Join the round table with your favorite brands to co-create your favorite products and experiences

An illustration of people working together to create mutual value and experiences through the process of co-creation

In a world defined by rapid change with increased unpredictability in the market place; consumer trends shift every season, demands for consumer experience and expectations have alleviated, and the competition to sell products has emerged to be cut-throat among brands, especially in case of FMCG- Fast Moving Consumer Goods, innovating in this diverse ecosystem has become rather very complex and brands are in search of a much leaner and direct method.

Brands today are side-lining the age-old traditional methods of Product development and are incorporating a much open and a leaner method by involving their best customers and potentially skilled crowd to join them in innovating products, to evolve experiences, to invent cutting edge technology and most importantly products that deem completely useful and appealing to their customers with the hope that it makes lives better. Well, thanks to web 3.0, this new method of innovating adopted by brands is streamlined and accessible to all; we like to call it CO-CREATION.

Now, what is co-creation? Well some like to define it as: “Co-creation means involving customers in the process of making or designing your experience” and some others like to call it “Businesses that find the most direct way to involve customers in product innovation

An illustration of the Qolab Community, a skilled crowd working together to solve open innovation challenges for brands

How does co-creation work?

Co-creation is critical to including everyone’s thoughts, visions, and ideas while ensuring that we can develop mutual value…The key is that the outcome is jointly created and mutually valuable.

In simple words, Brands put forth their concepts, ideas, and problems seeking collaboration and solutions from its customers usually in the form of ideas or illustrations. This transaction happens over an online platform. Modern technology makes it easier to involve customers earlier in the process. Social media, internet forums, and online portals mean that co-creating can occur at every stage of the development process — from the initial idea, through to reviewing products once they hit the market.

The participating party is generally a group of customers or potentially skilled crowd or both depending on the nature of the solutions the brand is looking for.

The co-inventor of the concept of Co-creation, Prahalad, terms it as followsIt’s the democratization of industry…we are seeing the emergence of an economy of the people, by the people, for the people.”

A picture displaying the new product ‘Black Crown’ by Anheuser-Busch which was a result of successful co-creation

What does the participating crowd have in store?

Once registered on a Co-Creation platform like the participating crowd gets first-hand experience of joining other members and experts from their favorite brands to develop their solutions, sometimes the demand for a solution could be as simple as a page long write up or illustration. The selected solutions get a plethora of awards such as royalty, big cash prizes, job opportunities, and other incentives. The crowd also gets their hands on various resources for free from the platform.

I would like to explain with an example that we all are aware of, Anheuser-Busch is one of the largest beer companies with a market share of 45%, it hosts famous names like Budweiser, Michel bob, etc. Anheuser-Busch realizes the need to keep a close eye on the changing tastes and expectations of their customers. That’s why the company puts crowdsourcing at the forefront of its product development. And the result…. The co-creation project led to the creation of a new golden-amber lager: ‘Black Crown’- Also called as the King of Beers.

The release of this beer was met with plenty of enthusiasm from customers and helped shore up Anheuser-Busch’s presence in the expanding craft beer market. It was a total success; smashing the numbers the company expected to achieve.

The reason… AB and its customers mutually shaped and experience and created value together that rendered an amazing product for the customers and on the other hand helped the brand succeed, this methodology has been adopted by brands like Coca-cola, Pepsi, Audi, BMW, Unilever, Tesla, LEGO, IKEA, Dewalt, Heineken, P&G, and many others and the trend is growing. Similarly, one can explore various such opportunities to join hands with favorite brands to co-create new products and experiences by registering and participating at Qolab.iosee you there.