Having customers vote by telling you they’ll order your product is a great thing. But how can voting become a problem? That’s been the focus of research by Victor Araman of the American University of Beirut and Chicago Booth’s René Caldentey, as noted in Chicago Booth Review:
Araman and Caldentey developed a model to help businesses choose when to end a crowdvoting campaign. For many companies, this means closing the polls either by a certain date or at a set number of votes. But the model—which takes into account that some crowdvoting systems get into crowdfunding territory, allowing voters to essentially vote by preordering products—suggests that a rolling target based on a variety of factors can help some businesses pinpoint the optimal time to launch, or abandon, a product.
What are the best factors for your community? Do you have a pre-ordering system in place? Can you expand for demand? Do you have bosses that will let you abandon the product if the customers don’t want it?
Find Crowdvoting tools on CabinetM that will let you meet your marketing goals by fitting into your marketing strategies.