Co-creation between the crowd and small businesses
All over the world, businesses have been categorized into three types. These are Sole Proprietorship, Partnership and Company. No matter, what type of business you’re part of, the customer is the ultimate reality of any business. Are you aware that Crowdholding allows you to connect with an engaged community that co-creates and then buys the products they helped build?
If you’ll not be having loyal customers, you can’t think to flourish your business. So it’s very important to keep your customers intact. For this purpose, discounts are offered, different promotions are launched and likewise. When the customer comes to the shop, to purchase, he offers his time, energy and money. While in return, business tries to provide the required products and services. Thus this mutual collaboration between the customer and the business or organization is known as Co-creation.
This concept of co-creation came into practice in late 90’s with a different name known as experience economy. At that time, customer use to acquire the experience instead of purchasing any commodity. Later on industrial giants like Starbucks, Dell, Lego, and Unilever practiced this concept and gave it its required fame. This concept has revolutionized their sales and it also rang a bell among those who were experts at the market studies. Later on, in 2004 Venkat Ramaswamy and C.K. Prahalad of Michigan University used the term Co-creation for the 1st time to describe the collaborative effort between customers and organizations.
It is easy for big companies like Starbucks to practice Co-creation by allocating special time, energy, focus and budgets just to gain an increase in sales. If the business is not old and big like Dell, rather it is a small one, than there might be a possibility that this business may not be able to practice Co-creation. Crowdholding makes sure that is not the case by making it easy for small businesses to co-create with an engaged community. On the other hand, it is also very important to retain the customers in such a competitive environment. So according to experts a small business can flourish or excel among its competitors by creating an innovative environment. If the organization is flexible and welcomes changes and innovation, only then it can survive in the modern day competitive world. Furthermore, only then it hope and practice Co-creation. Facebook is the best example to study this. Facebook was launched by Mark Zuckerberg and his friends at a very small level, but the idea was new and creative. That idea now made him one of the richest person on this planet while co-creation rate of Facebook is currently topping the charts. Another example is Blank label which is a small business and allows its male customers to do customization of their shirts. From collar to shoulder and fabric to buttons, each and every thing can be customized. Thus they are also practicing co-creation.
Business environment has become highly competitive nowadays. You can’t survive without constant innovation and creative ideas. No matter, what’s the size of your organization. Additionally you need the topping of co-creation. In order to implement an environment of co-creation many steps can be taken. Companies, can introduce discounts, promotional campaigns, interesting advertisements, Crowdshares and likewise, just to engage the customers in them. Once the customer is engaged into your products and services, now the time come to introduce efficient salesmen to do the selling and make your business flourish.
We are interested in your opinion and feedback regarding the crowdholding concept. Get in touch through our website or email us at email@example.com Learn more about Crowdholding in 1 minute by watching our Youtube video.
CrowdholdingCrowdholding connects the crowd with entrepreneurs, allowing you to give feedback and ideas for a future share.
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