Co-creation is a relatively new practice used by companies where they collaborate with the concerned parties (consumers) at all phases of production and supply of services, removing the hierarchical management approach and the linear innovation approach. This allows consumers to be involved in the process, and they get to influence the management, thus helping to create different solutions. This will create products and services that are directly influenced by the customer, where their specific...
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Co-creation: A simple formula for struggling business owners
November 16, 2014
categories: Business Strategy
Daily Deals Evolving to Escape Death. 10 lessons you can learn
November 10, 2013
Who doesn’t love a bargain? Turns out more people than Groupon thought. Born out of the recession and once a soaring startup, Groupon rejected Google’s offer of $6 million in favour of an IPO. Price conscious consumers wanted deals and Groupon’s large email list was attractive to struggling businesses and the daily deals market grew quickly. In 2011 Groupon had a share price of US$20, but daily deals are a complex beast and Groupon oversold on benefits. Deals were expensive...
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categories: Business Strategy
Social Customer Service. Serve Them or Lose Them
November 10, 2013
Web 2.0, smartphones and social media created highly connected, mobile consumers who have the power to choose how and when they are spoken to. Consumers enter into brand conversations on their terms, controlling what messages they consume and on what platform they consume them on. Consumers expect brands to communicate the way they do and increasingly consumers are turning to social media when they experience a problem or need answers. Social media platforms gave consumers the power to be heard...
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categories: Business Strategy
8 Reasons Why Recurring Revenue Rules
November 10, 2013
Consumer behaviors have changed. We live in a society now where ownership is being questioned. Consumers opting for convenience and access over ownership have driven the rapid growth of businesses who operate using recurring revenue based business models. Not all revenue is created equal. A dollar is a dollar, but a predictable dollar is better. While traditional financial models are built around one off payments, recurring revenue business models which bring in smaller recurring transactions...
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