Co-creation

Copy the following HTML iframe code to your website:

Share This
Categories: Branding, Marketing
DEFINITION:

Co-creation

We think the following definition is the most accurate: “Co-creation refers to the involvement of consumers in product innovation and development. Co-creation involves bringing end-users together to develop the product to cater to their own needs. It is a management initiative to increase consumer engagement with the brand while building healthy consumer relations and providing better user experience. With the increasing focus on consumer-oriented marketing, the value generated by customer co-creation is at its peak. Having a say in production and company innovation brings a sense of belonging in the consumers which in turn generates consumer loyalty and engagement” (Jain, 2017).

Here are some of co-creation benefits:

  • When customers understand the brand mission well this helps a brand to stay on track with its mission.
  • Co-creation can potentially help a brand to retain a creative and operational position in the market by simply tapping the creative and inspired talents of the masses often and at little or no cost.
  • It can, globally and locally, incorporate consumers’ tastes, preferences, values into the development of brands, products or services.
  • Finally, rather than using surveys and focus groups to try to understand what consumers want, co-creation allows the participation of the company’s most valued customers.

(Efomi, 2018)

Co-creation” is often used interchangeably with crowdsourcing. Although there are some similarities but are two different concept.

Co-created value arises in the form of personalised, unique experiences for the customer (value-in-use) and ongoing revenue, learning and enhanced market performance drivers for the firm (loyalty, relationships, customer word of mouth). Value is co-created with customers if and when a customer is able to personalise his or her experience using a firm’s product-service proposition – in the lifetime of its use – to a level that is best suited to get his or her job(s) or tasks done and which allows the firm to derive greater value from its product-service investment in the form of new knowledge, higher revenues/profitability and/or superior brand value/loyalty (Wikipedia, 2018)

REFERENCES:

WANT TO HIT TARGETS ONLINE?
Hi, I’m Consol Efomi and I see growth in everyone. My team and I look at an organisation as whole and identify crucial growth opportunities. Would you like get a book a call for a free consultation? Let’s talk!
Consol Efomi, Digital Strategist | efomi

CONSOL EFOMI
Digital Marketing Strategist (BSc, MSc)
Author of ‘Growth Marketing

SOME OF WHAT MY TEAM CAN DO FOR YOU
SEO
Digital Advertising
Social Media Marketing
Web Development
– Training & Education
We have many strings to our bow and they all combine to pack powerful punch. Before working with us, why not see where you stand? Take advantage of our free web assessment.
Get Your Free Assessment

Marketing Analytics and Management Tool | Efomi

NB: The rapid changes that comes from digital technologies, marketing and business mean definitions are forever changing. Please feel free to join the conversation.« Back to Glossary Index

Leave a comment

You must be logged in to post a comment.