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Co-Creation Market Research

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Co-Creation Market Research

Co-Creation market research is a methodology which involves a discussion between a brand, company or organisation and stakeholders within it, and that organisations customers or clients. Co-creation takes in to account a new vision of markets as a shared space between customers and brands, where each is open to review the motives, capabilities and success of the other - in terms of designing a product, marketing it and generating positive feedback from a company or business point of view, and in terms of a customer's ability to pay for that service, the reasons why they might be motivated to choose one brand or product over another, and any wider issues within that market that have a role to play - such as legislation for example.

One of the key benefits of co-creation is the personalisation of experience for consumers, and the potential for on-going loyalty and thus long-term revenue for the business. Co-creation often results in products which are customisable for individual consumers (or more likely individual groups of consumers). A good example of this is the iPod, created by Apple. An iPod moves away from the solely product-focussed creations of walkmans for instance, and instead allows buyers to create their own, totally unique, bank of sounds on a device which is at the same time both totally personal and almost ubiquitous in the modern developed world. Although this idea of co-creation moves away somewhat from the market research application, it is a good analogy - the company and the customer work together to create a product which fulfills the goals of both parties.

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