Thursday, January 04, 2007

Customer-Crafted Cosmetics?

While you’re all still basking in the glow of your Time Magazine Person of the Year honor, it might be a good time to talk about what this new-found Web-cred could mean to the future of business. The Internet has opened up a new world of low-cost idea sharing and problem solving, and the enthusiastic response by users and customers of all kinds has led to a business model that let’s customers work with marketers to build the next great product advancement.

The trend builds on the familiar model of open source development that has resulted in numerous advances in software and hardware, and lets customers get involved in your product innovation and development. A recent issue of Trendwatching offers a great introduction to the concept, and shares a lot of great examples of how it is working in many industries – think consumer electronics for starters.

Are you ready to let your customers design your next product? What are you prepared to trade for this kind of input from your customers? Are you already involved in some form of customer-made innovation? How do you think it will work in the beauty industry?


Anonymous Robert said...

That's about what I'm trying to do now with my patented non-irritating foaming formula. I figure that together we can find good things to say about it, maybe form some sort of association with a seal of approval, as they formulate with it into various products.

5:30 PM, January 04, 2007  
Anonymous Michael Overstreet said...

Linux is a classic example of what the tech world refers to as open code. The code can be modified or enhanced by anyone worldwide who cares to do so. It is perfectly viable for future product development efforts to be developed in this manner as well. I believe there is a website sponsored by the likes of the Fortune 100 called which allow for inventors to submit their concepts, ideas and or products for consideration to these companies. Under the current leadership at P&G 50% of their innovation efforts come from the outside. This is a far cry from the former management who supported the “not invented here concept”.

9:29 AM, January 05, 2007  
Anonymous Robert said...

Wow, then maybe I should pitch to P&G again. Too bad I've only a few years left on my patent.

5:19 PM, January 05, 2007  

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