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Could your business benefit from Crowdsourcing?

The basic idea of Crowdsourcing is to tap into the collective intelligence of the public in order to complete business-related tasks and better understand the needs of your target audience. Drawing on these vast pools of thinkers may help your business by minimizing labor or research expenses, and it can be free, or nearly so. Large multinational companies like General Mills, Walmart and IBM have harnessed the power of the crowd to spark ideas, spur innovation and solve tough challenges. So have small mom-and-pop operations.

If you want to try crowdsourcing, one method is to launch an engaging competition. These tips can help.
People who read this article also read: 8 Tips for Successful Networking

Plan diligently. Think through all the details and get everything set up before announcing the competition.

Create specific, unambiguous objectives. Clearly define the types of solutions you are looking for and spell out the success metrics.

Be bold. Identify a target that’s a stretch — one that will inspire participants to think big and ensure that solutions have a significant impact.

Solicit participation from as many people as possible. That means making it easy to enter your competition. Do you really need more from participants than their names and contact information? Varied backgrounds and the different approaches they bring to problem solving are the whole point. Encourage teams and networks for large or complex solutions.

Use the right platform to drive users through the process. Provide tools — maybe even coaches and mentors — to set participants up for success. There are many innovation platforms already in existence,
designed to foster ideas in such areas as research and development, marketing, design, prediction and more. You could start your search at crowdsourcing.org .

Turn to your neighbor, too
Gathering ideas from around the globe may help you solve some business problems. But others are better addressed by someone local, who understands your business and our community. That’s your business banker at American River Bank.
Contact a Business Banker today!