Co creation refers to when the consumer has a role and shares input on the creating, producing, and designing process of the product or service. Co creation is beneficial to all parties involved (Consumer and business, etc.) because it results in an overall better product or service. The customer feels their input and voice is heard, the company gets valuable feedback, and the final product is improved.
There are many ways to co create, but some methods are more popular than others. One popular way is to have the customer design their own product. This can be done through a website or app, or even in person. Another way is to allow customers to be involved is through voting or surveys on different aspects of the product or service. Customers can also participate in creating a marketing campaign for the product or service.
One of the most famous and best examples of customer co creation involvement in a marketing campaign was Coca-Cola's "Share a Coke" campaign. This campaign allowed customers to personalize their Coke bottles with their names on them. Not only did it give customers a sense of ownership and involvement, but, it also created a lot of buzz and publicity for Coca-Cola.
Cocreation is a great way to improve customer loyalty and create brand ambassadors. When customers feel like they have had a hand in creating the product or service, they are likely to be more loyal to the product or service. They are also more likely to refer it to their friends and family. This is because they feel like they are part of the company and share in its success.
Co creation is a win-win for both the customer and the business. The customer feels more engaged and valued, while the business gets valuable feedback that helps them improve their product or service. Co creation should be used more often by businesses in order to obtain these great benefits.
What are the benefits of cocreation?
The benefits of cocreation include increased customer engagement, improved customer loyalty, greater customer satisfaction, better product/service design, faster innovation cycles, and cost savings.
How can companies implement cocreation?
Companies can implement cocreation by engaging customers through surveys, focus groups, interviews, online forums and other methods to solicit feedback on product/service design and development. Companies can also use digital platforms such as social media to reach out to customers for their input.
Fun Fact:
According to a study conducted by Harvard Business Review, "cocreation of value with customers has been shown to increase customer satisfaction by up to 40% and loyalty by up to 20%" (Kumar et al., 2011).