The Future of Competition by C. K. Prahalad and Venkat Ramaswamy perfectly elaborates the value of co – creation of products / services by company with stakeholders. With most customers focusing on research and engagement online, social media has become undoubted leader in co – creation process.
This has been termed as future of competition, as buying cycle would change, impacting B2B manufacturers who operate in traditional format of selling. The traditional way of doing business is dead, co – creation will redefine competition.
Co – creation process involves engagement between B2B Company and its customers and most of the customers are now spending huge amount of time, online on social media. Here are few techniques you can implement for co – creation exercise
- Idea board on website: Launch an idea board on website where visitors can post their ideas. These ideas would help B2B companies to understand what customers expect and demand for specific products. Visitors can also post collaboratively on the board thus helping in co – creation process. Connect this idea board to Facebook and twitter so discuss is real time.
- Social Media Listening – Implement social media listening application to understand what customers and stakeholders are discussing online in social media. This helps to build huge base of ideas, as B2B can interact with them and venture in co – creation of new products which customers want.
- Involve existing customers – Existing customers understand more about your products and how they should be evolved to suit their requirements. By leveraging this set of customers through various platforms like surveys, customer loyalty programs, training sessions, newsletters engagement, etc B2B can generate information for co – creation. Using Big Data analytics this program can further help in identifying specifics of requirements based on different parameters.
As Seth Godin said, “Don’t find customers for your products; find products for your customers.”