Wisdom of the Crowd

Imagine a world where the hardest questions are easy to answer. Where knowledge is good, but the crowd is more powerful. Think about a public personality. How does he seek his wisdom? Taking your precious money and spending it on consultants? Or using, as advisors, yourself, your wife, your children, his people, his crowd. The idea of it sounds crazy; how can a crowd be “smart”. And moreover how can a crowd be smarter than professionals?

Lior Tzoref was the first one to recreate a classic experiment regarding Wisdom of the crowd on TED. He put a real ox on stage, (yes, REAL), and asked people in the audience to estimate the weight of the ox. There were 500 estimates, the lowest was 308 lbs., and the highest was more than 8000 pounds. The average of all the guesses were 1792 pounds, amazingly close to the actual weight…  the real weight was 1795 pounds!!

One person may not know the answer for your questions, but the crowd will get you very close. The big question is how do you get to the crowd? Not everyone has an opportunity to stand on a stage in front of 500 people. Fortunately we live in a world that social networks are growing as we speak, the world is connected in ways that 50 years ago we would never even imagine.

Yotpo is a massive part of this revolution. The social networks are out there, but when you want to use the knowledge for purchasing your great new set of earphones, they are not yet in the e-commerce site you logged on to. Bringing the social networks to e-commerce sites is the next huge step toward sharing the crowd’s knowledge! If I want to buy something, it may be hard to believe to one person, three or even five opinions, but when the crowd gives his insight, you collect 100 reviews on a product that are trustworthy!

Next time you have a question, try asking your audience, whether they are on Facebook, Twitter, or you happen to go on a stage soon…

 

Reference:

http://blog.ted.com/2012/02/29/of-oxes-and-the-wisdom-of-crowds-lior-zoref-at-ted2012/