How to Grow Your Business with Crowdsourcing

Posted on Nov 9, 2011 in Hive Buzz

Want to grow your business? Most people do. Unfortunately, many people rely on their own initiatives and strengths to grow their business. There is an ongoing trend, however, for businesses to turn to crowdsourcing in order to grow.

What Is Crowdsourcing?

As defined by Wired Magazine, “Crowdsourcing is the act of sourcing tasks traditionally performed by specific individuals to an undefined large group of people or community through an open call.”

A very simple example is to ask friends and followers on a social networking site to help you create a logo. You’ll have people working together to offer suggestions and solutions immediately.

Also, if you’ve participated on social networking sites you’ve probably had people ask you to like their Facebook page and to share it with others. Or you’ve had people ask you to retweet a link or post. This is an example of crowdsourcing. You’re asking the masses to help you grow your business.

So How Do You Grow Your Business with Crowdsourcing?

First, think about the various ways you can grow your business. These include:

* Marketing
* Content
* Fundraising
* Product development
* Website traffic
* Branding

Second, you’ll want to think about your crowdsourcing resources. As you can see from the earlier examples, social networking is often the key to success. That’s where you can reach large groups of people. It’s also the best place for any effort to pick up momentum quickly. Word can spread on Facebook across the country in a matter of minutes.

Do you have a large network of friends and followers? Are you currently active on social networking sites? It doesn’t have to be Facebook. Social sites like YouTube are very powerful too.

Third, consider your goals. What do you want to accomplish first? For example, do you need a lot of content for your website? Ask for submissions or guest blog posts from your friends and followers. Make it a contest and ask readers to vote on the best blog posts.

If you want to use the power of the crowd to develop a product, ask for input. Publish surveys, questionnaires or ask for beta testers.

The power of the crowd is immense. You can use it to grow your business in a number of ways. Instead of paying a product development team or hiring a focus group, you can now go directly to the source and ask your prospects to contribute. And it doesn’t cost a thing. Consider your goals and your resources, then take action.