Nowadays, there is concrete evidence that proves that customer co-creation leads to successful business development.
Co-creation is defined as being the collaboration between a company and its strategic consumers in order to accurately solve problems, improve efficiency, and initiate innovative ideas. In order to do so, companies must include these individuals on detailed enterprise information, which at times, may discourage such an affiliation.
Although this concept appeared in the early 2000s, it has taken over ten years for companies to begin incorporating customers to ensure great successes. The exceptional results found should inspire all CEOs to rethink customer co-creation.
The Forbes article stipulates two corporations, DHL and Phononic, that enforce this concept to ensure beneficial outcomes.
Well known as the global market leader in logistics, DHL is responsible for approximately 490,000 employees worldwide and $57 billion in annual earnings. As they focus innovation initiatives to be centered around the customer pool, DHL has launched a variety of new programs (Parcelcopter, IoT Report, and MoDe), just to name a few, that aim to inspire growth, customer satisfaction and revenue.
Furthermore, Phononic, is a newly developed technology company that concerns itself with the consumers needs and desires. Consequently, many of the products produced are a direct result of customer co-creation. In addition, many fundamental lessons are experienced throughout this customer centric process.
The CEO of Phononic, Dr. Tony Atti, and the CCO of DHL, Bill Meahl, both agree that companies whose main goal is to plan all organizations and processes to rely on their clientele must, in fact, incorporate consumer co-creation to achieve a new dimension of success.
Although many admit that customer co-creation was approached with skepticism, it has proven to be extremely beneficial for customers as well as the leading companies.