Posted by Doug Williams on September 26, 2011
Today we’re talking with Brandon Kessler, CEO of ChallengePost. ChallengePost, a New York City-based firm, was identified as a "Leader" in that report.
Doug: Co-creation contests are a new opportunity for product strategy professionals to solve business challenges, but many people are unfamiliar with them. What is your “elevator pitch” to potential clients about co-creation contests and the benefits they deliver?
Brandon: ChallengePost challenges go beyond co-creation contests for products and include software development, idea generation, and exciting actions that the public can take to solve a problem with the organization. The challenger gets ideas and solutions, along with tremendous branding and media attention, for a small amount of money.
Doug: Why should product strategy professionals consider co-creation a business imperative at this point in time?
Brandon: They shouldn’t consider it an imperative. Apple doesn’t do co-creation contests and Apple has the best product organization in the world. But it certainly is an option for companies who are willing to open up, and in ChallengePost’s case, companies who want to run public competitions that excite the media and potential new customers.
Doug: Our clients often want to prove ROI before pursuing new engagements. How do you help clients prove ROI for co-creation contest projects?
Brandon: Our average return on investment is 100x to 200x, and that is because entrants to ChallengePost challenges aren’t interested in the money, but rather they are motivated by status, recognition, intellectual stimulation, the competitive spirit, and altruism.
Doug: Last question: How is your business evolving to meet clients’ future needs for co-creation?
Brandon: We are extremely excited about our upcoming participation challenges which will allow the public to solve problems for organizations, and around topics they care about, in a short period of time (one day to one week).
That wraps up my "Q&A With The CEOs" blog post series in conjunction with the Wave report. If you missed any of the prior blogs, you can access them here.