Tag Archives: Crowd Sourcing

The Explor Awards Finalists: Wm. Wrigley Jr. Company and Infosurv Inc.

The EXPLOR Awards are back at TMRE this year! This week, we’ll be taking a look at the four finalists!

Finalist #2: Wm. Wrigley Jr. Company and Infosurv Inc.

How Wrigley Harnessed The Wisdom of Crowds to Predict New Product Success
Represented by:
Duane Burton, Market Research, Wm. Wrigley Jr. Company
Jared Heyman, President, Infosurv Inc.


Prediction markets harness “the wisdom of crowds” to ac
igley used a prediction market to assign accurate probabilities of success to several product innovations. With lower cost, greater accuracy, and faster speed than traditional concept screening techniques, we believe prediction markets are poised to revolutionize the way new ideas are screened and tested.

The 2010 EXPLOR Awards winner will be announced at The Market Research Event, taking place November 8-10, 2010.

Logos courtesy of Infosurv.com and Wrigley.com

A Look Back at TMRE 2009: TMRE Keynote 2009: Crowdsourcing: Unleashing the Power of Crowds to Unveil Rich Insights

The Market Research Event 2010 is taking place this November 8-10, 2010 in San Diego, California. Every Friday leading up to the event, we’ll be recapping one session from The Market Research Event 2009.

TMRE Keynote 2009: Crowdsourcing: Unleashing the Power of Crowds to Unveil Rich Insights

Crowdsourcing: Unleashing the Power of Crowds to Unveil Rich Insights
Jeff Howe, Author, Crowdsourcing


In 2005, Jeff Howe sent a story about MySpace to the Village Voice. MySpace had created a culture with musicians, which lead Jeff Howe to follow the Warped Tour to write a column for Wired Magazine. The Tour is about the music, but features a carnival culture. The Warped Tour kids engaged in amazing creativity throughout a summer tour of 30 bands traveling and playing in a different city every day. They published poetry, web design, paintings. None of the kids defined themselves as one certain thing like “musician” or “artist”. The technology was not the story on the tour, it was what they could do with the technology. Their emphasis was on the products and the processes and how they released their creativity.

When Howe wrote this article, the public’s obsession for user generated content was immense, but he realized that people were missing was the larger tectonic shift, which were the underlying dynamics of different shapes and sizes and reality. Howe needed something that would capture not just the media, but all industries. He wanted to find a way to outsource to the crowd. The column, Crowdsoucing, was first published in June 2006. It came into use first with technology, but then branched out. There was a fundamental shift beneath the surface between consumers and producers.

Crowdsourcing was not a strategy designed by academics, instead it was an accident. Two friends came together and created a shirt design business, the designs were voted on by the Internet users. This way, you don’t have to be a designer to be a part of the system, but just like designs. Threadless came about this way. You have to give users tasks that take less than a minute to accomplish. They started this business because they loved people and wanted to share it with other users. It’s a global community, and the shirts are sold to individuals around the world.

A key to Threadless was they get free marketing. Via street teams, users posting images of their shirts, in addition to personal designs from the users. They also see what consumers want. They have an ‘I’d Buy It’ box. They know which shirts will sell. They’ve never had overstock or sold out due to this function.

Another example: stock photos. This is a photo that’s already been commissioned by a person to take, then same photo over and over again for promotional purposes. The creator opened his own site where he uploaded his stock photos, and let others download them as long as they uploaded their own. This popular service exceeded what he could pay to. Bruce charged people to post images, and others began to realize the the value. You could download a picture for $300 or $.25. The model worked. Today it’s known as Getty Images.

The Cardinal Rule of Crowdsoucing is: Ask not what your community can do for you ‘ Ask what You Can Do For Your Community.

One member of the audience posed the question “How can businesses build their own communities to create these items?” Howe responded communities came together because they were being offered something, the crowd was being offered something. For example, if you are a grocery store, give the community a way to see if you have things in stock, give them specific coupons that apply to your users, etc.

Woot.com Launches Deal Crowdsourcing Site

The venerable spot for deal-seekers just went social. Woot.com has introduced Deals.Woot.com, an attempt to turn its rabid fans into a crowd-sourced deal finding-and-evaluating machine that finds dozens of bargains worthy of a ‘w00t, w00t!’says Wired writer, Ryan Singel.

Singel continues, While Woot isn’t the first to try this, Woot has already grown a fanatically loyal user community around its sites. Already the deal site is attracting more votes per item than any previous such attempts ever seemed to.
What do you think about this move by Woot? Will we see more deal websites trying to compete in the social/crowd-sourcing arena?

