Many B2B engineering businesses are based on co-creation model where the customers participate and even take lead in design and development of the product they are to consume. On the other hand, co-creation is an option positioned as a premium offering for the elite group by many brands through personalization of Rolls-Royce cars.
In reality, co-creation is a strategy based on design thinking to build products, services and their touch points along with the customers who are the end users. Often, new product/service development models are built with strong feedback loops from customers. Co-creation isn’t a feedback loop method, instead it is a method where the customer creates his products/services and touch points, while the organization facilitates that activity.
A world leader in insurance co-created their website with young customers who found it difficult to save for their future. A telecom provider co-created all their multi-lingual customer communication with rural customers who are semi-literate.
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