of friends all share similar likes, the tendency for them to continue sharing offline is much higher. Most people are inclined to try a certain product or service recommended by a friend than one seen on an ad. In the long run, crowdsourcing is no small matter. It is one very effective way to find out what goes on in the masses in a short amount of time. Furthermore, people who participate in the tasks are instant respondents. Not much effort in looking for people to join the research - just put it out there. It could take some getting used to since it does generate enormous amounts of responses, but isn't that all the better? Nowadays, Facebook is one common channel for crowdsourcing, sooner or later, surely, there will be more.
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