TMRE Keynote 2009: Crowdsourcing: Unleashing the Power of Crowds to Unveil Rich Insights

Crowdsourcing: Unleashing the Power of Crowds to Unveil Rich Insights
Jeff Howe, Author, Crowdsourcing


In 2005, Jeff Howe sent a story about MySpace to the Village Voice. MySpace had created a culture with musicians, which lead Jeff Howe to follow the Warped Tour to write a column for Wired Magazine. The Tour is about the music, but features a carnival culture. The Warped Tour kids engaged in amazing creativity throughout a summer tour of 30 bands traveling and playing in a different city every day. They published poetry, web design, paintings. None of the kids defined themselves as one certain thing like “musician” or “artist”. The technology was not the story on the tour, it was what they could do with the technology. Their emphasis was on the products and the processes and how they released their creativity.

When Howe wrote this article, the public’s obsession for user generated content was immense, but he realized that people were missing was the larger tectonic shift, which were the underlying dynamics of different shapes and sizes and reality. Howe needed something that would capture not just the media, but all industries. He wanted to find a way to outsource to the crowd. The column, Crowdsoucing, was first published in June 2006. It came into use first with technology, but then branched out. There was a fundamental shift beneath the surface between consumers and producers.

Crowdsourcing was not a strategy designed by academics, instead it was an accident. Two friends came together and created a shirt design business, the designs were voted on by the Internet users. This way, you don’t have to be a designer to be a part of the system, but just like designs. Threadless came about this way. You have to give users tasks that take less than a minute to accomplish. They started this business because they loved people and wanted to share it with other users. It’s a global community, and the shirts are sold to individuals around the world.

A key to Threadless was they get free marketing. Via street teams, users posting images of their shirts, in addition to personal designs from the users. They also see what consumers want. They have an ‘I’d Buy It’ box. They know which shirts will sell. They’ve never had overstock or sold out due to this function.

Another example: stock photos. This is a photo that’s already been commissioned by a person to take, then same photo over and over again for promotional purposes. The creator opened his own site where he uploaded his stock photos, and let others download them as long as they uploaded their own. This popular service exceeded what he could pay to. Bruce charged people to post images, and others began to realize the the value. You could download a picture for $300 or $.25. The model worked. Today it’s known as Getty Images.

The Cardinal Rule of Crowdsoucing is: Ask not what your community can do for you ‘ Ask what You Can Do For Your Community.

One member of the audience posed the question “How can businesses build their own communities to create these items?” Howe responded communities came together because they were being offered something, the crowd was being offered something. For example, if you are a grocery store, give the community a way to see if you have things in stock, give them specific coupons that apply to your users, etc.

Speakers of TMRE 2009: Jared Heyman, Infosurv Inc

In the weeks leading up to The Market Research Event 2009, we’re going to be hearing from the speakers of The Market Research Event. This week we have Jared Heyman, Founder & President Infosurv Inc, who will be presenting “Prediction Markets 101: Tapping the wisdom of crowds to predict the future,” in the Tools & Techniques Track on Wednesday, October 21, 2009. To learn more about The Market Research Event, download the brochure here!

1. Tell us about a project you are working on or recently completed that you are proud of?
Heyman: I recently wrapped up a validation study using the iCE (Infosurv Concept Exchange) prediction market and was proud of the results. We setup a “virtual stock market” to test 15 new lottery ticket concepts for a major state lottery, comparing the results of the market to the actual in-market sales performance of each concept in order to measure the predictive validity of this new concept testing tool. The prediction market accurately predicted the sales performance of 14 of the 15 new product concepts — not bad.

2. Think ahead 5 years, what major changes for MR/Consumer Insights do you see?
Heyman: I’m pretty bullish on the prospects for prediction market for market research. They’ve been used for years to accurately forecast election outcomes, movie box office receipts, sporting event outcomes, and corporate financial performance. It’s just a matter of time before market researchers are using them regularly to predict new product sales performance.

3. What inspired you to get in the field? What keeps you motivated?
Heyman: I got into the field over a decade ago because I loved the ability to answer business questions objectively — with data, not guesses. What keeps me motivated is the innovative new research techniques that we’re watching emerge — things like neuroimaging, emotional measurement, and prediction markets.

Speaker Profile: Jeff Howe

Jeff Howe will be a keynote speaker at this year’s The Market Research Event. Jeff Howe is a contributing editor at Wired Magazine, where he covers the media and entertainment industry,among other subjects. In June of 2006 he published “The Rise of Crowdsourcing” in Wired. He has continued to cover the phenomenon in his blog, crowdsourcing.com, and in August 2008 Crown Business published Crowdsourcing: Why the Power of the Crowd Is Driving the Future of Business. Before coming to Wired he was a senior editor at Inside.com and a writer at the Village Voice. In his fifteen years as a journalist he has traveled around the world working.

Read Jeff’s blog here: http://crowdsourcing.typepad.com/

Source: Bright Sight Group