The Power of Co-Creation

The Power of Co-Creation

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Apple embraced co-creation to enhance the speed and scope of its innovation, generatAsing over $1 billion for its App-Store partner-developers in two years, even as it overtook Microsoft in market value. Starbucks launched its online platform to tap into ideas from customers and turbocharged a turnaround. Unilever turned to co-creation for redesigning prodAsuct lines such as Sunsilk shampoo and revitalized growth. Nike achieved remarkable success with its Nike+ co-creation initiative, which enables a comAsmunity of over a million runners to interact with one another and the company, increasing its market share by 10 percent in the first year. Co-creation involves redefining the way organizations engage individualsa€”customers, employees, suppliers, partners, and other stakeAsholdersa€”bringing them into the process of value creation and engaging them in enriched experiAsences, in order to a€”formulate new breakthrough strategies a€”design compelling new products and services a€”transform management processes a€”lower risks and costs a€”increase market share, loyalty, and returns In this pathbreaking book, Venkat Ramaswamy (who coined the term co-creation with C. K. Prahalad) and Francis Gouillart, pioneers in working with comAspanies to develop co-creation practices, show how every organizationa€”from large corporation to small firm, and government agency to not-for-profita€”can achieve a€œwin morea€“win morea€ results with these methods. Based on extraordinary research and the authorsa€™ hands-on experiences with successful projects in co-creation at dozens of the worlda€™s most exciting organizations, The Power of Co-Creation illustrates with detailed examples from leading firms such as those above, as well as from Cisco, GlaxoSmithKline, AmaAszon, Jabil, Predica, Wacoal, Caja Navarra, and many others, how enterprises have used a wide range of a€œengagement platformsa€a€”and how they have even restructured internal management processesa€”in order to harness the power of co-creation. As the authorsa€™ wealth of examples make vividly clear, enterprises can no longer afford to view customAsers and other stakeholders as passive recipients of their products and services but must learn to engage them in defining and delivering enhanced value. Co-creation goes beyond the conventional a€œprocess viewa€ of qualAsity, re-engineering, and lean thinking, and is the essential new mind-set and practice for boosting susAstainable growth, productivity, and profits in the future.As one Scion en- thusiast put it, a€œIta#39;s more than just a car, ita#39;s a community and an outlet for you to be creative. ... 6 Aware that the average Scion buyer spent around $1, 000 on ac- cessories, the company also opened up its manufacturing to parts and accessories makers. ... Scion had sold more than 600, 000 vehicles by the end of the 2008 and claimed the youngest median age, 31, of customers in theanbsp;...

Title:The Power of Co-Creation
Author:Venkat Ramaswamy, Francis J. Gouillart
Publisher:Simon and Schuster - 2010-10-05


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