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.
You may also be interested in:
CrowdholdingCrowdholding connects the crowd with entrepreneurs, allowing you to give feedback and ideas for a future share.
First æternity Aepp Joins Crowdholding: Welcoming CryptoTask
Crowdholding Partner’s with Aeternity Ventures to support Starfleet Acceleration Program
Crowdholding May Update
Top 5 reasons to get YUPs! (Get dividends for holding YUPs)
Crowdholding April Update
Implementing Crowdholding widget to your website
ITF excelled with Crowd Wisdom
TailoredInk ICO Community Management
IronX ICO Social Media Marketing
Aerum ICO Influencer Marketing
Jarvis built with the crowd
ySign engaged the blockchain crowd
6 Ways to Earn Crypto For Free
Common Mistakes When Investing in ICOs
Connectjob joins Crowdholding
Week in a Nutshell & Smart Contract
Opporty joins Crowdholding
Getting to Know our Users
SmartCash joins Crowdholding
Bitcoen.io joins Crowdholding
What is a Smart Contract?
How to Create an ICO - Part 3 - Marketing
How to Create an ICO - Part 2 - The Two "W's"
How to create an ICO - Part 1 - The building blocks
Invest Time, Not Money
What alternatives are there to financing your business?
What is an ICO? And should you invest?
Blockchain technology : changing the world of business silently
Crowdholding’s Pre-Sale — A Case Study
How to become a Crowdholding supporter: Part 3 exchanging ETH for YUPIES
China ban on ICO’s : Not all Doom and Gloom?
How to become a Crowdholding supporter: Part 2 Buy some Ether (ETH) on Coinbase
How to create a task on Crowdholding
How to become a Crowdholding supporter: Part 1 creating a Ethereum wallet on MyEtherWallet.com
How to create a project on Crowdholding
Cryptocurrencies and their value
What is Crowdholding?
What is a White Paper? And do you need one?
What can CEO’s / Entrepreneurs learn from athletes?
How to start my own business? Part 3. Validating Your Business Idea
Top 10 career mistakes to avoid
6 Benefits of a Sharing Economy
How to start my own business? Part 2. Factory for ideas
Startup Promotion and Content Marketing Strategy
How to start my own business? Part 1. Five simple rules
The Year Capitalism could have Changed
Robots & Work: Jack Ma Predicted The Emergence of Robot-CEO
Startup Psychology: Why Entrepreneurs will save the planet?
Billionaire's School: it's hard to be the first
10 interesting sport startups that will rule 2017
30 reasons to be an online entrepreneur
How to chose a dating site?
You should know this striking marketing trend
10 reasons to join Crowdholding if you are a student
How did 67,000 people create the first crowdsourced melody?
Launch a startup with a partner, never alone.
Collaboration solves education problems with flying colors!
Hollywood movie from your smartphone?
Design your room the way you want it!
Hi, Your business is now a unicorn!
Hi, You're Hired!
Don't want to change the world for the better? You can stop reading now.
Sharing Economy is not a niche, it's the future
📊 What if karma was 🆚 worth something? 🤜🤛
Raise capital, preserve equity
5 marketing strategies for successful contact with Millennials
Why 75% of new products are doomed to fail?
Small Business Staffing Opportunities
What are Crowd Currencies?
Mass Collaboration leads to unprecedented innovation
Alternative Finance: Equity vs Crowdshare Crowdfunding
Co-creation between the crowd and small businesses
THE RELATIONSHIP BETWEEN IT AND CO CREATION
Corruption on Wall Street: The Stolen American Dream
To own or to rent, trends in sharing economics
CROWDSOURCING IN FASHION
Crowdsourcing a girlfriend
CrowdSourcing Trends 2020
Peer-to-peer journalism: What and how?
Peer-to-peer in the fashion industry
The Peer-To-Peer Marketplace Revolution
The relationship between Co-creation and Innovation
CROWDFUNDING AND VIDEOGAMES
Revenue-sharing vs Reward-based crowdfunding
NON-EQUITY CROWDFUNDING CHANGING FASHION BUSINESS
Blockchain application in Media industry
Blockchain Technology & Crowdfunding
Creative marketing through Crowdsourced Content
JOBS OF THE FUTURE
Alternative finance for small businesses
WHY CO-CREATE? – A message to the Crowd
Think Tanks and Benefits
Empowering Global Citizens to Improve Education
THE EVIL WALL STREET
Co-creation in Tech
Co-creation and Innovation
WHY CO-CREATE? - Benefits for Small Businesses
Co-creation in the Fashion Industry
Crowdholding vs Wallstreet
Make a brand your brand
Reward Distribution Rules.
Please read below how the rewarding structure works.
Voters get 35% of the reward
Commenters still receive the majority of 65% of the reward weight, while voters 35%.
You receive only 7 upvotes and must vote what you think are the best answers
You now have a limited amount of upvotes. You won’t see the other user votes until the task expires. If you vote the top half comments you will receive a portion of the 35%.
Top 50% upvoted comments get bigger share
Our algorithm gives top 50% upvoted comments more rewards than the bottom 50% comments.
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.
Upvoters get nothing
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.
Bottom gets 30 %. But because half of the reward goes to Top 1/2 that makes the final numbers more like Top 1/2 gets 85% (55.25% for commentors, 29,75% for upvoters) and bottom gets 15 % of the final reward.
If there’s 100 upvotes:
1 upvote that upvotes a comment in Top is worth around 12 Yups (circa 8 goes to commentor, 4 goes to upvoter)
1 upvote that upvotes a comment in Bottom is worth 5 (All goes to commentor).
Reminder about our Moderation
If you upvote a comment that’s reported as Spam or comment that should not be rewarded (eg. “Good job” comments) you will lose your right to be rewarded for this task.
We hope you like this new system and it brings you lots of fruitful discussions and reward you fairly.
Do you still have questions? Read more detailed explanation at our helpdesk
All the best,
Your Crowdholding Team