Emotions, empathy, connection, love, storytelling, self-care – I am referring what I heard about the consumer. Creative revolution, democratization, social innovation, experience, passion – I am referring to what I heard about innovation.
Innovation is one of the hottest topics in business these days. More and more, companies are coming out with new products and services designed to amaze their customers and get them to dig deeper into their pocketbooks. Only problem is, most of what passes for innovation these days doesn’t stand out as very new, different or compelling. As a result, most innovation efforts are lucky to pay for themselves, much less actually turn a profit.
Customer collaboration and co-creation rests on a few key assumptions; that customers are passionate about the collaboration objective(s), and are willing and able to offer their time and creativity. Notice the deliberate usage of the word “offer,” not donate or contribute. Why? Why should customers offer their time and creativity? And what do they get in return? We know how the company or organization inviting collaboration benefits. But how do the collaborators benefit; what’s in it for them?
As we look for models of corporate success, the European and North American management establishments need to become much less ethnocentric and more curious about Asia’s ascending actors. This article takes a closer look at the success of a Bangalore-based firm in global outsourced IT services. Infosys is a striking example of successful, rapid, profitable growth.
Diversity of usage and increased exposure are sure-fire indicators to determine whether a particular business practice is destined for faddish despair, or for more enduring glory. Using these indicators, the new and emerging platforms of marketing and innovation - customer collaboration and co-creation - are here to stay. Though still in the early stages of growth and adoption they are fast becoming mainstream business practices, as the following examples illustrate.
