Tuesday, 1 April 2014

TEAM: Together Everyone Achieves More

With the co-founding team of One Big Switch, Paul Hunyor and Lachlan Harris, to the rescue, there’s now nothing Australian citizens can’t achieve together. From banking, to electricity, to health insurance: if you help make the switch, the more you can save. The ‘switching’ objectives of this innovative company have their roots in a concept known as co-creation. Co-creation describes the ability of multiple actors or contributors to create value together. And when large groups of people change from one bank to another, together, they force mortgage rates down, as seen in the 'One Big Bank Switch' of 2011, the company’s first campaign.

After having successfully implemented group switching in Ireland in 2013, Paul Hunyor, offered a personal reflection on the history and future of consumer empowerment to our Master of Marketing class in Internal Marking on Saturday 22 March. Some examples he gave included the ability for consumers to review travel experiences, or even track produce information at local supermarkets. Both activities reflect co-experience, which includes the experience of the provider and the consumer over a period of time, such as a vacation, or a trip to the store. The accessibility of information leading consumers to make informed decisions seems to only be the beginning of the current consumer empowerment movement. Unfortunately, the “path to consumer empowerment could be quite messy” (Personal Communication, Paul Hu-nyor, 22 March, 2014).

Despite potential obstacles, One Big Switch is inspiring with their views on togetherness and their passion for innovation and networking. The concept of 'consumer empowerment' in conjunction with co-creation are both really starting to dictate the direction of big businesses and marketing. So make the smart choice, join the team effort and lower those bills! 

Christine Drpich
Current student in the Master of Marketing program at the University of Sydney Business School

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