Marketing Forum 2: Collaboration for innovation
Collaboration for innovation: co-creating value with customers
Co-creation refers to the processes by which both consumers and producers collaborate, or otherwise participate, in creating value.
In this Forum, Tim Hughes and Jim Tudor explored how different organisations are using co-creation to generate mutual value for their customers and themselves.
Co-creation is said to be becoming the prevalent approach to innovation for many companies. All kinds of businesses are embracing social media platforms to connect with their customers. They are picking up new ideas and asking people to help them with the co-creation of products. Examples include:
- Walkers – new crisp flavours
- Cadbury – relaunch of Wispa
- Toyota – consumer innovation
Co-creation can take many forms and its use is not confined either to large consumer companies or exclusively on the web. Co-creation is not restricted to the commercial sphere. Some organisations are now using co-creation principles to generate really big ideas that can help tackle environmental and governmental challenges. Examples include:
- GE – Ecomagination Challenge
- Barack Obama – Open Government Initiative
- Aberdeen City Council – community access to online data
This forum took place on Tuesday 4 June 2013.