What is value co-creation? For me :)

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Presentation of value co-creation to my colleagues @ Lithuanian Society of Young Researchers (LSYR)

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  • Excellent presentation. Congratulations Monika.
    I´m very interested in read the new book´s Vargo, furthermore, í´m searching for more about storbacka.
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What is value co-creation? For me :)

  1. 1. VALUE CO-CREATION Monika Mačiulienė Mykolo Romerio Universitetas
  2. 2. SETTING THE SCENE: WISDOM OF CROWDS classic experiment collective judgment intuition of crowd
  3. 3. TED TALK BY LIOR ZOREF There were 500 estimates, and the results were: -The lowest guess was 308 lbs. -The highest was more than 8000 pounds. -The average was 1792 pounds. And the real weight? The ox weighs 1795 pounds. Three pounds off.
  4. 4. Customers = Passive audience Active players Time frame 1970s and early 1980s Late 1980s and early 1990s 1990s Beyond 2000 Managerial mindset The customer is an average statistic. The customer is an individual statistic in a transaction. The customer is a person. The customer is not only individual but also part of an emergent social and cultural fabric. How companies are interacting with customers? Traditional market research and inquiries. Identify problems from customers, and then redesign products and services based on feedback. Making adjustments on products based on deep understanding of customers. Customers are developers of personalized experiences. Flow of communication One-way Data base marketing Relationship marketing Active dialogue with customers. Multilevel access and communication. Source: adapted from Prahalad and Ramaswamy (2000)
  5. 5. ROLE OF SOCIAL TECHNOLOGIES Problem solving in virtual environments
  6. 6. ROLE OF SOCIAL TECHNOLOGIES Media clutter Always in beta Sea of niches
  7. 7. OLD VS NEW MODEL consumers observation respondents messages campaigns one size firm-centric transactions people immersion partners relationships stories niche tailored experiences dialogue with customers
  8. 8. OLD VS NEW MODEL consumers observation respondents messages campaigns one size firm-centric transactions people immersion partners relationships stories niche tailored experiences dialogue with customers
  9. 9. SO WHAT IS CO-CREATION? customer is the one who defines the value. This value is based on the experiences and perceptions while producing, consuming or using the service generation and ongoing realization of mutual firm-customer value customer organization
  10. 10. WHY ARE CUSTOMERS INTERESTED IN CO-CREATING? Social status Cash Job opportunities Fun and involvement http://trendwatching.com/trends/CUSTOMER-MADE.htm
  11. 11. CROWD OF PEOPLE/CROWDSOURCING Anyone can join Masses Big numbers Power of masses
  12. 12. GOLDCORP CHALLENGE
  13. 13. BROOKLYN MUSEUM’S CLICK! A CROWD-CURATED EXHIBITION
  14. 14. AIRBNB NEIGHBORHOOD GUIDES
  15. 15. citizen scientist at NASA
  16. 16. OPEN IDEO
  17. 17. COMMUNITY OF KINDRED SPIRITS When developing something for the greater good Groups of people with similar interests and goals can come together and create. This model - so far - works mostly in software development and leverages the potential force of a large group of people with complementary areas of expertise.
  18. 18. WIKIPEDIA
  19. 19. LINUX
  20. 20. platform for artists, designers, and engineers to share digital design files via Creative Commons or General Public Use licenses
  21. 21. CLUB OF EXPERTS A very specific challenge is needing expertise and breakthrough ideas. Contributors are found through a selection process. Quality of input is what counts.
