With the explosion of technology in the backdrop of social change, the balance of brand power today has shifted from companies to individuals. At any time, anyone (including your employees and customers) are empowered to write, post, snap, or share their personal experiences with your brand.
And you’ll never have editorial control over them.
This phenomenon has turned millions of consumers into activists, critics, journalists, photographers, influencers, and product reviewers – sometimes all at once. Without a doubt, it’s now the consumer’s world.
Brands are just living in it.
And to have a chance at living well, every company has been forced to recognize what industry leaders saw long ago: great customer experience is absolutely critical to brand sustainability and loyalty – especially now.
86% of consumers are willing to pay more for great customer experience.
However, despite that realization, many organizations are struggling to stay ahead of this trend. They’re scrambling to realign or retrain staff (including remote teams) and furiously mapping customer journeys. But the question remains: Is that enough?
The answer is no.
Customers with an emotional connection to a brand have a 306% higher lifetime value and will recommend brands at a much higher rate.
To truly improve customer experience, there’s one thing that the vast majority of brands aren’t doing, which uncoincidentally is also the one thing that they should. In order to become an actual customer experience leader, brands must double down on consumer power and give their customers ownership.
And the one way to do that is through co-creation.
Co-creation: When a company comes together with the purpose of designing new products, services, and experiences with the marketplace.
By uniting consumers and employees, co-creation embodies genuine engagement and partnership, which is something that so many brands talk about, but so few actually achieve.
A recent IBM global research study of 1,500 CEOs concluded that ‘the most successful’ organizations are those that co-create products and services with customers. And some of those organizations include:
IKEA – Lego – Unilever – Domino’s Pizza – Bosch – Heinken – BMW – Signify/Phillips Lighting – Network Health
The Co-Creation Lab Series™ helps executives think differently about…
Product, Service, and Experience Design
Innovation Insight
Customer Experience
Consumer Engagement
Brand Loyalty
Financial Performance
Recognized by Forbes, the Insight Innovation Exchange, the Huffington Post, American Marketing Association, CustomerThink™, and more, the Co-Creation Lab Series™ is designed to align brands with unmet consumer needs while also improving operational performance.
Rather than using legacy research tactics such as focus groups, market research, and opinion surveys to identify brand opportunities, the Co-Creation Lab Series™ crafts custom experiences that enable brands to engage with consumers in the marketplace.