10 ways that co-creation will boost your brand.

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The days of top-down, one-way brand building are over.

The brands who are winning are the ones who are listening to and engaging with their customers, and actively involving them in the creation of their brand identity.

Social media connects consumers with brands more than ever. We know that consumers use brands to shape their personal identities. But the increased connection that is made possible by digital platforms blurs the lines between the role of the consumer and the role of the firm in shaping the brand.

The time has come for brand managers to recognize the power of the consumer, and relinquish some control over the brand and the creation of its identity.

The good news? Research from Drs Eric Kennedy and Francisco Guzmán from the University of North Texas found that co-creation represents significant benefits not just for consumers, but for firms as well.

Here are ten of them.

1. Increased return on investment

Image: Increased return on investment

Sharing power and co-creating with consumers helps firms to grow sales and profit in the long term. Engaging with consumers enables firms to stay relevant, increase sales and insights, as well as reducing churn, and gaining a higher shareholder value.

 

2. Improved customer insight

Image: Improved customer insight


Engaging with consumers helps firms to better understand their consumer needs and validate learnings from formal market research. Managers have also found that keeping lines of communication open with consumers impacted sales, and that this sort of informal research could help to drive concept development.

 

3. Expanded intellectual resources

Image: Expanded intellectual resources


Engaging with consumers increases the intellectual property of a firm, and aids its competitive position in the marketplace. Co-creation enables firms to make sure that they are both providing the right content, and evolving the product to the market’s needs.

 

4. Alignment with mission statement

Image: Alignment with mission statement


An organizational culture built around the importance of the consumer is a prime factor in co-creation with consumers. By embracing co-creation, many firms are simply delivering against a key part of their mission statement to work closely with customers or put the customer first.

 

5. Better quality of service

Image: Better quality of service


Co-creation enables firms to enhance the service that they provide. For many firms, personal interaction with customers is a core part of the services they provide, and therefore essential to providing a better brand experience.

 

6. Stronger brand

Image: Stronger brand


Co-creation helps to enable the alignment of brand perception and brand identity, increasing the value of the brand. Engaging with consumers enables brands to create better, more relevant content, which builds equity and improves ROI. Remember, consumers are an extension of brands – without them, a brand loses relevance and market position.

 

7. Increased brand loyalty

Image: Increased brand loyalty


The more communication a consumer has with a brand, the more loyal they will be to that brand. Engagement keeps brands fresh, connected, and relevant. In order to create long-term relationships with customers, engagement is simply key.

 

8. Greater brand awareness

Image: Greater brand awareness


Co-creation leads to increased brand awareness, especially when a brand is attempting to change their image or move into new markets. Brands have an advantage if they are top of mind for consumers, helping them to feel confident in the choices they make.

 

9. Improved differentiation

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Co-creation is a way that brands can differentiate themselves from competitors. The closer relationship with consumers that co-creation enables helps brands to garner a competitive position.

 

10. Enhanced brand experience

Image: Enhanced brand experience


Brand experience is enhanced by co-creation. Co-creation with consumers leads to better experiences, in turn leading to greater customer satisfaction, more referrals and word-of-mouth, new customer acquisition and repeat business.

 


Read more! This listicle is based on Co-creation of brand identities: consumer and industry influence and motivations by Eric Kennedy and Francisco Guzmán published in Journal of Consumer Marketing.



As always, if you are a journalist looking for further insight for any features or news articles, please do not hesitate to contact:

Image: Michael Sandford.
Michael Sandford
Content Communications Executive

Icon: Envelope. msandford@emeraldgroup.com

 

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