Six ways to co-create with your customers

Six ways to co-create with your customers

Businesses are starting to see that customers can be their best source of innovation and new ideas. Customer co-creation is a term that refers to when a company and a group of its customers, jointly produce mutual value by creating new products and services. Successful examples include the LEGO Ideas platform, which allows anyone to post a suggestion for a new LEGO product, and AirBnB, which has surpassed other famous hotel chains in terms of its valuation. Here are six steps to help you co-create your business with your customers - frame the business challenge and audience, listen to their feedback, ideate ideas, test concepts, refine prototypes, and launch new products and services. True collaboration begins when companies avoid ripping off their customers and share risks and rewards of innovation with them.

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