Co-Creation is more than just a philosophy!
Co-creation is a powerful trend in product development that has been around for quite some time. But as I have written in an earlier blog post (Brand 2.0: when crowdsourcing becomes a must…) co-creation has recently started to gain more traction with social media bringing communities together.
Most companies have innovation as one of their top priorities. But many face challenges in innovation management – be it ability to co-create with customers, or utilizing employee talent. To address this challenge, enterprises have to embrace open innovation, co-creation and collaborative innovation.
John Windsor’s recent blog post about his friend who runs a business in the outdoor sports market is very relevant:
He described the paradigm shift we’re experiencing really well.
My friend says that he’s at a crossroads. He currently has his agency produce TV spots to run on targeted cable channels. All in, he’s spending a few hundred grand to reach a similar number of viewers.
It’s all good.
Until he starts looking at what his fans are doing on YouTube. People, who love his brand, are making their own spots by the hundreds. And, they’re popular. A half dozen of the videos have been viewed by over 1.5 million people.
At the end of the day, it comes down to math. It’s either creating TV spots and buying the media for them for a lot of money or getting 9,000,000 viewers at the cost of $0. The decision seems easier than it really is. While the cost of the 9,000,000 viewers is 0, my friend has lost some of the control he had over his brand when he used his agency. The trick is moving from a creation mindset of controlling the message and broadcasting it to a curation mindset of inspiring and guiding the people who are creating and sharing the digital videos.
While most companies understand the power of collaborative innovation, the means to achieve it is not always available. They need an alternative to current ad agencies and crowdsourcing platforms. At 90:10, we have been working on a whole series of products that offer companies the strategic direction, engagement, connectivity, relationship management and ROI.
If you’re interested in the products themselves and how they can create value for your company – let me know.