Skip to main content

The Power of the “Crowd”

power of crowds

We live in a world where customer is the king and her preferences are changing ever so quickly. For an entrepreneur, it becomes very difficult to understand customer preferences and requirements and to find a good product-market fit in the process. Hence in this world we are living in, tapping into the “Crowd” makes complete sense.

The “Crowd” refers to a mass of people who may be connected or not connected to you. Crowdholding is a platform which tries to connect entrepreneurs with the “Crowd” so that they can derive the host of benefits the latter has to offer.

The benefits of the “Crowd” are listed below.

Diverse Opinions – The “Crowd” is a heterogeneous lot of people coming from different backgrounds and demographics. They all come together as they have 1 common interest – engaging with entrepreneurs around their business ideas. This ensures that suggestions and opinions received by entrepreneurs on the platform are diverse and focus on different areas of the business.

Unbiased Feedback – Since the entrepreneur has no previous attachment with the people engaging with his/her business idea, the feedback received can be safely assumed as unbiased.

Implied Agreement – Any opinions which are reiterated time and again can serve as implied agreements by the “Crowd”. Since these implied agreements are opinions of a number of people, the entrepreneur can use the same in further design and development of the product.

Statistically Significant – Even statistically, data collected from a bigger sample of people has more significance when compared with data collected from fewer persons. This data collected can be analysed by clubbing into categories and trends can be identified which again can be used in product development.

Cheaper – Finally Crowdsourcing feedback and ideas consumes lesser time and lower cost when compared with other means to do so.

So if you are a budding entrepreneur and have a business idea, put it on Crowdholding and let the Power of the Crowd assist you in realizing your dream.


Popular posts from this blog

Pricing a CryptoCurrency

Cryptocurrencies have been getting a lot of attention lately. With increasing capitalizations of the major currencies in circulation now (like Bitcoin, Ether, Litecoin etc.), investors are increasingly looking at making these currencies a part of their portfolios. Since retail investors can also invest in these currencies without restriction, understanding how these currencies are valued becomes crucial. The value/price of a currency is based on the demand for the currency, the supply of the currency and risks associated with the currency.
Demand of the Currency
A cryptocurrency is generally a token which is issued around an operation which happens in the background. The demand for the currency is essentially the value which can be generated through the operation backing it up.
To arrive at this value, we need to start by identifying the major use cases of the currency. The next step is to quantify these use cases with regards to the value for customers they can potentially generate. Taki…

Revenue Model - Bookmyshow

Bookmyshow is an online ticketing startup based in India.
Convenience Fee Charged (85% of Revenue) – The startup charges it’s users a convenience fee over and above the ticket price.
Turnkey Solutions for Events & Sports (10% of Revenue) – Bookmyshow offers turnkey solutions to various events, from generating user interest to selling their tickets online.
Software Solutions (5% of Revenue) – This is the revenue charged from cinemas for the software solutions provided and their maintenance. This software includes online integration and the facility through which users can get printouts of the bookings they have made online. The startup is also looking at developing an advertising revenue model aimed at production houses.
Regulation – Regulation can be a cause of concern for the startup, something which has happened in the past as well. Maharashtra Government, in 2013, decided to scrap the convenience fee in the state.
New Competition – Currently the startup is a d…

How Do Websites Offering Free Services Make Money?

Most free web services plan to make money by the following:

Advertising model - Know as much as possible about the user and bring targeted ads. 
Freemium model - sell a free product and plan to convert some of them to a paid plan.
Limited period promotion - Start with the free product for a promotional initial period and plan to charge it later. For instance, 37 Signals provides free 30 day trial offer for most products and then charge if you use later. This is a tough thing to master these days.
Sponsorship model - If your service indirectly helps the government and/or major organizations you could ask them to sponsor your service.
Wikipedia model -  You could get donations from your users. Many wordpress plugins, open source tools and Wikipedia do this. This could be the future of newspapers.
Gillette model - Printers and razors are sold less than cost, as they plan to make high margin from selling a complementary product (cartridge/blades). The printer or blade you purchased will turn w…