Co-Creation of Value: Leveraging Customer’s Intellectual Capital
Abstract
Proliferation of products and services ahs changed the business dynamics. Revolution in the field of Information technology and telecommunication has resulted in omnipresent connectivity which has blurred the geographic and business boundaries. To cope up with this fast chaning environment marketers cannot rely on traditional methods of marketing alone, but have to continuously seek new dimensions of innovation and creativity. Involving customers with the business processes has become the trend across the leading organizations. Organizations have now started stepping out of their R&D cell and started developing the direct contact with the cutomers to harness the new ideas from them for a win-win creation. Co-creation initiatives are deployed more and more frequently now a days. Organization are to get inspired and research the opportunities that a more human and collaborative economy offers by strategically thinking on providing a platform where customers can co-create value. This paper looks at various aspects involved in the co-creation process and attempts made by various companies at utilizing co-creation to create value. The paper also talks about the future in the process of utilizing co-creation as tool to drive market growth.
Authors
Dr VN Bajpai, Dr Satish Kumar