Customer Co-Creation

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by: Jennifer Rice

I've got a new book to add to my pile. Check out the book excerpt on from The Future of Competition: Co-Creating Unique Value with Customers. Here's the executive summary:

In their book, The Future of Competition, C.K. Prahalad and Venkat Ramaswamy contend that companies need not (and should not) go it alone when trying to create value. Their research suggests an emerging economic model of value cocreation, in which consumers and companies routinely collaborate to create personalized value. I n the world of cocreation, imagine every individual who interacts with the company as a "consumer," and discard the artificial distinctions among enterprises and households. And don't mistake self-service for customer involvement. Cocreation, the authors maintain, is not the transfer or outsourcing of activities to customers or a marginal customization of products and services. It isn't scripting or staging of customer events around the company's offerings. Those kinds of company-customer interactions no longer satisfy most consumers today. It's the cocreation experience (not the offering) that is the basis of value for each individual.

Check out the full exerpt; it's a good read. Thanks to Fresh Inc. for finding this.

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