USING CROWDSOURCING TO INCREASE NEW PRODUCT’S MARKET VALUE AND POSITIVE COMMENTS FOR BOTH THE CROWD INVOLVED AND CUSTOMERS

Nadine Escoffier, Nadine Tournois () and Bill McKelvey ()
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Nadine Escoffier: UCLA Anderson School of Management, Los Angeles, California, USA2Université Côte d’Azur, IAE Nice Graduate School of Management, GRM EA-4711, Nice, France
Nadine Tournois: Université Côte d’Azur, IAE Nice Graduate School of Management, GRM EA-4711, Nice, France
Bill McKelvey: UCLA Anderson School of Management, Los Angeles, California, USA

International Journal of Innovation Management (ijim), 2018, vol. 22, issue 02, 1-28

Abstract: More and more consumers base their buying decision process on online reviews. Not surprisingly, researches show that online reviews have an actual impact on revenues. As a result, a new product can disappear even before it makes it to the market. How to make sure that the new product will get positive online reviews before it goes to market? By evaluating the market value of a new product before and after Crowdsourcing, we offer the proof-of-concept that crowd-wisdom pertaining to new-product idea generation improves its market value significantly, both in term of ratings and comments after just one integration of the crowd into the new product development process. The improvement took place before a large investment was done. More surprisingly, this market value after Crowdsourcing is the same for the Crowd involved in the Crowdsourcing process than for the potential customers of the new product created by using this process.

Keywords: Crowdsourcing; wisdom of crowds; idea generation; sentiment analysis; market value; new product development (search for similar items in EconPapers)
Date: 2018
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DOI: 10.1142/S1363919618500330

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