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.
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
Co-Creation
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.
Creative marketing
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 feedback 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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