The Pros and Cons of Crowdsourcing a Marketing Campaign

Crowdsourcing is expected to be one of the top trends for marketers this year, according to the digital experts at Last Exit. The concept certainly resonates with cash strapped companies: tap an online community for ideas on how to advance a brand, or develop a product or, in many cases, both.

However as the concept gains traction thanks to success stories - Netflix developed a better prediction engine for films by offering $1 million to the public is just one (via Brandweek) - marketers should also be aware of its dark side.

Shifting Through the Deluge

Companies, especially top brands that offer big monetary rewards such as Netflix, will find themselves with a deluge of offers that may become more work than first realized, according to Jez Frampton, CEO of Interbrand (via Forbes). "It is the ability to select and profitably execute an idea that delivers greatest value to the organization. This supports the old adage that success is 5% inspiration, and 95% perspiration."
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Co-Creation is Driving Change in the Way we Work

A driving principle behind co-creation is the idea that as consumers we want things to be done “with us” rather than “at us” or “for us”. It is a principle at work that will drive change across all aspects of our society. Today my blog covers briefly how it will change the way we work.
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Co-Creation Is Changing The Way We Are Governed

Co-creation and its underlying philosophy of wanting to have things done with us rather than at us are also driving change in the way we want to be governed. The new buzz word here is “Government 2.0” or the Conservative Party’s clumsier version “the post bureaucratic age” where things are not dictated to us from above through “command and control” but are driven up from below through community collaboration and co-creation.
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Social entrepreneur finds money-making power of crowdsourcing

Entrepreneur stumbles upon moneymaking business tactic. Almost by accident, Andrew Mason has figured out what others wish they could: how to make money from electronic content. Mason's Groupon marketing company has done this through "crowdsourcing," which uses the power of the masses on the Internet. Groupon sends out daily e-mails with a deal that offers a product or service at a discounted price. The business relies on the collective purchasing power of a group of interested consumers, hence the name Groupon. Participating merchants pay a commission, making Groupon profitable at a time when so much Internet content lacks an income stream.
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