  22. 22. HEINEKEN OPEN DESIGN EXPLORATIONS EDITION 1: THE CLUB Global brewer Heineken recruited a virtual team of 19 young emerging designers from four different continents to develop a concept club of the future, which was brought to life as a pop-up club in Via Bugatti in Zona Tortona, Milan 2012. The co-creation team of fashion, product, motion, interior and graphic designers came from Milan, Sao Paolo, New York and Tokyo. To stimulate ideas, the co-creation team had access to an online panel of 100 clubbers.
  23. 23. COALITION OF PARTIES each parties bring specific asset or skill to the party sharing knowledge creating a common competitive advantage
  24. 24. BEERTENDER by Heineken and Krups
  25. 25. The SLoCaT Partnership on Sustainable Transport (SLoCaT) is a multistakeholder partnership of over 80 organizations (representing UN organizations, Multilateral and Bilateral development organizations, NGOs and Foundations, Academe and the Business Sector). SLoCaT promotes the integration on sustainable transport in global policies on sustainable development and climate change.
  26. 26. WHERE COMPANIES COULD USE CO-CREATION? DIY advertising Product development Ongoing development Create and sell Ongoing conversations http://trendwatching.com/trends/CUSTOMER-MADE.htm
  27. 27. DIY ADVERTISING http://trendwatching.com/trends/CUSTOMER-MADE.htm
  28. 28. PRODUCT DEVELOPMENT Nokia concept lounge Electrolux Design Lab http://trendwatching.com/trends/CUSTOMER-MADE.htm
  29. 29. ONGOING DEVELOPMENT P&G platform for moms http://trendwatching.com/trends/CUSTOMER-MADE.htm
  30. 30. CREATE AND SELL Lego FACTORY Danish Vores Øl (‘Our Beer’) world's first open-source beer http://trendwatching.com/trends/CUSTOMER-MADE.htm
  31. 31. ONGOING CONVERSATIONS Orange customers can tell what they think about the brand http://trendwatching.com/trends/CUSTOMER-MADE.htm
  32. 32. Co-creation partnership • Increased company loyalty • Stronger customer relationships Direct value outcomes • Product and firm performance • Positive word of mouth Halo effects on mass market • Perceptions and performance • Perceived as more customer oriented
  33. 33. WHERE IT CAN BE USED? Research & Development Marketing, Design & Idea Collective Intelligence & Prediction HR & Freelancers platforms Open innovation software Intermediary open innovation services Creative Co-creation Product Ideas crowdsourcing Branding & Design crowdsourcing Peer Production & P2P Public Crowdsourcing
  34. 34. WHAT CAN GO WRONG? Content editing co-creators get smarter and realise how much they're worth
  35. 35. LITHUANIAN EXAMPLES
  36. 36. MY RESEARCH FIELD customer organization
  37. 37. Butscher (2002) Arvidsson (2008) Payne, Storbacka & Frow (2008) Grayson & Humphreys (2008) Etgar (2008) Grissemann, Stockburger-Sauer (2012) Dong, Evans, Zou (2007) Potts et al (2008) Linstone & Turoff (2002) Ryssel et al. 2004 Kaulio (1998) Füller, Mühlbacher, Matzler., Jawecki (2009) van Daelen (2005 Prahalad & Ramaswamy (2004) Zwick et al (2008) Kaulio (1998) Tapscott &Williams (2006) Mohaghar, Jafarnejad, Mirkazemi Mood & Maguire et al. (2007) Walter & Ritter (2003) Greer & Lei (2011) Thomke &Von Hippel (2002) Youshanlouei Von Ahn (2006) Rowley, Kupiec-Teahan, Leeming, (2007) Nuttavuthisit (2010)
  38. 38. RESEARCH QUESTIONS How to improve organizational performance and enable new means of value creation?
  39. 39. THOUGHT LEADERS IN THE FIELD C.K. Prahalad and V. Ramaswamy The Future of Competition Don Tapscott's and Anthony D. Williams's Wikinomics: How Mass Collaboration Changes Everything J. Howe The Rise of Crowdsourcing, Wired magazine James Surowiecki The Wisdom of Crowds The Service-Dominant Logic of Marketing: Dialog, Debate, And Directions Paperback by Robert F. Lusch (Author, Editor) , Stephen L. Vargo (Editor), M.E.Sharpe (February 28, 2006) Service-Dominant Logic: Premises, Perspectives, Possibilities by Robert F. Lusch and Stephen L. Vargo, Cambridge University Press (January 31, 2014)
  40. 40. NO ONE KNOWS EVERYTHING, EVERYONE KNOWS SOMETHING, ALL KNOWLEDGE RESIDES IN HUMANITY. LEVY 1997
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