When it comes to crowd­sourc­ing, of­ten a spe­cific company will or­ga­nize a con­test for a pro­mo­tion, pro­ject, or the pur­pose of tes­ti­mo­ni­als.

Industry Leaders - - New Ven­tures -

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.

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