Co-creating brand value with independent financial advisers (IFAs): Introducing the spiral model of brand value co-creation

This study aims to investigate whether and how the concept of brand value co-creation can be adopted in a relationship between a UK based long-term savings and investments provider and Independent Financial Advisers (IFAs). Ramaswamy and Gouillart’s (2010) principles of co-creation (experience mind-set, context of interactions, engagement platform, and network of relationships) were used to evaluate the current engagement activities between the collaborative company (and other providers) and the IFAs and to propose a more dynamic brand value co-creation process. The uniqueness of this industry is that the majority of its sales to individual customers are generated through the IFAs, which make them become one of the most important and powerful company’s stakeholders. Case study research method with retroductive research approach was adopted in this study. This study identified that all of elements of Ramaswamy and Gouillart’s (2010) co-creation model were relevant in establishing brand value co-creation activities. However, reflexivity element which was overlooked in the original model was found to be very crucial. Furthermore, it was recognised that co-creation activities could result in co-created brand functional and emotional values. The current research findings were summarised in a proposition of the spiral model of brand value co-creation.