The last guest lecture was really interesting and informative. She talked about the evolution in the means of advertisement and the value of co-creation. When I asked her to answer my question “Is co-creation a trend or a new standard” without a second thought she replied “Definitely, a new standard”. However, among the examples that she present from companies that successfully use co-creation, like Nike and Fiat there were examples of companies with great success which they scorn this new trend, like Apple (!) and Ford.
So if co-creation is a new standard how these companies manage not only to survive but also to be at the top without using it????
The words of Steve Jobs “You can’t just ask customers what they want and then try to give that to them. By the time you get it built, they’ll want something new” and also Henry Ford who said “If I had asked my customers what they wanted they would have said a faster horse” puzzled me a lot. The truth must be somewhere in the middle I thought.
After having read the article Co-creation: a new source of value, by Ajit Kambil, G.Bruce Friesen and Arul Sundaram I realized that co-creation will be a new standard if it used properly so as to increase profits and loyalty.
There are a lot of ways for companies and customers to build the trust to effectively co-create.
- Define objectives
- Select the right co-creators
- Be clear about rights and expectations
- Control the channels
- Outsource co-creation
- Provide capabilities for co-creation
- Manage incentives
The effectiveness of co-creation will depend on how much value is created for both customers and producers. Companies will have to select opportunities with the highest potential payoff, as well as structure relationships to manage risks while reducing the effort required to fully realize this new value. But that potential payoff will be substantial-a new source of competitive advantage that encourages customer loyalty to a specific value proposition in the eEconomy.
I hope you find it as interesting as I did !