The Do’s and Don’ts of Crowdsourcing for Your Business
For a start-up, the biggest obstacle often is getting funds. However, the rise of social media has brought about a welcome change in the scenario. Thanks to the rising concept of crowdsourcing, it has become relatively easier to accumulate funds for your new business. Now, you can straight away approach your friends and acquaintances on social media networks and convince people to put their money in your business. However, crowdsourcing can be used in a number of ways. You just need to be aware of
and don’ts. Let us have a detailed look at them.
If someone is contemplating on investing in your business, it is important to give him/her a complete understanding of the Return on Investment (ROI). If you do not do that, people will find it difficult to build the all-important trust on your business. The ROI ought to be defined on every level of involvement or contribution. If you have plans of giving them financial credits, announce it. Benefits like promotional gifts, free access to your portal, lifetime memberships, and others can also be declared by you. Make use of merchandise for further promoting your business.
Do Not Ask Consumers to Ideate About Business Products
Is the brand open to participation? Brands which are focused on consumers, benefit from a completely open creative process. However, those which are mainly business-to-business are subject to monitoring needs and hence require a different approach. The trick is to match the process or approach to the brand.
No Analysis Paralysis
It is important to concentrate on the numbers that will be important to your objectives instead of the ones that can be easily measured. You should ask yourself whether the number of participants matters to you more or the quality of their involvement. Usually, crowdsourcing projects are measured on the basis of the number of submissions received by them instead of the quality of the work. The choice is yours.
Identify the Right Incentives
What is it that motivates people to get involved? The crowd is, of course, not a faceless monument. They are real individuals who have fears and motivations. Thus, it is important for you to understand what exactly is wanted by your community. Are they after recognition, money or the chance to make a good impression in front of their peers? If you can find what their motivation is, better results are guaranteed.