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From my keynote address this morning at The Social Shake-Up in Atlanta: How can big companies benefit from crowd-based business models in the Maker Movement, Crowdfunding, and Sharing Economy? We call this the Collaborative Economy, and big companies can participate, too.
In my last post, we examined the companies that made mistakes at the beginning of the Internet era in order to learn what organizations can do differently today, at the beginning of the collaborative era. Even in industries where many strong companies crumbled, a few bucked the trend. What did they do that kept them solvent while others failed, and how can we apply these lessons as the Collaborative Economy emerges and grows?
One of the mistakes that successful companies make when faced with profound change in the business environment is to believe that their loyal customers will stay loyal, both to the brand and traditional business processes. Of course, building customer devotion is a necessity for brands nowadays, but leaders must recognize that today's strong brand loyalty offers no protection against significant changes in consumer expectations and behaviors.
Many people assume that the sharing or collaborative economy is something new and innovative, and as a result, it is subject to caution and skepticism, but is this really the case? I often wonder if people considered today's burgeoning collaborative economy models in a historical context, might their caution and skepticism be lessened?
Tools like Facebook, Twitter, Yelp and Flickr have taught people the power of sharing more widely and have begun to alter attitudes about privacy. Today, you live more transparently.
David Thorpe of Sustainable Cities Collective talks to Jeremiah Owyang about how the collaborative economy relates to making cities more sustainable. Jeremiah will be delivering one of the keynotes at The Social Shake-Up this September.
Peer to peer threaten traditional corporations as people share or build -- rather than buy. This means that people want new business models to get goods that they seek by using an access model, rather than traditional ownership models. They will tap crowd services like oDesk rather than traditional consulting firms and stay at Airbnbs as opposed to hotels.
Don’t mistake cooperation for collaboration. While there may be a gift economy in cooperatively sharing via social media, you cannot engage in it unless you give gifts as well. For example, you would not show up at a potluck dinner with empty hands.