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Cocreating unique value with customers

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Last Thursday I gave a presentation to a group of Imagineers on my interpretation of Prahalad's book Competing for the future.

Last Thursday I gave a presentation to a group of Imagineers on my interpretation of Prahalad's book Competing for the future.

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Cocreating unique value with customers Cocreating unique value with customers Presentation Transcript

  • The future of competition “Co-creating unique value with customers” Literature presentation by Marieke Schoenmaker
  • The future of competition is about co-creating unique value with customers
  • This book provide serious mental exercise on experience innovation for entrepreneurial types
    • By  Sunil Chhaya "Intellectual Pragmatist" (Detroit, MI, USA) - See all my reviews    The concepts presented in the book are deceptively easy to gloss over. I do not blame the reviewers at this site who did not 'get it'. This is not something one can expect to read and understand over a coast-to-coast flight like most of the popular business books one tends to find at the airport book stores. It is heavily intellectual content and for those who do 'get it', the payoffs can be huge, as have been documented by the real-life examples presented in the book. There are no quick fixes here and no 'if you have problem A, do X' type remedies, nor the 'company A did X and it worked for them' type anecdotal evidence. Real-life examples have been used to demonstrate the backbone of the theory. This is necessary because there is no evidence of the concept of co-creation present yet in the collective *consciousness* of the managers today (it does happen accidentally, though). Now you must be wondering how I can be so emphatic about stating my opinion. Well, I have had the fantastic opportunity to do some work on this subject during my MBA program through the B-school class offered by one of the authors at Ross Business School, as well as the opportunity of doing independent research on the subject matter of this book. I can assure the prospective reader that the material requires serious mental exercise , and the theory and frameworks are not easy to grasp or implement. The reason for this is that the implementation of the concepts being presented requires some serious inside-out redesign of the organization, processes, systems as well as value appropriation contracts. . However, for those interested in finding out about which direction to look to innovate, especially the entrepreneurial types, this is an excellent opportunity to learn something new and apply it to the extent your own organizational processes, systems and capabilities will allow, or create ground-up organizations, processes, systems and capabilities to take advantage of the opportunities to the fullest.
  • The context is changing from a consumer perspective …..
        • Information access
        • Global view
        • Networking
        • Experimentation
        • Activism
    Pag. 2-4 New Context
  • … .. from a economical perspective ….. New Context Differentiated Un-differentiated Relevant for Irrelevant for Market Added value Price fixing Customer needs Competitive position Commodities Products Services Experiences staging Co-creation experience transformation Customization Customization Customization Commoditization Commoditization Commoditization
  • … . from a technology perspective ….. New Context
  • … and from a management perspective
    • Traditiona l business thinking starts with the premise that the firm creates value .
    • Employees focus on the quality of the firm’s products and processes, potentially enhanced through internal disciplines, such as Six Sigma and Total Quality Management .
    • Innovation involves technology, products and processes.
    • Matching supply and demand has long been the bedrock of the value creation process.
    • The co-creation experience depends highly on individuals.
    • Each person’s uniqueness affects the co creation process as well as the co-creation experience.
    • A firm cannot create anything of value without the engagement of individuals .
    • Co-creation supplants the exchange process .
    Pag. 13 New Context
  • New Consumers in the Telco and Media Industry How are they reshaping the TME landscape?
  • How are the pioneers of the digital age reshaping the TME landscape?
    • Digital Natives – Executive summary
    • Consumption of media and communications is booming
      • gaming, online shopping, user generated content and social networking
    • New patterns of behaviour that impact the industry
      • Control, impatience, community interactions and originality
    • Reshaping the landscape
      • From a traditional, static, non-interactive and pre-packaged media experience
      • To customer involvement and insights at every stage of the product lifecycle an creating new sources of value to gain consumer attention
    • New capabilities
      • Involve consumers in the creative and development process
      • Recreate source of value to the consumer
      • Weave strong relationships with online opinion makers
      • Offer addictive experiences
    New Context
  • The paradox of the 21st century economy …..
    • Our industrial system is generating more goods and services than at any point in history, delivered through an ever-growing number of channels.
    • Supermarkets, boutiques, online retailers and discount stores proliferate, offering thousands of distinct products and services.
    • The burgeoning complexity of offerings, as well as the associated risks and rewards, confounds and frustrates most time starved consumers.
    • Product variety has not necessarily resulted in better consumer experiences. For managers, the situation is no better.
    • Thus, the paradox of the 21st-century economy : Consumers have more choices that yield less satisfaction; managers have more strategic options that yield less value.
    Pag. 2 New Challenge It is about escaping from the past
  • Co-creation of value through personalized interactions that are meaningful and sensitive to a specific consumer Involvement Events Context Meaning Facilitating diversity experiences Building Experience infrastructure Variety of Individual experiences Elements hardware New Concept Experience environment
  • The four building blocks of co-creation to engage customers as collaborators
    • Dialogue
    • Access
    • Risk
    • Transparency
    Pag. 23-31 New Concept
  • The choice dimensions in consumer-company interaction
    • Multiple channels
    • Options
    • Transactions
    • Price-experience relationship
    Pag. 40-50 New Concept
  • Innovation by the masses not for the masses New Concept Source: www.wethinkthebook.net/book/home.aspx
  • Emerging tension between company think and consumer think New People
    • Zones of comfort
    • Business logic
    • Conditioned thinking
    • Products that are feature rich, but experience poor
    • Point of interaction
    • Bridging the manager-consumer gap
    • Co-create new knowledge
    Pag. 37- 50
  • HP’s cultural revolution New People Source: Business week, Innovation, November 15th 2007
  • Migrating to experience networks New Business Dynamics
    • Facilitate the continuous co-creation of experiences at points of interaction
    • Allow consumers to initiate experiences on demand
    • Accommodate consumer heterogeneity is crucial
    • Provide consumers with various mechanism for dialogue
    • Logistic infrastructure
    • Quickly respond
    • Technical and social side
    Pag. 93 - 117
  • High involvement Concept - Connect & Create ™ Joint activities Involved with Problem solving Practitioners Movers Community of practioners Connectors Knowledge made available to others Platform for Experience Driven growth Platform Experience Innovation Creation of Products, Services, organisations Business Model Blog Experience Innovation New Business Dynamics
  • The rise of the knowledge network 2.0 on experience innovation New Business Dynamics