This month the management consulting company McKinsey has revealed the results of a study on the impact of co-creation—a phenomenon of modern marketing, when a company engages external parties—most often, customers—into its creative processes online. Interestingly, the research has showed that co-creation increases the chances of success of a new product innovation by as little as 4% on average. However, it may have some positive side-effects, such as reduction of costs on market research and increase in customer loyalty.
P&G
As part of its initiative to reinvigorate products for the fabric category, Procter&Gamble reveals the results of the recent collaboration between Tide Pods and designer Tracy Reese, a member of Council of Fashion Designers of America (CFDA). She has created the machine-washable fashionable garments that will be crowdsourced on Pinterest and later unveiled in her Fall/Winter 2014 collection.