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Grow Your Business Finances

Wisdom of the Crowd: More Companies Use it To Give Back

Crowdsourcing has been used to generate ideas, gather data and even manufacture products. Now, it’s also helping businesses give back to their communities.

New research shows that more than half (55 percent) of corporate executives responsible for their companies’ philanthropy efforts report they had used crowdsourcing as part of corporate social responsibility (CSR) programs. Of those, 95 percent said the tactic was at least somewhat valuable to the company’s CSR efforts, according to eMarketer Digital Intelligence.

[Understanding Crowdsourcing…]

Crowdsourcing involves inviting customers and community members to provide ideas, opinions or even participate in a project. When asked about the most valuable aspect of crowdsourcing, 36 percent of the executives said it provides new and diverse perspectives and opinions. Additionally, 25 percent said its most valuable aspect is that it can build engagement and relationships with key audiences, 22 percent said it invites input from nontraditional sources and 16 percent highlighted how crowdsourcing brings new energy to the idea-generating process.

The research was conducted by PR agency Weber Shandwick and KRC Research.