Not a solo affair
In the book Brand Together, the authors elaborate on the need for companies to involve employees, clients, and customers in the process of co-creation and innovation, to enable a brand to succeed. Companies, the world over, have started understanding the importance of ‘co-creation’ as an act of engaging with all stakeholders and shaping collective thinking into business ideas. The advent of social media and its sweeping impact across consumer segments have lent a new meaning to this concept.
Social media is changing the game so far as brand management is concerned. This has both a positive and a negative side. Brand managers are certainly having to work a lot harder to cope with the influences and pressures social media brings to bear. But at the same time, there are also some great opportunities waiting to be exploited.
Brand managers too often take their brand for granted. They believe that as managers, they and they alone are custodians of the brand. The brand ‘belongs’ to them. They fail to appreciate the powerful role that consumers play in shaping the brand and building its reputation.
More recently, however, the concept of co-creation has begun to emerge. In co-creation, brand managers recognize