Let Them In - How to Conquer Your Fear of Customer-Driven Innovation
0 likes87 views
The document discusses how to overcome fears associated with customer-driven innovation through co-creation with consumers. It outlines common myths and fears about engaging customers, provides strategies to initiate co-creation successfully, and shares case studies illustrating the benefits of collaboration. Emphasizing a transparent and gradual approach, the document suggests leveraging customer insights to enhance products and foster brand loyalty.
Let Them In - How to Conquer Your Fear of Customer-Driven Innovation
- 1. How to Conquer Your Fear of Customer-Driven Innovation Let Them In
- 2. David Gardner VP, Marketing @david11gardner Chad Neufeld Digital Marketing Manager @chadneufeld @chaordix
- 3. What We’ll Cover • Customer Co-Creation – Who uses it, and how • Common fears and myths • What can go wrong • How to overcome your fears • Results of successful Co-Creation
- 4. Who is Chaordix? • A software company with ten years of experience building brand communities and customer participation platforms • Our Participation Platform is used for customer-driven innovation, brand engagement, and insights
- 5. The most successful organizations are those that Co-Create products and services with consumers and integrate customers into core processes. “ “ survey of over 500 global CEOs
- 6. Co-Creation: Defined An ongoing, creative and social process, based on collaboration between brands and their biggest fans, that is initiated by the company to generate joint value for both the brand and its customers. 1,000,000+ 23 models
- 8. Common Myths & Fears
- 9. #1: Our customers don’t know enough
- 10. They Don’t Know Enough They define the use case for your product They use your product every day They find issues and gaps through use They aren’t filled with biases
- 11. #2: Lawyers are terrifying
- 12. Legal Issues Will be a Nightmare Be transparent Set detailed guidelines Give credit where credit is due Incentivize
- 13. #3: I won’t make my investment back
- 14. The ROI Isn’t Great Enough Quick case: Lego Ideas – 23 best-selling products Market research costs slashed Innovation cycle dramatically reduced Brand loyalty & advocacy
- 15. #4: Oh goodness, more tools
- 16. Social Media for Co-Creation Control over content Direct line of communication Workflows & structure Analytics & stats
- 17. But things can go wrong…
- 18. Internal Culture Issues Do not embrace open innovation and external ideas Community does not get attention, content and goals Not treated as a team-effort
- 19. Misuse Only give co-creators a suggestion box – one-way Limit content to boring surveys and polls Not keeping things fresh, consistent
- 20. Too Much, Too Fast Moving right into major challenges Not taking time to build community Focus is too broad right off the bat
- 21. No One Shows Up Recruitment isn’t prioritized or built into owned or earned media strategies Existing customers/clients/lists aren’t invited Events to publicize at events are not taken
- 22. Wrong Prizes are Used Only offer one big prize No intrinsic motivators Focus on leaderboards makes things too competitive
- 23. How to Overcome Internal Fears
- 24. 1. Share data & results of successful Co-Creation
- 25. 2. Start slow & small: Creative Challenge
- 26. 3. Begin with most loyal & passionate brand fans
- 27. 4. Let different business stakeholders get involved and participate
- 28. 5. Empower members to advocate for the community
- 29. 6. Tap into experts to supercharge community
- 30. If we swallow our fears, what actually happens?
- 31. So We Started Co-Creating… • Trust drives Participation • As advocacy goes up, risk goes down • Variety drives participation • Investment in strategy in resources that deliver ROI • Strength of Weak Ties • Rethinking rewards and incentives that offer an amazing customer experience
- 32. Case: American Airlines • Goal: Understand and improve the experience for high- value clients • Co-Created new lounges for international travelers • Created an app to help frequent flyers utilize their loyalty points • Optimized customer experience with 100K points of feedback from biggest brand fans
- 34. Q&A ?