Ideavibes - Crowdsourcing for Product Managers 05/31/11

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This presentation was from the webinar "Crowdsourcing for Product Managers" held on May 31/11. It looks at crowdsourcing as an option for product managers to help build better products, stay in tune …

This presentation was from the webinar "Crowdsourcing for Product Managers" held on May 31/11. It looks at crowdsourcing as an option for product managers to help build better products, stay in tune with the market, and create stickiness with prospects and customers.

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  • Convention wisdom says
  • Everyone has different rationales for speaking up – they have issues with a particular aspect of a product – they see
  • Convention wisdom says

Transcript

  • 1. Crowdsourcing for Product Managers
    Paul Dombowsky
  • 2. Opening Thought
    …the world is becoming too fast, too complex and too networked for any organization to have all the answers inside.
    YochaiBenkler, Yale University from the Wealth of Networks
    2
  • 3. Key Topics
    • Product Management Defined – What is it in a Web2.0 World?
    • 4. Does customer engagement help?
    • 5. Current conversations – participant or observer
    • 6. What is crowdsourcing?
    • 7. Is crowdsourcing a viable option?
    • 8. Risks and rewards for crowdsourcing
    • 9. Can crowdsourcing help build better products?
    • 10. Can crowdsourcing help accelerate path to profits?
    • 11. Examples
    • 12. Best Practices
    • 13. Tools
    • 14. Q&A
    3
  • 15. What is Product Management?
    The organizational structure within a business that manages the development, marketing and sale of a product or set of products throughout the product life cycle. It encompasses the broad set of activities required to get the product to market and to support it thereafter.
    In 2011, is this definition enough?
    4
  • 16. What is Social Product Management?
    The opening up of innovation to internal and external input for the development of products in various stages of the product development lifecycle.
    Crowdsourcing can be part of an open innovation or social product management strategy.
    5
  • 17. Product Management Lifecycle
    Capture new customers with options & features they are looking for.
    CrowdsourceOption:features & functionality
    CrowdsourceTesting – early adopters reward
    Socializing requirements and prioritization gathering improves decision making
    6
  • 18. Where does trust sit?
    According to Forrester Research (2010),
    71% of people say they trust the opinions
    of family, friends and colleagues as a source
    of information on products and services.
    Their crowd or tribe.
    7
  • 19. Where the conversations are happening?
    Official & Unofficial
    Why not tap into the conversations that are already happening?
    Get the crowd working for you.
    8
  • 30. How Product Development Used to Happen
    9
  • 31. Product Development w/ Open Innovation
    10
  • 32. Sources of Innovation
    Does participation require a reward?
    Do people contribute for the good of the brands they like?
    How do you democratize the input?
    11
  • 33. Engagement – Who Participates?
    12
  • 34. What is Crowdsourcing?
    Defined
    Crowdsourcing is an engagement process whereby organizations seek input from either open or closed communities of people, either homogenous or not, to contribute ideas, solutions, or support in an open process whereby the elements of creativity, competition and campaigning are reinforced through social media to come up with more powerful ideas or solutions than could be obtained through other means.
    Why Bother?
    Organizations have a difficult time engaging with their communities to strengthen their relationship and be citizen focused. Internal or external, the community has ideas that can be harnessed that come from diverse backgrounds, experiences and education.
    13
  • 35. Who is your crowd?
    Engagement
    Targets
    14
  • 36. Does your brand matter?
    Strong brands foster active crowds
    • Element of trust
    • 37. It only takes one disingenuous campaign to cause problems for you
    • 38. Transparency fosters participation
    • 39. Social media footprint does matter
    • 40. Prospects may have bought into your brand but not your products yet – how are you keeping them engaged?
    15
  • 41. The Appeal
    Crowdsourcing surfaces new perspectives
    Invites participation from nontraditional sources
