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When it comes to crowdsourcing, often a specific company will organize a contest for a promotion, project, or the purpose of testimonials.
Remember the famous crowdsourcing campaign held by Mcdonalds in 2014? Yes, the one and only ‘Mcdonalds Burger Builder’. It was when the giant fast food chain decided to offer their customers to submit ideas and free control over the varieties of burger they’d prefer to see in MCD outlets. Customers could design perfect burgers of their choice online and submit. In return, the rest of the country had the choice for voting for the best burgers. In Germany, the fast food chain encouraged its consumers to create campaigns of their own. These campaigns included valuable content marketing materials and viral videos among many other things, which of course charged the ‘I’m Lovin It’ chain, nothing at all. Once the contest winners were announced, Mcdonalds started weekly release of burgers of their preference, along with a quick, small bio and picture of the creator. It was a huge success.
The companies receive numerous submissions. They offer rewards to the submissions that are the best and utilize the concept in marketing, product development or any such area. crowdsourcing usually involves the practice of deploying a substantial amount of distributed individuals to execute a task. It’s a budding trend. Netflix used crowdsourcing to create an algorithm to enhance the accuracy of predictions regarding movie preferences of individuals. LG used it in 2009 for designing its new phone. Mastercard also took an advantage of this practice in its advertisement. Now you think the practice won’t catch on with insurance? Well, it already has. Allstate, through a challenge of Claim Prediction, fetched a forecasting model, which assisted the insurer in determining the customer’s likelihood to suffer an injury during involvement in a vehicle crash.