Exponential Power of the Crowd
In the past, going big with your business was nearly impossible since it required huge capital outlets, gathering all kinds of talent, and maintaining an infrastructure to keep this talent and the technology that comes along with it. However, today, thanks to the exponential power of the crowd, going big with your operations simply requires access to several different types of tools.
How to Unlock the Power of the Crowd
In the twenty-first century, one of the great things about doing business is that the sky is the limit. This is because the skills you need to make things happen are accessible to you, and mastering tools like incentive competitions, crowdsourcing, and crowdfunding are becoming more and more essential. These tools offer business owners incredible growth potential for three main reasons, which include:
1.Growing crowdsïThe exponential power of the crowd is going to experience dramatic growth over the next decade simply because more and more people are going to be online. It is estimated that within the next 10 years or so, over 3 billion new people are going to join the crowd.
2.Expanding technologyïJust like any other type of technology, the technologies used by the crowd are constantly growing and expanding. It is estimated that by the end of 2017, 54 percent of the world’s population will have access to mobile Internet. Due to this, the crowd is becoming even more connected and even more responsive.
3.Accessibility is getting easierïOf all the technologies becoming available, it is important to note that not only are they developing, but they are becoming more accessible to everyone. This means that the people businesses use for support are even more capable than they were just a few years ago.
However, if you want to take advantage of the exponential power of the crowd, you need to keep a few important things in mind. For example, you need to remember that change is always happening, and that the rate at which it is happening is increasing. Additionally, you need to be aware that competition isn’t just coming from multinational conglomerates that solely operate overseas. Rather, competition is developing in ordinary places by people who simply have access to incredible technologies and know how to harness them for success.
Putting Together Your Community
If you want to harness the exponential power of the crowd, you are going to need to put in effort to build your own online community. To do this, there are several critical steps you need to take.
First, don’t be afraid to get started. Although this may seem obvious, if your business is the first business to make an entrance into a space, you will have the upper hand. However, this doesn’t mean that just because you weren’t the first organization in a space doesn’t mean you can’t be successful. Instead, it simply means that you’re going to have to be more original and more visionary when compared with your competitor.
Second, you need to find the right people. Get things moving by finding 10 to 15 people you can engage in the community-building process. It’s important that as you do this, you earn their support by actually using their input, listening to their advice, and engaging them in the overall building process.
Once a new member joins your community, it’s important that you make them feel like they have a place within your organization. However, you also have to make sure they know they have to earn their keep. Due to this, it’s a good idea to establish a way to get newcomers involved. For example, you may want to reward a new member after they put together their fifth blog post or after one of their photos on Instagram generates a certain number of followers.
The final thing you need to do after your organization decides it wants to take advantage of the exponential power of the crowd is listen. It is absolutely critical that you remember your business won’t get anywhere without the loyalty of your members. Pay attention to what your members are telling you and don’t be afraid to take things in a different direction if that’s what is needed. Ultimately, keep in mind that huge companies can be built faster than ever before, and organizations like we’ve never seen before are on their way.
Find Out More
As you look for ways to grow and expand your operations, make sure you take a look at the resources on Mighty Recruiter to find out exactly how to do so.