The relationship between Co-creation and Innovation
Nowadays, a new mindset is required to forge a highly successful competitive advantage. In the old days, being able to optimize processes in the value chain generated enough of an advantage to beat competitors, delivering faster, cheaper and more conveniently. Actually, small businesses can build an absolutely new source of productivity by letting loose the power of an engaged community through Crowdholding. It is based on the simple idea that when people collaborate, they work better, and all involved benefit from the experience.
Co-creation is a very popular management concept and initiative or a strategy within an economic discipline to bring together customers and marketers to achieve or fulfill a specific objective which would be mutually beneficial to all. Themes of co-creation influenced the birth of the mountain biking industry. Mountain biking started as an exciting pastime activity among teenagers of the Marin County, California, in the beginning of 1970s. Nowadays, it is an $100 billion worldwide industry, as well as a form of recreation for many more.
On the other hand, innovation is creativity at its best where new ideas, new concepts or major shifts in thinking brought forward to ensure the successful continuance of an individual, organization or ideology.
Coupling these two effectively could bring about very positive idea innovations, marketing innovations and technology innovations that would take any organizations placed at any level on the small business platform or even a successful conglomerate to more successful endeavors.
In today’s competitive marketing environment, businesses, whether they are small business enterprises or large conglomerates, need to break the shackles of traditional marketing concepts and think out of the box and for that, they need co-creation and innovation.
Brands and customers
It is imperative that brands are created to keep up with customer expectations and if this relationship is not continuously maintained at the optimum level at all times, marketing strategies which would have been initiated with much midnight oil being burnt would not bring the envisaged results whatever the marketing professionals would have planned.
Technology development is also the same because only if you have the right inputs would you innovate the right things that would be used by your customers and the people at large or you could be innovating something that the customers cannot use or not accepted by the relevant authorities for many different reasons.
Brands need to look deeply into customer requirements and create products and services that would suit such requirements and it is to get this mix right that the new concept of co-creation and innovation comes handy.
Different marketing strategies have been initiated by professional marketers over the years, however, Crowdholding finds the perfect mix to proudly call itself a C2B (Customer-to-Business) platform for co-creation and innovation.
Selected segments of customers would need new strategies and it would be prudent to initiate new idea innovations that would bring out better results to both sides of the divide with mutual advantages.
Hence brands could consider co-creation as a close initiative to have your customers involved in the production and marketing platforms which would give a better understanding to marketing professionals to execute their work.
Initiating co-creation marketing strategies
Implementing innovative marketing strategies has taken individuals and companies up the ladder of success and into this equation adding co-creation as an innovative strategy should bring positive results.
Marketing professionals could bring a new perspective into marketing if they could involve a wider spectrum of their customer base prior to implementing new technology innovations which would give them more inroads into their market and also the added impetus to meet the challenges of the competition that they would meet.
The world is moving very fast in all aspects especially where marketing is concerned because new idea innovations are drawing every sinew to the optimum in a very competitive marketing environment.
Please do not hesitate in contacting us if you have any questions or concern regarding this topic. At Crowdholding we will be very pleased to bring you any helpful additional information on this matter.
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Commenters still receive the majority of 65% of the reward weight, while voters 35%.
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Give me an example with numbers
Upvoters get 35 % of the reward.
65 % goes to the commentors.
Half of the reward is gained from bottom 1/2.
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1/2 of the reward pool for this segmentis distributed among top 1/2
There is a task with 1000 Reward.
Let’s assume Top 1/2 recevies 70% of all upvotes.
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