Venkat Ramaswamy – a ten-year perspective on how the value co-creation revolution is transforming competition

Abstract

Purpose

In this interview with Prof. Venkat Ramaswamy, Strategy & Leadership reviews the way the concept of co-creation of value with customers is being implemented on its tenth anniversary. Prof. Ramaswamy explains the basic elements of the co-creation playbook.

Design/methodology/approach

Based on his research with companies pioneering innovation co-creation with customers, Prof. Ramaswamy offers insights for executives into what makes this perspective different and powerful.

Findings

Prof. Ramaswamy discusses the guiding principle underlying the transformation of enterprises towards co-creation: how to engage people to create valuable experiences together while enhancing network economics.

Practical implications

In designing and managing a co-creation platform, ask, how accessible is it to consumers or any other key stakeholders; how well does it facilitate dialogue among them; how transparent is this interaction to all, which helps to build trust and attract even more participants; and how well does it enable the reflexive leveraging of the innovation and learning generated to enhance the value of the platform?

Originality/value

Senior executives need to know how co-creation engagement platforms can also be used to generate ideas for continuously improving products and services through the lens of customer experiences.

Citation

Leavy, B. (2013), "Venkat Ramaswamy – a ten-year perspective on how the value co-creation revolution is transforming competition", Strategy & Leadership, Vol. 41 No. 6, pp. 11-17. https://doi.org/10.1108/SL-07-2013-0058