Friday, June 27, 2008

Lessons in co-creation. Ignore them if you want to fail

James Cherkoff shared the June 2008 McKinsey Quarterly document via twitter. The Next Step in Open Innovation (by Jacques Bughin, Michael Chui and Brad Johnson) includes these gems:

  • "25 per cent of Western Europe's internet users now post comments and reviews about consumer products of all kinds."
  • "User-Generated media sites are growing in numbers of visitors and participants by 100% a year, traditional sites by 20-30%."
  • "40% of would be co-creators will refuse to co-create with companies they don't like or trust."
Lesson one: Don't assume co-creation is for the geeks. It's rapidly going mainstream. The majority is no longer silent - it is a participating thinking outloud one.

Lesson two: Don't slap yourself on the back for a 20-30% growth rate in visitor numbers. As Professor Malcolm McDonald reminded me this week, we often fail to look at what the whole market is doing and how we are performing against it. The whole market in this case is growing at a rate of 100% a year. Anything less and you're falling behind, failing.

Lesson three: Trust in your brand is worth 40% of the new value co-creation is unlocking. Work at it, invest in it. Never abuse it.

The rate of change is so rapid it's difficult for one person to keep up to speed. Let's pool our thoughts, share our reactions and, who knows, even reach some shared conclusions worth arriving at?