Placing trust in the future of co-creation
The opportunities to gain competitive advantage through co-creation are greater than ever. Old models are being disrupted by businesses agile enough to crowdsource their way to success. Collaboration with consumers and other partners is driving innovation.
Trust, integrity, reputation … call it what you will, but time and again, studies have identified this as a major issue.
Engagement delivers better insight and helps harness creativity. Yet what is often overlooked ... is trust.
Consumers are increasingly on their guard, mindful of the value of their personal data, selective about the information they choose to share and careful as to which organizations they deem fit to share it with. It is those businesses that prove themselves engaging and trustworthy that will realize the potential of consumers as an asset for innovation by persuading to get them on board for the co-creation journey.
The good news is that consumers are predisposed to collaborate in growing numbers. These proactive consumers, sometimes referred to a “prosumers,” are a remarkable resource. A major new international study by EY* has found evidence of consumers offering active cooperation in the new product development phase in every 1 of the 10 diverse categories we looked at: telephone and mobile contracts, consumer loans, household insurance, food and beverages, consumer electronics, cars, clothes, commodities, health care and health insurance.
In terms of demographic profile, as one might expect, consumers aged 15 to 29 are the most active group. They are over three times more likely to participate in product or service development (20%) than the 50-plus age group (6%).
What we see with the younger generation of “digital natives” is a can-do attitude to collaboration and creativity, in part forged by living and breathing social media. For example, around 100 hours of video content is uploaded to YouTube every minute, much of it generated by consumers eager to create and share. And, of course, although older consumers tend to be less active or prolific than their younger counterparts with respect to co-creation, as our research underlines, there are also opportunities to be found when courting a more mature demographic. Creativity is flourishing.
Read the full article on which this abstract is based for examples of how companies such as McDonald’s, Starbucks and Procter & Gamble are demonstrating that corporate agility is a necessity.
* Consumers on Board: how to copilot the multichannel journey, EY, 2014.
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