Social media is a major source of big data. Besides the big social networks, crowdsourcing and co-creation are approaches to directly engaging with consumers to sourcing data.
Crowdsourcing is the process of soliciting ideas or content from a large group of people, usually an online community. LEGO IDEAS, an example covered in the chapter New Product Development, uses a crowdsourcing programme to source ideas for new Lego projects.
Co-creation is an off-shoot of crowdsourcing, which involves smaller group of individuals with specialized skills. It is used increasingly to generate ideas for the development of advertising and new products. Examples include consumers building their own shoes (Nike), conceiving their own pizzas (Papa John’s), and generating advertising content for companies like Coca-Cola, General Motors and Microsoft.
Note: To find content on MarketingMind type the acronym ‘MM’ followed by your query into the search bar. For example, if you enter ‘mm consumer analytics’ into Chrome’s search bar, relevant pages from MarketingMind will appear in Google’s result pages.
Is marketing education fluffy too?
Marketing simulators impart much needed combat experiences, equipping practitioners with the skills to succeed in the consumer market battleground. They combine theory with practice, linking the classroom with the consumer marketplace.