Throughout history, consumers have played a pivotal role in the invention and development of products that have become integral to our daily lives. These innovations often stem from individuals identifying unmet needs or seeking to improve existing solutions. Ever had a Starbucks cake pop? The chain introduced these desserts-on-a-stick in 2010 – pioneered by blogger Bakerella – following a massive trend and customer requests. And that’s just one example.
Back in the days when I was working as an art director at an advertising agency, we relied heavily on focus groups as a tool to aid a client’s new product development initiatives. These sessions, populated by paid individuals selected via their demographic profiles, provided insights into consumer perspectives, whether discussing concepts for television commercials or product packaging.
Occasionally, such discussions led to product innovations. For instance, a comment during a focus group on laundry detergents—"I wish I didn't have to add the bleach separately. I don't like handling a bleach bottle. It's dangerous."—contributed to the development of Tide with bleach. Similarly, feedback expressing a desire for Coca-Cola Classic to have some of Pepsi's sweetness led to a significant reformulation of the beverage, along with a re-brand.
While focus groups continue to play a role in consumer research and product development, contemporary methods increasingly leverage a new type of consumer: the "collaborative consumer." By engaging customers in the co-creation process, companies (including banks) can harness consumer insights, ideas, and opinions, while fostering a sense of value and empowerment. This collaborative approach can also mitigate risks and reduce costs associated with product development by validating assumptions and solutions early and frequently. To effectively engage collaborative consumers, consider the following strategies:
Establish engaging co-creation platforms:
Step one is to create dedicated platforms where customers can share ideas, provide feedback, and collaborate on product development. These platforms can take the form of online communities, social media, events, forums, or newsletters integrated into your bank's digital ecosystem. By offering a structured space for collaboration – social media, in particular – you can harness the collective intelligence of your customers quickly and easily. Remember, these platforms must be fun, exciting, and engaging, otherwise you will see little interest in participating. After all, this isn’t a Q&A, it’s a conversation. The product launch experts at Kyckstarts put it this way: “Social media isn’t just for posting memes. It’s your direct line to customers’ brains. Create Facebook groups, Discord channels, or Reddit threads where your customers can geek out about your products. The conversations happening in these spaces? Pure marketing gold.”1
Make it a game:
Back to fun and exciting. Incorporating elements that lend a game-like attraction to your co-creation platforms will inspire visitation, engagement, and conversation. Features such as point systems, badges, leaderboards, and rewards for contributions can motivate customers to take an active part in the process. This is especially true among younger consumers. Gamification not only makes the co-creation process enjoyable, but also builds a sense of community among participants.
Offer Incentives and Recognition:
Recognizing and rewarding customers for their contributions to the co-creation process is crucial in keeping them interested and, importantly, motivating them to “recruit” friends. Incentives can range from monetary rewards and discounts to exclusive access to new products or services. Public acknowledgment of contributors through newsletters, social media, or special events can also enhance their sense of value and loyalty to the bank. Sharing success stories with both participants and your broader audience can highlight the benefits of collaboration, not only validating the efforts of collaborative consumers but also encouraging others to engage in future co-creation initiatives.
Maintain a dialogue:
Maintaining open and transparent communication throughout the co-creation process builds trust and key to the initiative, keeps participants engaged. Regular updates on how customer input is being utilized and the progress of development projects, for example, demonstrate a bank's commitment to collaboration and its respect for a customer’s collaboration contributions.
Does it work? Ask any of the twelve companies listed in this Braineet blog that used customer collaboration to develop new products. By implementing these strategies, your bank can do the same – effectively engage collaborative consumers in the product development process. The result could very well be an innovative solution that resonates with customers and provides your bank with a competitive edge in the market.
Bank Marketing Center
We’re Bank Marketing Center, the leading, subscription-based provider of automated marketing services to community banks. Our goal is to help bank marketers with topical, compelling communication with customers that builds trust, relationships, and revenue. And we do this through automating critical bank marketing functions, such as content creation, social media management and digital asset management, as well as regulatory and brand compliance.
We also want to share what we know – and learn along the way – with all our community banking friends. Whether it’s the latest on AI technology, suggestions on how to attract and retain top talent, or the importance of data protection, we’re here to make bank marketing the best that it can be.
Want to learn more about what we can do for your community bank and your marketing efforts? You can start by visiting bankmarketingcenter.com. Then, feel free to contact me directly by phone at 678-528-6688 or via email at nreynolds@bankmarketingcenter.com. As always, I welcome your thoughts.
1Kyckstarts. The Power of Collaboration: How Turning Customers into Partners Boosts Your Brand