For co-creation of brands companies will 'need to shift' focus to interacting with customers so as to create different and distinct experience of products and services to them," said Venkat Ramaswamy, professor, University of Michigan Business School while addressing a session on 'Co-creating Brands with Customers' at the CII Brand Summit. | |
| Ramaswamy said that at present the ability to share 'customer experience' among customers themselves is faster and widely spread as today's individuals are increasingly networked through internet and mobile phones. |
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| The explosion of consumer to consumer communication is happening on a scale like never before. ''Word of Mouth' is on overdrive, he added. World over it is estimated that there are over 1.5 billion mobile phones and over 35 billion short messaging service (SMS) messages sent and received per month. |
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| Ramaswamy said that it is difficult to differentiate between products and services offered by the companies as they are 'similar' and that's why it is crucial and essential to create a unique and distinct experience for the customer. |
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