According to the Financial Express, “PwC’s 16th Annual Global CEO Survey suggests that CEOs are looking for new ways to stimulate demand and foster customer loyalty. They also aim to keep their R&D costs down and make the innovation process more efficient”. For this reason, CEOs and CIOs are putting more emphasis on innovating in order to remain competitive. Crowdsourcing software and idea management can meet all of these requirements and help companies direct their drive towards innovation.
Businesses have multiple crowds. Customers, employees, stakeholders, and more; and all of these crowds have their own ideas about how to improve your business. The benefit of crowdsourcing software is that it allows you to access these crowds and not just survey them, as businesses typically do, but get them involved in an idea generation process. With the correct software and analytics, you can not only ask your crowd for ideas, but you can watch as they develop them completely. This creates not just the opportunity for new products, but process improvements, which stimulate demand for your products.
Not to mention, when customers feel as though their opinion is valued by a business and that the business will reward their efforts in providing input, that creates and fosters brand loyalty. Customers enjoy interacting with and engaging with companies that create positive experiences for them beyond their product. We strongly believe that businesses can utilise crowdsourcing software to create that positive experience.
Costs are a huge issue for most businesses however and they’re often pressured to find the percentage of return on investment (ROI) for everything they choose to utilise. With crowdsourcing software, you have to consider the wasted time that administration of surveys and meetings can take. Surveys can be a good way to gather basic opinions, but they are not methods for developing ideas. Administrators have to advertise the survey, gather the opinions, and analyse them without much technological effort other than administrating the survey. Crowdsourcing software provides an environment for developing ideas. When the solution is online and accessible in multiple forms, it allows your crowd to develop their ideas when it works best for them, unlike meetings which create interruptions in everyone’s day.
Once you assess the lost time in how your business attempts to gather the crowd’s opinions, you will clearly understand how it not only helps you develop new products and process improvements, but also helps you save money in the long run. And lastly, as we’ve demonstrated by our comparison to crowdsourcing software to meetings and surveys, what businesses typically utilise to crowdsource, that an online software solution is far more efficient.
For the aforementioned reasons, we strongly believe businesses should utilise crowdsourcing software in order to improve on their innovation processes and garner more customer loyalty.