Somewhere along the line, “retirement readiness” morphed into “financial wellness.” It's not clear if this is a good thing. It may be more about handing out the daily fish and less about teaching employees how to fish. (Photo: Shutterstock)
Here's why crowd sourcing works: I just heard a story from the editor of Entrepreneur magazine while attending a session at the New York Press Association's annual conference. He cited an example of an enterprising entrepreneur who, after quite a few failed attempts, hit pay dirt.
What was his secret? He went to Amazon and read all the poor reviews. These complaints spelled out exactly what the market was looking for. So he made products that offered these features. Consumers benefited by getting why they wanted. As a result, he benefited by making lots of money.
The lesson here is you don't need a sophisticated market research regime to discover hidden markets. You just need to listen to the war stories from the people on the front lines.
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Christopher Carosa
Chris Carosa has been writing a weekly article and monthly column for BenefitsPRO online and BenefitsPRO Magazine since 2011 and is a nationally recognized award-winning writer, researcher and speaker. He’s written seven books, including From Cradle to Retire: The Child IRA; Hey! What’s My Number? – How to Increase the Odds You Will Retire in Comfort; A Pizza The Action: Everything I Ever Learned About Business I Learned By Working in a Pizza Stand at the Erie County Fair; and the widely acclaimed 401(k) Fiduciary Solutions. Carosa is also Chief Contributing Editor of the authoritative trade journal FiduciaryNews.com and publisher of the Mendon-Honeoye Falls-Lima Sentinel, a weekly community newspaper he founded in 1989. Currently serving as President of the National Society of Newspaper Columnists and with more than 1,000 articles published in various publications, he appears regularly in the national media. A “parallel” entrepreneur, he actively runs a handful of businesses, including a small boutique investment adviser, providing hands-on experience for his writing. A trained astrophysicist, he also holds an MBA and has been designated a Certified Trust and Financial Advisor. Share your thoughts and story ideas with him through Facebook (https://www.facebook.com/christophercarosa/)and Twitter (https://twitter.com/ChrisCarosa).
