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

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.