Let’s say you have a product that is not clicking with your target market, despite your heavy marketing efforts. How will you solve this problem?

Traditionally, we will spend market research dollars on surveys and focus group discussions to identify the problem and prevent eventual failure. That means you have shell out more money to make this move.

Instead of you fixing the problem, why don’t you let your customers do it for you? How?

It’s time you learn about crowdsourcing or user-centered innovation.

This basically works by involving your customers in all aspect of your business operations from product development, branding, and even crafting marketing campaigns. While this will also cost you some money, there are times when it can be done for free. BNET explains why:

People will do many things for a business for free, simply because they think it’s fun. Products and companies can become hobbies unto themselves, and many consumers will derive satisfaction from feeling like an insider at a company they’re passionate about. In return, you should give them recognition, exclusive perks, the opportunity to interact with senior company managers, or free products.

Visit BNET to get a step-by-step instruction on using this new approach. You can also read BusinessWeek’s overview about crowdsourcing.