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)

Transcript of What is value co-creation? For me :)

  • 1.VALUE CO-CREATION Monika Maiulien Mykolo Romerio Universitetas

2. SETTING THE SCENE: WISDOM OF CROWDSclassic experimentcollective judgment intuition of crowd 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. Customers =Passive audienceActive playersTime frame1970s and early 1980sLate 1980s and early 1990s1990sBeyond 2000Managerial mindsetThe 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 communicationOne-wayData base marketingRelationship marketingActive dialogue with customers. Multilevel access and communication.Source: adapted from Prahalad and Ramaswamy (2000) 5. ROLE OF SOCIAL TECHNOLOGIES Problem solving in virtual environments 6. ROLE OF SOCIAL TECHNOLOGIESMedia clutterAlways in betaSea of niches 7. OLD VS NEW MODEL consumers observation respondents messages campaigns one size firm-centric transactionspeople immersion partners relationships stories niche tailored experiences dialogue with customers 8. OLD VS NEW MODEL consumers observation respondents messages campaigns one size firm-centric transactionspeople immersion partners relationships stories niche tailored experiences dialogue with customers 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 valuecustomerorganization 10. WHY ARE CUSTOMERS INTERESTED IN CO-CREATING?Social statusCashJob opportunitiesFun and involvementhttp://trendwatching.com/trends/CUSTOMER-MADE.htm 11. CROWD OF PEOPLE/CROWDSOURCING Anyone can join Masses Big numbers Power of masses 12. GOLDCORP CHALLENGE 13. BROOKLYN MUSEUMS CLICK! A CROWD-CURATED EXHIBITION 14. AIRBNB NEIGHBORHOOD GUIDES 15. citizen scientist at NASA 16. OPEN IDEO 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. WIKIPEDIA 19. LINUX 20. platform for artists, designers, and engineers to share digital design files via Creative Commons or General Public Use licenses 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. 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. COALITION OF PARTIES each parties bring specific asset or skill to the party sharing knowledge creating a common competitive advantage 24. BEERTENDER by Heineken and Krups 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. WHERE COMPANIES COULD USE CO-CREATION? DIY advertising Product development Ongoing development Create and sell Ongoing conversationshttp://trendwatching.com/trends/CUSTOMER-MADE.htm 27. DIY ADVERTISINGhttp://trendwatching.com/trends/CUSTOMER-MADE.htm 28. PRODUCT DEVELOPMENTNokia concept loungeElectrolux Design Labhttp://trendwatching.com/trends/CUSTOMER-MADE.htm 29. ONGOING DEVELOPMENTP&G platform for momshttp://trendwatching.com/trends/CUSTOMER-MADE.htm 30. CREATE AND SELLLego FACTORYDanish Vores l (Our Beer) world's first open-source beerhttp://trendwatching.com/trends/CUSTOMER-MADE.htm 31. ONGOING CONVERSATIONSOrange customers can tell what they think about the brandhttp://trendwatching.com/trends/CUSTOMER-MADE.htm 32. Co-creation partnership Increased company loyalty Stronger customer relationshipsDirect value outcomes Product and firm performance Positive word of mouthHalo effects on mass market Perceptions and performance Perceived as more customer oriented 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. WHAT CAN GO WRONG?Content editingco-creators get smarter and realise how much they're worth 35. LITHUANIAN EXAMPLES 36. MY RESEARCH FIELDcustomerorganization 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. 2004Kaulio (1998)Fller, Mhlbacher, Matzler., Jawecki (2009) van Daelen (2005Prahalad & 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. RESEARCH QUESTIONSHow to improve organizational performance and enable new means of value creation? 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 EverythingJ. 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. NO ONE KNOWS EVERYTHING, EVERYONE KNOWS SOMETHING, ALL KNOWLEDGE RESIDES IN HUMANITY. LEVY 1997