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IU Associate Professor of Marketing Shares Research Data on

By Gail Stewart,2014-01-20 22:29
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IU Associate Professor of Marketing Shares Research Data on

For Immediate Release

    Marketing Executives Networking Group Releases

    Second Annual Survey on Crowdsourcing

    “Crowd Wisdom” for Business Gains Momentum Among Marketers; Viewed as a Effective as Internal R&D Tool with Potentially Greater Cost Efficiency

    Stamford, CT - January 21, 2009The Marketing Executives Networking Group (MENG), a nearly 2000 member, not-for-profit organization of senior-level marketing

    professionals, today announced the results of its Second Annual Survey on

    Crowdsourcing the practice of accessing the untapped knowledge of one or more of a

    company's constituent or stakeholder groups or other relevant business experts, enabled

    by Web 2.0 technologies, to create something new of value.

One of the most striking results was that crowdsourcing was rated slightly higher than

    internal Research and Development (R&D) efforts as a viable approach for the creation

    of new products and services. In fact, 75% of survey respondents (compared to 62% in

    last year’s survey) rated crowdsourcing as highly effective or effective in developing new products and services.

―Tapping the wisdom of crowds over the Internet can be enlightening for an organization

    in many ways, providing marketers with valuable insight to expand their brand mind

    share and market share,‖ said Richard Guha, Chairman of MENG. ―However like any

    good customer insight, interactive ideation or predictive analysis effort, it’s important to

    frame the issue, manage the process and carefully assess the value of the collective data.‖

According to Wikipedia, examples of successful crowdsourcing include P&G's programs

    to draw consumer input leading to new products such as the successful Swiffer, as well as

    Netflix’s prize to gather approaches from outside the company to improve the effectiveness of its movie recommendations by nearly 10%. Other examples of

    crowdsourcing can be found at www.crowdforum.org.

Additional Key Findings:

    ? The overall familiarity with the term crowdsourcing has more than doubled since

    the initial survey was conducted in December, 2007, increasing to 72% of survey

    takers from just 30% a year ago.

    ? Over one-half of respondents felt crowdsourcing approaches for developing new

    products and services could produce cost savings, ranging between 10% to 30%

    over more traditional approaches. Based on the prospect of greater efficiencies

    and lower costs for innovation, over 9 in 10 respondents viewed crowdsourcing as

    attractive.

    ? Nearly 60% of respondents felt open-sourced knowledge in general is highly

    valuable or valuable, and this value increases when the characteristics of the

    contributors are either known or can be qualified.

    ? A variety of constituencies (beyond traditional internal resources) were rated as

    valuable for contributing to business development and growth by the vast

    majority of respondents. These constituencies included vendors, B-to-B

    customers, consumer groups, employees and external subject matter

    experts. Selective social networks were not rated quite as highly, yet 62% still

    indicated these were highly valuable or valuable in this context.

    ? The perceived value of internal R&D resources stayed about the same (72%

    versus 73% in last year’s survey), but traditional consulting / professional services

    firms fell from 54% to 49% relative to being rated highly effective or effective.

―At a time when innovation is increasingly critical to business growth for many

    companies, and even their survival, it is important for businesses to utilize as many

    resources as efficiently as possible, and crowdsourcing certainly has arrived as a vital

    component to gain an edge,‖ said Stephen Fisher, Co-Founder of Microengagement and

    Chair of the MENG Consulting Special Interest Group that conducted the survey.

The survey was conducted in December, 2008 in conjunction with the Crowd Forum to

    gauge the opinions and experiences of MENG members on key aspects of

    "crowdsourcing" relative to its perceived value in driving growth and/or improving

    business efficiencies. For a complete copy of survey results, visit

    www.mengonline.com/visitors/newsroom.

About the Marketing Executives Networking Group

    The Marketing Executive Networking Group (MENG) is the premier organization of

    senior level marketing professionals who have reached at least the VP level in their

    organization. This 1,800+ member not-for-profit networking community fosters career

    and personal success by sharing information and relationships for mutual assistance

    across virtually all industries and marketing specialties. Eighty four percent of the

    members have Fortune 500 experience and 70% have earned graduate degrees, the

    majority of which are from top-20 Business Schools. To learn more, visit

    www.MENGonline.com.

    # # #

Media Contacts:

    Chris Faust

    FastLane on behalf of MENG

    973-226-4379

    cfaust@fast-lane.net

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