Summary of The Wisdom of the Social Crowd

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The Wisdom of the Social Crowd summary
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Crowdsourcing isn’t a new phenomenon but today, social media offer a treasure trove of collective wisdom. In a brief blog post, Sprout Social director of corporate sales Brian Weimer explains how companies can use crowdsourced data to their advantage. While the post is short on specifics, savvy marketers will appreciate the introduction into how crowdsourced data can help companies develop new products and entice customers.

About the Author

Brian Weimer is the director of corporate sales for the social media managing tool Sprout Social.

 

Summary

“The wisdom of the crowds” posits that large groups can make better decisions better than a few experts.

In 1906, 800 villagers at a fair in the West of England combined their smarts to guess the weight of an ox. Mathematician Sir Francis Galton discovered that the average of their estimates was “99% accurate.” This anecdote demonstrates a persisting phenomenon known as the wisdom of the crowds, whereby unskilled people in large groups make better predictions than a few experts.

Crowdsourced data from social media help companies develop new products and ...


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