|Why to deal with this?|| Co-creation is a form of marketing strategy or business strategy that emphasizes the generation and ongoing realization of mutual firm-customer value. It views markets as forums for firms and active customers to share, combine and renew each other's resources and capabilities to create value through new forms of interaction, service and learning mechanisms. It differs from the traditional active firm – passive consumer market construct of the past.
Co-creation means using all the ways companies connect with consumers today, especially online, to go beyond feedback, learning from consumer experiences and involving them in the development of new products, or using their input to adapt existing products to satisfy their needs.
Examples of co-creation are Nike´s sites where you can design your own sneakers or Volvo´s experience developing a new SUV with the help of a community of Californian women, who gave the company pointers as to what kind of car they would like to buy.
These companies are finding that involving their audiences both in market research and product development processes can really pay off, partly because people feel a sense of belonging that greatly increases their customer loyalty.
|When is it suitable/applicable?||Co-creation is always useful for innovation practice, a strategic method to strengthen the brand value and positively influences the product perception.|
|When is it NOT suitable/applicable?|| At a time when so many firms engage in co-creation strategies, it is important not to forget that these are not the ultimate panacea to get value. Analyzing how, where and to what extent value co-destruction may occur must not be neglected.
Disadvantages of co-creation might be that other people can see the product before it is available or that the initiator might have difficulties in understanding feedback comments.warning.png"At a time when so many firms engage in co-creation strategies, it is important not to forget that these are not the ultimate panacea to get value. Analyzing how, where and to what extent value co-destruction may occur must not be neglected.
Disadvantages of co-creation might be that other people can see the product before it is available or that the initiator might have difficulties in understanding feedback comments." cannot be used as a page name in this wiki.
|What costs are related to it (financial, time effort etc.)?||The costs and time efforts differ in the methodology you choose. Latest research shows that most of the companies using the co-creation approach are able to cut about 30% of their marketing costs.|
|What’s the relevant HTE output?||Co-creation is not at the focus of the Hightech Europe project. However, you might find some valuable information in this and related innovation sheets as well as in the consumer acceptance studies carried out in the frame of the project.|
|Whom can I talk to from the HTE team?|| Innovator Guidelines: ZENIT, Agropolis International
Consumer studies: TTZ