WHY CO-CREATE? - Benefits for Small Businesses
Small Business challenges
There is no distinction between a small business or big business when a product from either has finally arrived on the shelf and standing there to be picked up by a customer who would have had access to all the information he needs to have about which product he would prefer or on the contrary he would not have that information and would depend on what he could assimilate at the point of sale.
Big businesses would have the financial clout to mount aggressive and creative marketing campaigns which small businesses would not have.
Read also: How are co-creation and innovation linked?
Small Business opportunities
Though adequate financial clout could be a disadvantage that small businesses face they could overcome it by directly involving their targeted loyal customers to help co-create products and services and tailor make them to suit specific customer needs.
This would small businesses the advantage that they would need to get the better of the big businesses and to get their products and services to be preferred over those of the bigger competitors.
This is because the inputs that have gone into the product development have been through the direct involvement of the targeted customers who have helped to develop the product or service.
New product innovation
Co-creation is a new and progressive concept in creative marketing and has proved in many cases as a strategy that is working towards better understanding between the seller and the buyer providing opportunities for both to mutually satisfy themselves profitably and fulfilling a need respectively.
New product development is a great opportunity for effectively creating value based products and a small business bringing in their customers to be involved.
The involvement of targeted customers or consumers in the product development process would immensely help the final product or service to be more consumers oriented hence on the market shelf it would have better chances of projecting what advantages it could provide the customer than a product that has not had customer inputs in development.
It is this aspect that has brought collaboration between the companies and the customers to a new level of understanding with the objectives of both interested parties being met at a much lower cost.
The companies would spend less on market research with the positive help from their customers to co-create the product that they themselves would be the ultimate users.
This new innovation has brought creative marketing to a new playing field with every business big and small reining in their customers and getting their feedbacks to bring products tailor made to suit specific customer needs.
In an era gone buy traditional marketing was more or less groping in the dark looking for answers without being fully aware what is in store for their product or service after they had launched it with a big hue and cry.
Today this has changed and companies are able to seek out customer preferences and give customers products and services that would fit their needs with effective co-creation strategies.
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Reward Distribution Rules.
Please read below how the rewarding structure works.
Voters get 35% of the reward
Commenters still receive the majority of 65% of the reward weight, while voters 35%.
You receive only 7 upvotes and must vote what you think are the best answers
You now have a limited amount of upvotes. You won’t see the other user votes until the task expires. If you vote the top half comments you will receive a portion of the 35%.
Top 50% upvoted comments get bigger share
Our algorithm gives top 50% upvoted comments more rewards than the bottom 50% comments.
Give me an example with numbers
Upvoters get 35 % of the reward.
65 % goes to the commentors.
Half of the reward is gained from bottom 1/2.
Upvoters get nothing
1/2 of the reward pool for this segmentis distributed among top 1/2
There is a task with 1000 Reward.
Let’s assume Top 1/2 recevies 70% of all upvotes.
Bottom gets 30 %. But because half of the reward goes to Top 1/2 that makes the final numbers more like Top 1/2 gets 85% (55.25% for commentors, 29,75% for upvoters) and bottom gets 15 % of the final reward.
If there’s 100 upvotes:
1 upvote that upvotes a comment in Top is worth around 12 Yups (circa 8 goes to commentor, 4 goes to upvoter)
1 upvote that upvotes a comment in Bottom is worth 5 (All goes to commentor).
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