In this excerpt from "The Future of Competition" by C.K. Prahalad and Venkat Ramaswamy, there is a key paragraph:

If the consumer and the firm cocreate value, then the cocreation experience becomes the very basis of value. This suggests new capabilities for firms. Managers must attend to the quality of cocreation experiences, not just to the quality of the firm's products and processes. Quality depends on the infrastructure for interaction between companies and consumers, oriented around the capacity to create a variety of experiences. The firm must efficiently innovate "experience environments" that enable a diversity of cocreation experiences. It must build a flexible "experience network" that allows individuals to coconstruct and personalize their experiences. Eventually, the roles of the company and the consumer converge toward a unique cocreation experience, or an "experience of one."

In essence, when customers write reviews on your site, or any contribute user generated content alongside your brand, they are creating value for your company. Therefore, the quality of this experience determines the amount of value they contribute.

As such, I think we're on the right track with the level of customization, integration, and innovation into our platform. We're seeing high quality reviews across clients. Clients and we are benefiting from collaborating on product roadmap and and sharing best practices to create the highest quality experience for the most influential customers. This is exactly why I joined this Bazaar adventure — to learn and create world class strategies in this new paradigm of marketing. 

 

One Response to “New Frame of Reference: Value is in the Quality of the Co-creation Experience”

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