Why Does Crowdsourcing Matter for B2B?

June 30, 2015 Brian Beattie

Since B2B businesses do not typically target end customers directly, we are trying to better understand crowdsourcing and how our customer’s customers may use it.

So, What Exactly is Crowdsourcing?

Crowdsourcing is the junction of the words “crowd” and “outsourcing”. In a basic sense, crowdsourcing involves analyzing customer feedback (typically found online). These insights help nurture a deep understanding of what customers want in future products. Normally, this information is acquired through controlled third party groups. Crowdsourcing mitigates the cost associated with such research and allows for the collection of more candid and honest insights. The benefit of crowdsourcing in B2C is palpable, but what is the relevance for those of us in B2B?

3 Reasons to Try Crowdsourcing in B2B

1. Understanding the End User

Crowdsourcing helps vendors develop an intimate understanding of end consumer’s needs. Siphoning through consumer dialogue allows vendors to locate pain points within their given markets. Transcribing this feedback is the first step in developing homerun products and profitable solutions. It is important to remember that no matter who the “customer” may be, they always know what’s best. Ultimately, these individuals retain purchasing power and their desires will prevail in the marketplace. Ignoring them will only do a disservice to your business.

However, B2B businesses do not sell to these customers directly- so how does this affect us? By offering your customers products and solutions that enhance productivity, you help infuse capital back into their business. A happy client makes for a long-term and mutually profitable relationship. Having any break in the efficiency of this linear system can disrupt the success and profitability of all parts.

2. Developing Relationships with Clients & Prospects

Crowdsourcing promotes meaningful dialogue with clients and prospects. Taking the time to understand the bigger picture demonstrates your company’s attentiveness and effectiveness. Not only does this illustrate that you have honed a refined understanding of their needs, but it will also spotlight your company’s innovation.

3. Identify Trends

Creating great products and sustainable solutions is sometimes not enough. So often, great products get lost in saturated markets due to misguided and uninformed marketing techniques. In order to strike true harmony, great products need to be complemented by effective go-to-market strategies. Crowdsourcing can also help provide insight on market trends that are resonating well with consumers. This will help your strategies growth in both numbers and effectiveness.

Your turn

How can crowdsourcing improve your company’s existing products and solutions? Fortunately, with the Internet and social media, accessing customer feedback is cost effective and time efficient. Explore your networks to re-ignite innovation and inspire new ideas. 

About the Author

Brian Beattie

Brian Beattie is the Chief Financial Officer at Volaris Group. Besides overseeing the financial health of the company, he works closely with Volaris’ legal and M&A team on all new acquisitions. Brian is an expert on every stage of the M&A process – from sending out the non-disclosure agreement to executing the sales purchase agreement.

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