Since the value cocreation model came out, many organizations are starting to change how they work. This approach involves making a relationship with customers that is good for both sides. If you work in sales or business development, learning the basic ideas and ways to use this strategy could help your job. In this video, we explain what cocreation of value is and how to do it. We also give some examples, tips, and advantages of using this model.
What is cocreation of value?
Cocreation of value is when a business asks a customer for advice on how to run certain parts of the business. This approach gives customers a place to share their ideas in a way that encourages them. There are many ways to use cocreation in marketing. During this process, the business and its customers figure out what needs to be fixed and where there are chances to grow. The organization also lets customers make ideas about how goods and services should be made.
While talking about important issues, the company gives customers unique experiences that might make their ideas better. Almost any type of business, from manufacturing to healthcare, could gain from this initiative. Even though most businesses try to find ways to make their customers happy, the main goal of putting in place value cocreation isn't always customer happiness, but rather improvement over time.
How to implement value cocreation
Follow these steps to put this plan into action:
1. Identify the value you want to cocreate
Make a list of what the organization needs or doesn't have and how to fix things. Prepare things to talk about ahead of time. This helps you keep your platform organized and keep your mind on important things.
2. Schedule a meeting place
After figuring out what needs to be fixed, set up a place where people can share ideas. Work with your team to choose the best event or place for customers to meet. When planning a meeting, think about what the average customer looks like. For young people, an online meeting may be a good way to get more people involved. People in their middle years or older may prefer to voice their opinions in person. When you make a choice, let people know the date, time, or platform of the event.

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Content Creator: Aysun Ibadova, Kamran Tagiyev
Voiceover author: Jeremy G.
Animation author: Nazanin Suleymanova
Sound editor: Aysun Ibadova
Project manager: Kamran Tagiyev