Creating value together
Co-creation is a business strategy that emphasizes the generation and ongoing realization of mutual company-customer value. It entails using markets as forums where companies and active customers share resources to renew each other’s capabilities to create value.
In place of treating their customers as passive consumers, co-creative companies now rely on them as active partners. This type of relationship differs substantially from the traditional relationships companies have had with their customers, and entails new forms of interactions, services and learning mechanisms.
Depending on where in the organization the co-creation initiative is anchored and what type of innovation is targeted the value for the company can be grouped in four categories: Business Model, Process, Product/Service, Brand/Marketing/SEO.
For a successful co-creative strategy it is paramount not only to consider the value for the company but also the value for the customer. In many cases the driving motivations are social rewards or intrinsic rewards such as the playfulness of the relation itself or about helping the company fulfill the customers own unmet need. However even though co-creation rarely is an economic rational endeavor from the customer perspective, external motivation such as monetary rewards or resume building can also play a big role.