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The history of companies co-creating with their customers is a relatively short one, starting a few years ago with some offering their customers the ability to design and create their own product. Some argue that it actually dates back further, with the efforts to survey customers and use their feedback to better design and create products that meet the customer’s needs. Regardless of the official start date, over the past few years, the benefit of co-creating with customers has been made clear. Researchers at organizations like The Harvard Business Review have looked into companies that have wholeheartedly embraced co-creation like AirBNB and Uber to find that these companies aren’t just doing well, they’re doing very well, compared to their competitors.
Co-creation provides your customers additional value, the additional value and proximity to the their favorite brands creates a stronger affinity for these brands. The customer’s co-creation provides value back to the company at a lower draw on the company’s resources. Together the company and customer are forming an almost symbiotic relationship. Compare this experience to the customer’s other options for say, hotel stays or apartment rentals and it’s not hard to see why the brands who co-create with customers are leaps and bounds ahead of those who don’t.
Brands who are able to achieve this relationship with their customers often do so through providing a technology or a means in which customers can submit their ideas, or avail their assets like apartments or vehicles.
You don’t have to totally reinvent your business model and become the next Uber in order to start co-creating with your customers. You don’t have to build a new technology platform from scratch. Instead, start small. Start by closing the feedback loop.
Leverage the open innovation platform from Idea Hunt and start engaging your customers in a dialogue, collecting their feedback and their ideas for new products or services. By providing your customers with a hotline to your brand, you are demonstrating their value. Showing your customers that you care is a sure and easy way to create affinity with your customers and take them from consumers, to promoters of your brand.
Idea Hunt Enables your Customers to:
Co-Create and Curate Ideas for:
Contact us today to learn more about the platform, the ways it can help you start co-creating with your customers and plan a customized platform to fit your organization and your customers.