Reinventing Branding Via Co-Creation & Innovation

Ground-breaking transitions have sparked diversification and the naissance of new platforms. The case of the media industry is not any different with the latest fashion being social media. Despite the short life cycle of social media, the cadence in which it has attained high esteem is no short of a continuous and worthy tribute. Having amassed an abundant base of faithful and loyal followers or consumers, as regarded by media companies, it has broadened possibilities for media companies within the realms of marketing, branding or building customer relationships. Nevertheless, companies face challenges within the areas of consumer engagement and providing a strong value proposition to consumers. This script analyzes this dilemma and illustrates how it is advantageous to incorporate consumers in the production of content so as to understand and satisfy their needs better. It is also found that the incorporation of consumers in the offer development process can lead to innovation and possibly, exercise blue ocean strategies.