Seeking a Sustainable Competitive Advantage in Periods of Economic Recession for SMEs and Entrepreneurs: The Role of Value Co-creation and Customer Trust in the Service Provider

Abstract

A sustainable competitive advantage is obtained when firms have resources that are valuable, rare, and unique. In this sense, building relationships that are valuable for customers and based on trust is a critical requirement for corporate success, especially in situations of economic crisis such as the current one. On the other hand, the greater part of the academic literature coincides in highlighting the positive influence that consumer participation has on the value created in service delivery. In this vein, research stands out which studies the consumer’s role as a value co-creator in the service. However, there are few studies which analyze the consequences of co-creation behavior from the customer perspective. This research means to fill this gap and proposes that there is a direct relationship between value co-creation behavior and the customer’s trust in the firm. The data for the empirical research have been obtained from a sample of regular users of firms in the personal image sector—a sector which is mostly made up of young, self-employed entrepreneurs and microenterprises. The implications for management would stem from the need to foster the customers’ active participation in value creation by adapting actions and processes with this in mind. This can be especially important in the case of small firms and entrepreneurs, forced into seeking a sustainable competitive advantage when facing large corporations.