The present study will demonstrate the way Crowdsourcing Content Simulation (CCS) transforms the conventional system of product development into dynamic models. Using the empirical data obtained from the 12 technology-driven companies in three different countries during an 8-month period, one may find out that CCS significantly cuts down uncertainty in development processes, thus making innovations faster. The firms that applied CCS have managed to reduce development times for their products in the amount of 47 percent due to collective intelligence that allows forecasting product feature acceptance on the market in advance. In marketing terms, it also facilitates strategic decision-making since the approach provides a means of generating consumers’ insight about products in a timely manner. Thus, a company can make better use of segmentation, targeting, and positioning of its products before putting them on the market, thus enhancing value proposition. In this case, Crowdsourcing Content Simulation makes product launch more effective. At the same time, three ways in which this process can be beneficial to product development can be named. Firstly, virtual prototyping through the utilization of crowdsourced information helps iterate and improve new products. Secondly, CCS improves prediction accuracy in 35 percent since it involves diverse consumer perspectives. Finally, the approach allows discovering any flaws in design or misalignment with market needs that helps to minimize necessary alterations in 62 percent. One can observe that the framework of applying CCS consists of three main stages, namely, crowdsourcing input gathering, content simulation and analysis, and feedback-based improvement iterations. As a result, 83 percent of firms made positive return on investments after utilizing this framework for 8 months.
The present study will demonstrate the way Crowdsourcing Content Simulation (CCS) transforms the conventional system of product development into dynamic models. Using the empirical data obtained from the 12 technology-driven companies in three different countries during an 8-month period, one may find out that CCS significantly cuts down uncertainty in development processes, thus making innovations faster. The firms that applied CCS have managed to reduce development times for their products in the amount of 47 percent due to collective intelligence that allows forecasting product feature acceptance on the market in advance. In marketing terms, it also facilitates strategic decision-making since the approach provides a means of generating consumers’ insight about products in a timely manner. Thus, a company can make better use of segmentation, targeting, and positioning of its products before putting them on the market, thus enhancing value proposition. In this case, Crowdsourcing Content Simulation makes product launch more effective. At the same time, three ways in which this process can be beneficial to product development can be named. Firstly, virtual prototyping through the utilization of crowdsourced information helps iterate and improve new products. Secondly, CCS improves prediction accuracy in 35 percent since it involves diverse consumer perspectives. Finally, the approach allows discovering any flaws in design or misalignment with market needs that helps to minimize necessary alterations in 62 percent. One can observe that the framework of applying CCS consists of three main stages, namely, crowdsourcing input gathering, content simulation and analysis, and feedback-based improvement iterations. As a result, 83 percent of firms made positive return on investments after utilizing this framework for 8 months.
