A winning formula to co-create value with your multiple stakeholders
People know what B2C and B2B are, but what about the emerging B2B2C business model? What is it and how can managers successfully compete in this complex market?
In an increasingly interconnected world, there is the need to find a winning formula to co-create value with multiple stakeholders, thus including not only consumers, but also industrial clients, suppliers, distributors, governments, and NGOs. In fact, leading technological-based brands such as Alibaba, Amazon, Google and Visa are not exclusively B2B or B2C.
Thanks to in-depth interviews with top managers of a giant technology corporation, this research outlines a winning formula to co-create value with your multiple stakeholders in the B2B2C market. The six fundamental drivers are the following:
You are not alone when doing a B2B2C business. The success of value creation depends equally on you and your multiple stakeholders.
2. Direct approach
Mail, telephone with your B2B stakeholders and TV or Internet with consumers are not enough. A direct approach is needed to successfully co-create value.
Trust must involve all stakeholders, to achieve final consumers and not betray their trust.
4. Strategic alignment
In the B2B2C market, if you don’t share your vision with those of your stakeholders, you will never co-create successful products’.
5. Adaptive modus operandi
Every company in the B2B2C market has its own imprinting, an operative process, but you must find a compromise and reciprocally adapt to each other to co-create value.
6. Knowledge sharing
The whole ecosystem working in the B2B2C marketplace has at disposal a panel of knowledge that would be never achievable in a B2C or B2B market. If you share your knowledge with your stakeholders, you will co-create more value.
According to these ingredients, successful CB value co-creation processes demand CB managers to build interdependent, direct, trustful, and strategically aligned relationships with their multiple stakeholders, characterized by daily interactions and a greater attention to dialogue and to design intra- and inter-organizational teams to open up to a broad system prepared to share knowledge and set up a flexible operative execution.
This article encourages managers – and corporate managers in particular – to revise their way of managing multiple stakeholders’ relationships by considering this recipe as a starting point for a successful value co-creation process.
Read the original research article: Mingione, M. & Leoni, L. (2020). Blurring B2C and B2B boundaries: corporate brand value co-creation in B2B2C markets. Journal of Marketing Management, 36(1-2), 72-99. https://dx.doi.org/10.1080/0267257X.2019.1694566
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