Co-Creation

Co- Creation of Brands

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Institution

Co- creation of brands is a business strategy that focuses on consumerparticipation and collaborating relationships.According to co-creating joint values aims at triggeringoriginations based on partnerships with customers(Lusch, Vargo& O’Brien, 2007). The main aim of co-creation is to allow and inspire a more dynamicparticipation by the consumers to produce a value experience(Kietzmann, Hermkens, McCarthy & Silvestre, 2011). Today, different companies have successfully used the concept of co-creation by working together with their customers. By collaborating with their customers, companies are able to quickly improve and perfect their ideas by using customer’s feedback and by so doing quickly eliminating any non-feasible ideas in addition to learning from the customers(Blazevic&Lievens, 2007). In most cases, companies are targeting the so called Millennials which mostly comprises of the young generation since personalized products seem like they have a certain appeal to the Millennials especially through social networks and platforms as a way of creatingmutual value with consumers (Sawhney, Verona &Prandelli, 2005).

One of the most recent and successful cases of co-creation is the “Share a Coke” Campaign by Coca-Cola. The "Share a Coke" campaign encourages followers to come up their own personalized Coke commercials using their Facebook pictures, share a virtual coke and get a Coke bottle with a personalized message or friend's name on it in addition to winning prizes. Essentially, Coca-Cola is using the influence of the first name among other personalized messages in a dynamic and social manner to remind consumers of people in their lives they might no longer be in contact with or are yet to associate with. By putting names on Coca-Cola bottles the customers have fun by finding the names of their friends and relatives, send personalized messages as printed on the bottle and have fun “sharing a Coke together"....