Reflections on course module 2 – Value exchange, value-in-use, value co-creation. The term “value exchange” is defined as the price a customer pays at the time of purchase whereas the “value-in-use” is defined as the value created by the customer during use. In MedTech, the value exchange exists both as “Capital sales”, “Rental” and “Service sales” where the latter two are driving re-occurring revenues. When the caregiver is using goods/service the value-in-use could be e.g. less back injuries for the staff when using a lift equipment and as a consequence fewer sick leave days. Other value-in-use could be less patient falls or less staff needed to perform a task. According to my experience “value co-creation” together with a hospital/ward can be done via a number of co-creation platforms:
- During product development where the caregiver is a co-producer
- Product trainings which could really be a reciprocal value creation opportunity
- Through assessment of equipment at a hospital where needs are clarified and value propositions are presented to address the needs
- Through advanced service products that improves the caregivers work procedures and use of equipment. The company commits to a guaranteed outcome and the two parties join in the value creation.
The last item is a challenge but very rewarding for both the provider and the customer. The relationship is long term (years) it creates a strong bonds. #MSSL141