Most countries have managed to overcome the effects of the economic crisis by now, but that did not make things much easier for businesses, which have to constantly fight for survival on a competitive and volatile market. As customer standards and expectations are getting higher, new and existing entrepreneurs are learning that careful market research is the key to growing a successful brand. Having enough resources is no longer the perquisite for keeping a business afloat. On the contrary, numerous success stories have proven time and time again that a startup business operating on a small budget can surpass competitors it is offers fresh, innovative solutions. Of course, brilliant ideas are rarely born overnight; on the contrary, they are the result of months, even years of strategic market research and careful planning. This used to be very difficult in the past, because of the limited number of communication options, but today online crowd sourcing makes it possible for business owners and marketers to do effective market research.
Crowdsourcing is not a new concept anymore. It has already been used for a few years and experts praise it for being just as effective as traditional research. Crowdsourcing innovation exists mainly because of digital communication. Marketers from all over the world can get fast and useful insights from relevant groups of individuals and find out if their ideas are relevant or not. Startups are known as the biggest users of crowdsourcing benefits, but they are not the only ones. On the contrary, existing companies can crowdsource a project or an idea to find out how feasible it is or how much the market would like it. Crowdsourcing insights are not just theoretical. Entrepreneurs get relevant feedback about their ideas, learning what to keep, what to perfect and what to dismiss. Crowdsourcing funds are minimal and, besides, this solution can save businesses avoid financial loss in the long run. For example, if you want to rebrand your company and crowdsourcing feedback says that you should not do this because your brand is already loved, then helps you avoid a potentially fatal mistake.
Crowdsourcing for market research is best conducted using specialized software, but it can also be done through social media, so clients can pick a specific profile for their audience. Thanks to crowdsourcing, business owners, especially beginners, are faced with less challenges and no longer need as much mentorship. Also, they don’t have to set up an entire market research department just to launch an ad or learn about customer preferences. Crowdsourcing is a truly innovative concept that helps entrepreneurs all over the world overcome market research challenges and grow their business in a strategic way. There are many companies that helps clients with bespoke solutions in this regard, such as iCrowd. This company caters to the needs of small and large businesses alike, developing innovative software that is fully integrated with social media platforms.