Creating a future with consumers through co-creation

Traditionally, brands are in control of their creative and innovation contents. That position is evolving and we are seeing consumers getting involved with the creative process at the request of brands. Brands are increasingly realizing the importance of having more involvement of their consumers in the innovation process and this is enriching for the parties involved.

Co-creation is defined by Wikipedia as ‘A management initiative, or form of economic strategy, that brings different parties together (for instance, a company and a group of customers), in order to jointly produce a mutually valued outcome’.

Companies co-creates by inviting a community outside of their organization to ideate and conceptualize in certain important areas. The co-creation team are inducted into the brand architecture and are made aware that they are contributing towards the development of ideas and concepts. This works particularly well for innovation related ideas – new product or service development. The consumers are given the opportunity to have a say in the innovation process and this can be at different stages of the process depending on the need of the organization.

There are many benefits of co-creation for the company:

1.       Steady flow of ideas: Co-creation provides a rich pool of ideas that the company/brand can build from. With the involvement of a pool of creators, there is no shortage of good ideas that can be developed into commercial ventures.

2.       It increases the speed to market:Having many people come up with ideas can quicken the innovation process and ensure a faster launch of products or ideas into the market.

3.       Expands the thinking process: The fact that you have a set of people different from the employees can bring up fresh ideas that are outside the box. They are not restricted and are often free to generate ideas without being encumbered with company baggages.

4.       Brings a brand closer to the target market: When companies engage a co-creation community who are probably within the demographic of their consumers, it is an opportunity to know their thinking, motivation and drivers.

The consumers or other co-creation stakeholders also benefit from the process:

1.       Consumers are recognized: When consumers co-create they get to be on the centre-stage with the brand. Most times, their names will be projected as co-creator and this gives them a lot of recognition in the public domain.

2.       There is an incentive for co-creating: Co-creation also confers on the consumers/stakeholder some rewards which may be monetary in nature. This is motivating as they get returns on the work they have done.

3.       Gives a sense of belonging: Co-creation gives consumers a sense of belonging as they see themselves as integral to the success and future of the brand and organization.

Many companies have successfully used co-creation to come up with innovative ideas; this ranges from Coca-Cola’s innovative FreeStyle machine, which revolutionized fountain dispensing, to Microsoft working with consumers to create formats and Lego that continues to partner with their young customers.

Co-creation is the future; with the competitive pressure piling up brands need all the help they can get to remain relevant to their target customers/consumers. The interactive virtual environment has driven better collaboration and engagement with consumers and brands and this is a viable platform for innovative ideas.

Bolajoko Bayo-Ajayi