The Power of Co-Creation: Build It with Them to Boost Growth, Productivity, and Profits
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The Power of Co-Creation: Build It with Them to Boost Growth, Productivity, and Profits

by Venkat Ramaswamy, Francis J. Gouillart
     
 

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Apple embraced co-creation to enhance the speed and scope of its innovation, generating 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 MyStarbucksIdea.com to tap into ideas from customers and turbocharged a turnaround. Unilever turned to co-creation for

Overview

Apple embraced co-creation to enhance the speed and scope of its innovation, generating 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 MyStarbucksIdea.com to tap into ideas from customers and turbocharged a turnaround. Unilever turned to co-creation for redesigning product lines such as Sunsilk shampoo and revitalized growth. Nike achieved remarkable success with its Nike+ co-creation initiative, which enables a community 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 individuals—customers, employees, suppliers, partners, and other stakeholders—bringing them into the process of value creation and engaging them in enriched experiences, in order to

—formulate new breakthrough strategies

—design compelling new products and services

—transform management processes

—lower risks and costs

—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 companies to develop co-creation practices, show how every organization—from large corporation to small firm, and government agency to not-for-profit—can achieve “win more–win more” results with these methods. Based on extraordinary research and the authors’ hands-on experiences with successful projects in co-creation at dozens of the world’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, Amazon, Jabil, Predica, Wacoal, Caja Navarra, and many others, how enterprises have used a wide range of “engagement platforms”—and how they have even restructured internal management processes—in order to harness the power of co-creation.

As the authors’ wealth of examples make vividly clear, enterprises can no longer afford to view customers 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 “process view” of quality, re-engineering, and lean thinking, and is the essential new mind-set and practice for boosting sustainable growth, productivity, and profits in the future.

Editorial Reviews

Publishers Weekly
With the Internet sparking a cultural shift towards collaboration and participatory commerce, and customers demanding engagement in products at unprecedented levels, corporations and institutions are scrambling to figure out the new rules of business. Likewise, employees are demanding involvement in determining company direction, and executives are discovering that accepting it brings success. In their first book together, Ramaswamy (The Future of Competition) and Gouillart (Transforming the Organization) highlight several examples, ranging from Starbucks to Summerset Houseboats, of companies moving from a top-down to a bottom-up approach and establishing cost-effective measures like crowd-sourcing to meet local needs. The authors make an excellent case by examining the successful integration of these strategies, but they never quite make the leap beyond their single-line strategy and urge for implementation. For general readers this will suffice, but it would have been helpful had the authors included implementation strategies for organizations with more limited resources as well. Still, their advice is timely and should prove beneficial to people looking for a fresh take on business strategies.
(c) Copyright PWxyz, LLC. All rights reserved.
Jon Iwata
"The Power of Co-Creation builds a compelling case for how and why many successful companies have changed their focus — not just reaching audiences, but building constituency. As Venkat Ramaswamy and Francis Gouillart note, this concept is not limited to engaging with customers. It gets to how any organization establishes shared attraction through shared values. In doing so, it builds not just common ground, but a deeper, enduring, widely shared idea on which to build a great enterprise."
Anand Mahindra
“Interconnectedness has changed everything, and for companies that are looking to find new paths to profit, The Power of Co-Creation is a must read. It sets out how the idea of co-creation can be implemented in every sphere, and the magic that comes out in moving from a firm-centric to a people-centric mindset. Successfully implementing “innovation by everybody” works wonders for all stakeholders.”
Tim Brown
“At a time when the technologies of the Internet are making entirely new forms of collaboration possible we need maps and guidebooks to help us make sense of the bewildering opportunities. Venkat Ramaswamy and Francis Gouillart have created just such a guidebook. They have charted the unknown territory of large scale co-creation with great thoroughness and imagination. I recommend taking it along on any journeys of co-creation you plan for your organization.”
Thomas Frey
“Inside the heart of every consumer lies a swirling cauldron of needs, wants, and desires that until now have been opaquely shielded from human understanding. The brilliant ideas unleashed by The Power of Co-Creation are nothing short of the proverbial keys to the kingdom, granting aspiring co-creationists a new center-of-gravity interface for triangulating communications between a company, its products, and its customers."
N. R. Narayanamurthy
“Thanks to reduced communication cost and increased connectivity, it is now possible to take the old virtues of “listening to your customer carefully” and turn value creation into a much more dynamic, iterative and bottom-up process. It is this "co-creative" transformation that the authors elaborate and illustrate in The Power of Co-Creation. An enlightening read for business owners in the new, socially-networked millennium.”
Shunsuke Katayama
The Power of Co-Creation demonstrates the new paradigm of strategy which is essential for business innovation regardless of industry. Our corporate motto “At your side” can only become a reality if we truly “co-create” value with our stakeholders.”
S. Sivakumar
“Co-creation is set to become a popular movement with a "ready-to-roll" execution framework so lucidly detailed in The Power of Co-Creation, laced with so many live examples. It has the power to actually co-create a new world order!
Jørgen Vig Knudstorp
“At LEGO, we stumbled across the phenomenon of co-creation which is becoming a major innovation practice. The Power of Co-Creation provides many examples and guidance to gain a better appreciation of technique and touch, and a mindset that is crucial for successful co-creation. As we have learned, co-creation is not about just "following rules", but personal engagement is essential. ”
Dr. João Polanczyk
"About half of our strategic initiatives at HMV now come from co-creative engagement with our key stakeholders—patients and their families, physicians and nurses, our employees, business enterprises, and the health insurance companies. The Power of Co-Creation expounds a transformational journey in multi-stakeholder engagement that will shape our future.”
From the Publisher
"The Power of Co-Creation builds a compelling case for how and why many successful companies have changed their focus — not just reaching audiences, but building constituency. As Venkat Ramaswamy and Francis Gouillart note, this concept is not limited to engaging with customers. It gets to how any organization establishes shared attraction through shared values. In doing so, it builds not just common ground, but a deeper, enduring, widely shared idea on which to build a great enterprise."

