A Bonded Experience: “Value Creation as the Creation of an Experience, Within a Business Relationship”

Abstract

In this paper, we investigate the application of the concepts of customer experience (CX) and co-creation for SMEs in the B2B sector. Based on a systematic review of extant research on the subject of CX, we will recognize that customer experience management (CXM) can be a new way for organizations to create a competitive advantage, simultaneously creating more value for their customers. We will introduce a conceptual framework for a better understanding of the concept, identifying several elements that have to be taken into account in CXM, i.e., the types, levels, and strengths of experience; the tacit and measurable outcomes of a great CX for the firm; the methods to measure CX; the conditions to execute CXM; the possibilities for CXM by the firm, such as the management of experience providers and the application of the customer journey approach to gain insights into customers’ experience; and, finally, the role that customers have in CXM. With this latter element of our framework, we will be able to cross the bridge from CX to customer co-creation, in particular the co-creation of experiences in NPD. Reflecting these insights on SME practice will teach us what small- and medium-sized enterprises can do to apply CXM. In that respect, we will observe that research has not reached a sufficient level of knowledge to aid firms in achieving this goal. We intend to further investigate the application of CX concepts in SME in ongoing studies.