Market metrics

Topics include

CrowdWorx helps you to get timely insights for a multitude of KPIs and market metrics.

• Sales figures
• Market shares
• Growth rates
• Conversion rates
• Churn rates
• Net new customers

Competitive Intelligence

• Probability of market entry of competitors
• Early risk assessment of new competitor products to develop adequate response strategies on time

You can even post ad-hoc forecasts to the crowd when a new situation requires additional information.

CrowdWorx benefits

Provided you have a large and diverse crowd together to participate it is likely that CrowdWorx forecasts will outperform traditional ways of forecasting. For each percentage point of increased precision in sales forecasts one can achieve large loss-reductions from stock-outs and stock-overs. You can even start asking questions which you have not been able to ask before, either because they were out of budget or because traditional methods did not apply.

Possible participants

In market forecasts the first to ask would be your employees and colleagues. It doesn’t matter who is where in the hierarchy. The only thing that matters is to get all the knowledge pieces from the people to the CrowdWorx system. The system will handle the rest.

Things to keep in mind

People should not be forced to participate, instead it is best to let them self-select. Everybody should only forecast in those areas where he feels he knows something – even if these areas are outside his ‘formal’ expertise.

One key success factor are incentives. The best participants should have a good incentive to disclose their knowledge as fast as possible. This does not necessarily involve large amounts of money. In fact, non-monetary incentives can be much better, e.g. publishing the best participants in monthly newsletters, offering a dinner with the CEO for the top trader, publishing a ranking were everybody can see how he is doing etc.