“Interconnectedness has changed everything, and for companies that are looking to find new paths to profit, The Power of Co-Creation is a must read. It sets out how the idea of co-creation can be implemented in every sphere, and the magic that comes out in moving from a firm-centric to a people-centric mindset. Successfully implementing “innovation by everybody” works wonders for all stakeholders.”

“At a time when the technologies of the Internet are making entirely new forms of collaboration possible we need maps and guidebooks to help us make sense of the bewildering opportunities. Venkat Ramaswamy and Francis Gouillart have created just such a guidebook. They have charted the unknown territory of large scale co-creation with great thoroughness and imagination. I recommend taking it along on any journeys of co-creation you plan for your organization.”

“Inside the heart of every consumer lies a swirling cauldron of needs, wants, and desires that until now have been opaquely shielded from human understanding. The brilliant ideas unleashed by The Power of Co-Creation are nothing short of the proverbial keys to the kingdom, granting aspiring co-creationists a new center-of-gravity interface for triangulating communications between a company, its products, and its customers."

“Thanks to reduced communication cost and increased connectivity, it is now possible to take the old virtues of “listening to your customer carefully” and turn value creation into a much more dynamic, iterative and bottom-up process. It is this "co-creative" transformation that the authors elaborate and illustrate in The Power of Co-Creation. An enlightening read for business owners in the new, socially-networked millennium.”

The Power of Co-Creation demonstrates the new paradigm of strategy which is essential for business innovation regardless of industry. Our corporate motto “At your side” can only become a reality if we truly “co-create” value with our stakeholders.”

“At LEGO, we stumbled across the phenomenon of co-creation which is becoming a major innovation practice. The Power of Co-Creation provides many examples and guidance to gain a better appreciation of technique and touch, and a mindset that is crucial for successful co-creation. As we have learned, co-creation is not about just "following rules", but personal engagement is essential. ”

"About half of our strategic initiatives at HMV now come from co-creative engagement with our key stakeholders—patients and their families, physicians and nurses, our employees, business enterprises, and the health insurance companies. The Power of Co-Creation expounds a transformational journey in multi-stakeholder engagement that will shape our future.”

“Co-creation is set to become a popular movement with a "ready-to-roll" execution framework so lucidly detailed in The Power of Co-Creation, laced with so many live examples. It has the power to actually co-create a new world order!

Jørgen Vig Knudstorp
“At LEGO, we stumbled across the phenomenon of co-creation which is becoming a major innovation practice. The Power of Co-Creation provides many examples and guidance to gain a better appreciation of technique and touch, and a mindset that is crucial for successful co-creation. As we have learned, co-creation is not about just "following rules", but personal engagement is essential. ”
Dr. João Polanczyk
"About half of our strategic initiatives at HMV now come from co-creative engagement with our key stakeholders—patients and their families, physicians and nurses, our employees, business enterprises, and the health insurance companies. The Power of Co-Creation expounds a transformational journey in multi-stakeholder engagement that will shape our future.”

Product Details

ISBN-13:
9781439181041
Publisher:
Free Press
Publication date:
10/05/2010
Pages:
276
Sales rank:
958,325
Product dimensions:
6.10(w) x 9.10(h) x 1.10(d)

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