As more brands are embracing Co-creation to accelerate growth, it’s important to rally teams around key metrics that can effectively measure progress.
Consumer closeness, consumer centricity, and co-creation are frequently mentioned by business leaders as key initiatives to help their companies deliver more relevant products and services. While these are all worthwhile endeavors, it becomes increasingly difficult to measure progress across the company.
To help companies measure progress, we’re happy to launch our new Campaign Dashboard that features 3 key performance indicators (KPIs) to track the growth of Creators, Engagements, and Insights.
• Creators – Are we actively onboarding new consumers each month?
• Engagements – Are we engaging them more often?
• Insights – Are we hearing more about their personal experience?
These KPIs were derived from our experience running co-creation projects over the past decade, from co-creating new product lines for global brands to building community movements with NGOs. We learned that our teams and outcomes were dramatically improved when we were able to consistently include more creators in the process, engage them more often, and listen to how they describe problems and solutions.
The Vurvey dashboard gives everyone on your team a single place to monitor KPIs to see growth over the prior 30 days. These are essential to your co-creation transformation. Let’s dig into each one.
Co-creation requires building a database of insightful creators who can engage with your team around multiple topics. Think of this as your talent pipeline that never stops. Recruiting, onboarding, and engaging a growing list of creators will quickly become the primary driver of success. Creators can be invited in multiple ways, from sharing email invites to campaigns, list uploads from your CRM, or embedding QR codes into your brand experience.
It’s important to set a goal with your team –i.e. +20% growth every 30 days. This helps rally everyone around testing out new recruiting and onboarding ideas to add new creators to the platform. Try multiple tactics and messaging to see which combinations might work best for your company. For example, you might see that launching QR codes on your packaging grows creators by +30% without adding any marketing hard costs. You might also run ads on Facebook to evaluate growth rates and costs associated with acquiring new creators. To help monitor your team’s progress, the Creators dashboard allows you to quickly see new creators and how that compares to the previous 30 days.
Co-creation requires engaging creators more frequently in your process. By removing barriers around recruitment lead times and scheduling focus groups, your team can now launch smaller, more frequent campaigns that are designed to collect targeted feedback at the beginning, middle, and end. This approach helps your team quickly hear from consumers at each stage, iterate, and move forward with confidence.
Using the Engagements dashboard, you can track every time a customer interacts with your campaigns. Ultimately more engagements each month means a higher chance of successful product launches and outperforming your competitors. Check out a couple of case studies where this approach helped Adidas and Unilever engage with creators more often to accelerate innovation.
Co-creation requires empathy and full immersion into the consumer world. To help your team unlock more insights, ask open-ended video questions and include video follow-ups to hear why consumers responded a certain way. There’s nothing like hearing the words consumers use to describe problems, seeing what help looks like, and why it’s meaningful to their life. Insight lives here. This is typically what separates commodity products from those that connect on an emotional level with consumers. The Insights dashboard provides an easy way to monitor video insights captured across campaigns every 30 days.
Set Goals, Measure Progress and Accelerate Growth
As consumers increasingly desire collaboration and the opportunity to create together, brands must adapt and introduce new ways consumers can participate in the product development process and go-to-market experience.
If you’re one of the many companies addressing this by implementing consumer closeness, consumer centricity, and/or co-creation initiatives into your company, consider these 3 KPIs as the centerpiece to measure progress and growth.
They will focus your team on tangible actions to take that bring more consumers into your research and development experience, increase the number of times consumers are engaged, and result in more video feedback to immerse everyone around the insights that matter most.