The power of co-creation – how the changing role of the consumer impacts market research
Research International, Germany
The paradox of the 21st century economy goes like this: On the one hand, consumers are confronted with an ever-increasing amount of products and services; however, this complexity seems to generate more confusion than happiness. On the other hand, companies face an intensified global competition, which often leads to shrinking profit margins. Therefore, it's not surprising that most companies believe that innovation is central to a company's strategy and performance. Innovation instead of imitation and a dedication to big ideas seem to be the prerequisite to gain competitive advantage and to stay ahead of the game. According to a recent McKinsey Global Survey (The McKinsey Quarterly, 2007), some 70% of corporate leaders say innovation is among their top three priorities for driving growth.