The Co-Creation Effect: How You Became Responsible For Every New Product On Earth
This post is part of the "Future of Business" series, which examines how cutting-edge technologies are rapidly reshaping our world, from how businesses run to how we live. "The Future of Business" is sponsored by SAP.
See more Future of Business >>
For savvy companies, social media has become more than a place to listen to customers complain or rave about their products. It's become a new form of R&D.Now Facebook, Twitter, and more specialized online tools are helping businesses find customers to give them feedback on products—or even participate in their
Best-selling author and global consultant Francis Gouillart has dubbed this phenomenon the "co-creation effect."
His latest book is Power of Co-Creation: Build It with Them to Boost Growth, Productivity, and Profits.
"Social media has liberated social forces," he told Business Insider. "We thought traditionally of ourselves as a helpless individual, now everyone can be in a group. I can get a couple of people passionate about a topic and we have a means of being heard."
"What used to be a fairly isolated political process has become a form of business," says Gouillart.
Communities can spontaneously form on the Internet in a way that they just can't do in real life. People can sign Internet petitions and then organize themselves into physical protests from there. They can jointly contribute to crowd-funded projects on Kickstarter and other sites.
"The whole democratization of business is a result of that," said Gouillart.
Of course, it doesn't always work out. Take, for example, Facebook's abandonment of a system where it asked users to vote on planned privacy-policy changes. The social network said it didn't get enough helpful feedback out of the process.
If Facebook struggles to harness the co-creation effect, do ordinary businesses have any hope? Yes, if they look at social media as more than a marketing tool.
Procter & Gamble has become the master of this. Campaigns on its Facebook page have helped it increase sales of Pepto-Bismol, Secret deodorant and Iams pet food.
And marketing is fine as far as it goes. But true co-creation is the next step.
But Quirky isn't the only form of co-creation. Sites like Instructables let people share their designs.
And sites like IdeaScale let companies gather interested individuals and brainstorm new ideas.
The platform you use isn't as important as a willingness to engage in conversations—and to think of your customers as collaborators.
- Luxury “floating” beach unveiled in France, termed an “ecological aberration”
- Scientists think they’ve spotted 60 potential alien power plants in the Milky Way!
- Bread, butter, milk-based health drinks, cooking oils classified as ultra-processed food, ICMR advises restriction
- Debt, equity holders approve merger of IDFC with IDFC First Bank
- Sunrisers Hyderabad to take on Punjab Kings as they look to grab the second spot in IPL points table
- Nothing Phone (2a) blue edition launched
- JNK India IPO allotment date
- JioCinema New Plans
- Realme Narzo 70 Launched
- Apple Let Loose event
- Elon Musk Apology
- RIL cash flows
- Charlie Munger
- Feedbank IPO allotment
- Tata IPO allotment
- Most generous retirement plans
- Broadcom lays off
- Cibil Score vs Cibil Report
- Birla and Bajaj in top Richest
- Nestle Sept 2023 report
- India Equity Market