Co-creating Aftermarket Value in the Digital Era: Managing Transformative Customer Relationships through Stakeholder Engagement

Most companies do not realize the aftermarket opportunity for enhancing customer relationships and increasing profitability due to the lack of a strategic perspective on after-sales customer support and success. In the digital era, the aftermarket business presents new challenges and opportunities for enhancing efficiencies and effectiveness. On the one hand, digital marketing, e-Commerce, and omnichannel strategies have altered the customer journey and increased the number of touchpoints for managing customer experience. On the other hand, new tools and technologies have emerged for better managing aftermarket customer support and relational programs. However, an organizational mind shift is required to view after-sales activities as a strategic opportunity for customer engagement instead of viewing it as a cost center to support the previous sales. In this chapter, we review related academic literature and develop a framework for transforming aftermarket business by engaging multiple stakeholders and seeking value co-creation opportunities during customer and stakeholder journeys. The aftermarket transformation framework involves the implementation of two synchronized subsystems: value co-creation infrastructure and its enablers. Managers can use the framework for developing an aftermarket strategy for aligning stakeholder experience.