Tuesday 23 February 2016

What is Crowdsourcing, Crowdfunding and Microtasking

crowdsourcing-crowdfunding

Crowdsourcing is a powerful example of the way digital tools have enabled certain ways of thinking. In simple terms, crowdsourcing is a distributed problem-solving and production model that relies on an active community to find solutions to problems. Crowdsourcing relies heavily on the tools and communication forms made possible by the Internet.
Given that the Internet connects people all over the world through different publishing tools and technologies, the information and ideas on these channels have become commodities in themselves. In the past, we had to gather physically to create crowds. Now, with technology, crowds can be closely connected while being geographically distant.
By listening to the crowd and asking for their contributions, organisations can gain first-hand insight into their customers’ needs and desires, and build products and services that meet those needs and desires. With an earned sense of ownership, communities may feel a brand-building kinship with the community through collaboration and contribution.
Given that the Internet connects people all over the world through different publishing tools and technologies, the information and ideas on these channels have become commodities in themselves. In the past, we had to gather physically to create crowds. Now, with technology, crowds can be closely connected while being geographically distant.
By listening to the crowd and asking for their contributions, organisations can gain first-hand insight into their customers’ needs and desires, and build products and services that meet those needs and desires. With an earned sense of ownership, communities may feel a brand-building kinship with the community through collaboration and contribution.
Using the Internet, a savvy organisation can tap a wider range of talent and knowledge than is contained in its own resources. Tapping into this resource can be done in one of three ways:
  1. Crowdsourcing, which involves asking and enabling people to share their ideas or creations in exchange for an emotional or monetary reward. This is the most common type used for marketing and idea generation. Websites such as Threadless (www.threadless.com), Idea Bounty (www.ideabounty.com) and Wikipedia (en.wikipedia.org) are prime examples of crowdsourcing.
  2. Crowdfunding, which involves asking many people in a large crowd each to donate a small amount of money in order to gather a large sum to fund a specific project or venture. Kickstarter (www.kickstarter.com) is a well known platform where people who want to start projects can ask for backers to fund them. The higher the contribution, the more the backer will receive once the project is complete.
  3. Microtasking, which involves breaking a big task or project down into tiny components and asking many people to each complete a few of these components, usually for payment. One company that uses microtasking is BrandsEye (www.brandseye.com), which pays members of its crowd to evaluate the sentiment behind mentions in social media.
Communities that use crowdsourcing platforms exist for different reasons. Some exist because there are people who have a keen interest in and affinity for those brands. They participate in the community because they want to improve the products and services they receive. Others want to gain a monetary reward or the prestige of devising the winning solution.
Whatever the case, crowdsourcing demonstrates the power of the Internet – it connects people, builds communities, spreads messages, and taps into a global source of ideas and inspiration. Like this Grow 9 Digital Solutions provides “digisourcing” where we will connect your brand with people, communities and spread your products and services around the globe with our expert digital marketing services.

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