For my first PhD publication, I set out to better understand what is value cocreation, and more specifically, to understand its dimensions and driving forces. To be honest, it was not an easy task, as the academic literature on the topic is first very broad, and second, rather liberal in using the concept of co-creation without always clearly identifying its meaning. In the end, together with my co-authors, we decided to adopt an interactive perspective on value co-creation, and define it as a joint collaborative activity between two or more actors, occurring at the intersection of consumer and producer spheres, where the two come together to share resources in order to generate value for either one or both actors.
In terms of its dimensions, we focus on detailing six value cocreation dimensions that create value for consumers and service providers within interactions, and proceed by identifying a number of drivers that promote value cocreation. Overall, we tried to develop a larger framework that clearly discusses what value cocreation is vs. the factors that promote it.
You can download the resulting paper and our framework from the link below. I’ll discuss it in more detail in further blog posts, but wanted to first share it.
Value cocreation in service interactions: dimensions and antecedents
In the summer of 2012, six thought leaders were placed in a room together to figure out what is missing, from a data perspective, from services marketing. The team consisted of me (Open University), V. Kumar (Georgia State University), Veena Chattaraman (Auburn University), Bernd Skiera (University of Frankfurt), Lerzan Aksoy (Fordham University), and Jörg Henseler (Radboud University).
Our answer was to write a paper for the Journal of Services Management on why and how services marketing could and should become more data-driven. We all saw the benefits of using data to inform marketing decisions, and were rather frustrated by the lack of accountability in marketing, where most decisions are based on ad-hoc narratives rather than actual consumer data. Our goal was to provide insights into the benefits of data-driven services marketing. In order to do so, we decided to focus on explaining how marketing managers could link both traditional and new sources of customer data and their corresponding metrics. We acknowledged that marketing managers are probably overwhelmed by the data they could gather, and were at a loss as to how to accurately use this data.
Ultimately, we wanted to show how marketing managers could link the different sources of data and metrics to strategic and tactical business insights into a dashboard that can better measure marketing ROI. To read the full paper, click on the link below. I’m curious to know if you agree or disagree with our arguments, or have suggestions to further improve our article.
Data Driven Services Marketing in a Connected World