A recent research study showed that labeling new products as "crowdsourced" can improve market performance because consumers believe that crowdsourced products are addressed to their needs.
Moreover, consumers prefer consumer-designed products (depending on the context). Crowdsourcing, when used effectively, is a successful tactic that will resonate with target consumers.
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Crowdsourcing has become an essential instrument in every marketer’s toolbox, and recent research provides guidance for how firms can best use the strategy. Managers should ensure that the crowd is heterogeneous so consumers truly benefit from finding each other’s ideas inspirational rather than competitive.
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