Long time no see. Today’s topic is product co-creation also known as consumer co-creation, where a business and consumers participate in new product development (NPD) together. Seems like no big deal (NBD) and it’s not an entirely new concept, but thanks to the Internet, e-mail and social media, consumers now play a greater role in the process.
First let’s look at what encourages co-creation:
- Technology (the Internet) provides consumers with unlimited information
- Internet also provides easier communication
What inhibits co-creation (mostly compared to a B2B scenario):
- Large distance between business and its consumers
- Strong intermediaries such as retailers
- Large number of potential consumers
- Lower levels of consumer loyalty
- Rapidly changing consumer preferences
Perhaps you’ve already participated in co-creation online. For example, posting on a business’ Facebook page what you’d like to see next from them, or participating in a taste test survey, or helping to fund a Kickstarter campaign. Definitely threw that last one in on purpose, because Kickstart is one of those newer phenomenons that a lot of people have heard of by now. Kickstarter is basically your shining example of how the internet has revolutionized product co-creation. But it’s not just “the Internet” as I keep calling it, it’s this new culture where consumers feel comfortable telling businesses what they want to see next without any particular prompting.
I’ve flown down to LA to start off the long weekend early and the only way I can describe this is through hashtags: #scumbagstudent #senioritis #fangirl #lifepriorities