    Infuses real energy into the process of generating ideas
    Empowers people when they feel their voice is being heard
    Technology can enable participation by disenfranchised (ie. PCs in libraries/shelters with citizen engagement campaigns)
    Builds engagement and relationships with new audiences
    16
  • 42. Crowdsourcing Pros and Cons
    PROS
    • Reduced time to market
    • 43. Reduced risk due to early customer input
    • 44. Increased customer lifecycle value
    • 45. Broader source of innovation
    • 46. Strengthened brand through participation
    • 47. Organizations can’t have all the brightest people on staff
    • 48. Ideas don’t have to be discovered by internal R&D teams to be capitalized upon
    • 49. Benefits from varied experiences
    CONS
    • Less control
    • 50. Needed trust not easily come by in some organizations
    • 51. Requires community management
    • 52. Suffers if crowd is too narrow
    • 53. Disruptive to traditional timelines for product roll outs
    • 54. First attempt is risky until you understand your crowd
    • 55. Need to know your target audience
    17
  • 56. Example 1: Innovation from the Crowd
    IdeaStorm was created to give a direct voice to Dell’s customers and an avenue to have online “brainstorm” sessions to allow them to share ideas and collaborate with one another and Dell. Their goal through IdeaStorm is to hear what new products or services you’d like to see Dell develop.
    In almost three years, IdeaStorm has crossed the 10,000 idea mark and implemented nearly 400 ideas!
    18
  • 57. Example 2: Product Development from the Crowd
    Quirky is an all in one product development shop for inventors.
    19
  • 58. Example 3: Product Selection by the Crowd
    Threadless runs regular campaigns to select designs that are then produced and sold to a ready-made market that participated in the product selection.
    20
  • 59. Best Practices
    • Have a clear strategy for using crowdsourcing
    • 60. IP Ownership
    • 61. Competitive visibility
    • 62. Break things down so crowd is clear what you are looking for
    • 63. Build trust
    • 64. Be open in your communications about the crowd’s role in the process
    • 65. Do what you say you are going to do
    • 66. ABEYC – always be expanding your crowd
    • 67. The crowd needs to be big enough – but not too big
    • 68. ABRYC – always be refining your crowd
    • 69. Creating diversity is as important as creating size
    21
  • 70. Build a Social Product Strategy
    Reach customers & prospects where they live – join in the conversations that are happening already
    Capitalize on valuable customer and prospect insight
    Develop a culture of collaboration
    Implement the right social technology to get the job done
    Communicate results and intentions and be open as possible
    Let conversations happen in the open
    Be crowd friendly on an ongoing basis
    22
  • 71. Ideavibes Crowd Engagement Platform
    • Easy to set-up and deploy
    • 72. Able to run multiple campaigns at once
    • 73. Can run Crowdsourcing and Crowdfunding Campaigns
    • 74. Build stickiness and community around those that engage (sign-in and see past votes, comments, ideas)
    • 75. Hosted solution (in Canada)
    • 76. Able to be implemented on existing website or set-up in new, destination site
    • 77. Social Media connected
    • 78. One of few sub $1000/month solutions
    23
  • 79. How Does Ideavibes Compare?
    Enterprise Collaboration or Idea Management
    Large – multi-functioning platforms for Idea Management
    Integrated into change management and process improvement lifecycles
    Chaordix, Bright Idea, etc.
    Middle-tier Focused Crowdsourcing Apps
    Purpose-built customizable apps focused on crowdsourcing
    Narrow or wide focus
    Multiple crowdsourcing and crowdfundingcampaigns
    Ideavibes, Spigit
    Note – Ideavibes is only white label crowdfunding platform available
    Ad-hoc website or Social Media widgets
    Developed by web teams with basic functionality
    Functionality as opposed to business process driven
    24
  • 80. Questions?
    Use the GoTo Meeting Q&A section on the right.
    25
  • 81. Resources
    The Wisdom of Crowds – James Surowiecki
    Crowdsourcing – Jeff Howe
    Crowdsourcing.org
    Crowdsortium.org
    The Daily Crowdsource
    Presentation will be on Slideshare by end of day today.
    25
  • 82. Thank you
    Paul Dombowsky | 613.878.1681 | paul@ideavibes.com
    www.ideavibes.com