In marketing and branding value co-creation is reinventing itself as a discipline in contemporary society and drawing on to the conceptual accomplishments of the past in order to create a renewed focus on customers as individuals with human senses and brands as images. In value co-creation customers are second important element after organizations and part of relationship marketing. It is based on interactions, networks and relationships between active and adaptive sellers and buyers. The model revolves around customer retention, long-term relationships, two-way communication and personal interactions, emphasizing a customer-centric view with relationship handling in the focus of a firm’s marketing strategy and tactics.
In the field of marketing, a paradigm shift from the traditional goods-dominant logic to the new service dominant logic “SDL” is taking place. The existing dominant logic is moving from the exchange of tangible goods to one of intangibles like knowledge, processes and skills. The new view is challenging the traditional goods-dominant logic, recognizing its limitations whereby the customer perspective has often been neglected. Furthermore, this newer approach emphasizes the customer as a co-creator of value, where the “brand becomes the experience”. The customer perspective is central in a service-dominant logic, in accordance with the need to rethink the traditional view of marketing in favor of a more value-based logic. This involves customer value creation as a way of redefining markets in contrast to traditional conceptualizations.
Brand personality is based largely on inferences from observations of behaviors that the brand develops as a partner in a relationship with the customer. This relation is dynamic and formed by both physical and psychological elements of the product and the signs of brand identity. Moreover, a flexible brand relationship that allows individuals to adopt new roles as lives, ages and values change. The process is based on equilibrium between consumer personality and brand personality.
Besides, the customer’s emotional mood will be enhanced and more intense, because of the appealing level of the brand experience. In value creation for brands advertisements, color, design, lighting, logo, packaging, product design and web-sites are other visual stimuli that make it possible to differentiate products, enhance loyalty, prevent clutter and fend off competition. Material, surface, temperature, weight, form and steadiness can all contribute positively to the tactile experience of the brand and differentiate it from competitors, thus enhancing loyalty. In simple branding strategy a brand consists of positioning the brand as image and establishing durable and profitable relationships with individuals, based on the human mind.
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