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The Benefits of Co-creation

Customer co-creation often utilizes the ideas of your customer base to bring fresh concepts to your business. It’s a strategy whereby a company actively engages its clients to participate in feedback by asking for input on current and new products and services.

LEGO is perhaps once of the most well-known examples of co-creation. Their ‘Ideas’ platform allows anyone to post suggested new LEGO product ideas – giving the company fresh new ideas that customers are looking for in the future. You don’t have to submit an idea to participate. You can look through other people’s ideas and show your support for your favourite submission – increasing its chances of becoming a real product – giving the company data on what the public thinks of the idea. Co-creation is embedded in LEGO’s business structure and is key to their sustained success.

The process of co-creation has positive effects on a customer’s perception of a company. Being asked for their feedback makes them feel empowered and, therefore, more apt to purchase the item or brand.

You may be thinking, “I sell a service; this doesn’t apply to me.” Service is work performed in support of another person, and a client’s display of satisfaction or disappointment; is their determined value of that service. You can create an offer, but if the client does not accept it, no value is created. So, while you may not have an active co-creation strategy in your business, your customers are co-creating every day. Your job is to listen and respond. The benefits are that it shows respect, increases knowledge, establishes trust, creates loyalty and generates new ideas.

To be effective, companies need to learn how to adapt to the ever-changing needs of their clients. Customers want service to be convenient for them, not for you.

Are you ready to respond to rising expectations? We can help.

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