Jeremiah Owyang at Demand Success Conference: A Digital Marketing Briefing

By Alex Katzen | Jun 24, 2013
More Articles by Alex

Remember how much drama Facebook caused with newsfeed? No one liked it. It was strange because it was new and maybe a bit

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stalker-esque. With any new idea, there’s always resistance. Just like we are now so accustomed to perusing our newsfeeds, soon we may take a step further and share tangible things.

Jeremiah Owyang gave an electrifying keynote at the Vocus Demand Success Conference this past Friday, about the collaborative economy, an economic model where ownership and access are shared between people, startups and corporations. We’re seeing an increase in sharing among the youth. It’s not uncommon because young people have less. As we get older, there are things we won’t share, like our homes. The stuff we have stored away though is up for grabs.

The collaborative economy is driven by societal, economic and technology factors. 75% said they predicted sharing of physical objects and spaces will increase in the next 5 years and by 2015, the majority of the world will be living in urban centers (Shareable Magazine Study). Sharing through technology is becoming native because we now have generations that are born using technology.

On the business side of things, the collaborative economy is about combining brand and insights. Five years ago, those who published with social technologies had power. Using these same technologies today, people are going to share goods and services with each other. People will only have to buy a product once because they can share it with each other.

If you want to participate in the collaborative economy, you must let go to gain more. In both B2B and B2C, people are getting what they need from each other and avoiding corporations. Suffice it to say, this shouldn’t be perceived as a disruption for corporations.

Jeremy outlines the benefits to joining the collaborative:

1. You become more efficient because the crowd helps you perform in every single department.

2. You have a real long-term relationship with vested customers.

3. You are creating new value between people, which means new revenue (Enable customers to talk and share voices with others. If you let this happen, you can benefit from this.)

4. If you act now, you will have first mover advantage. Move now and you can beat out your competitors.

The Key Takeaways

Savvy companies are thinking beyond their warehouses and thinking about having deeper, longer-lasting relationships.

Provide a platform for your crowd. Give them a place for this instead of disrupting it. Every single department in your company can involve the crowd. Enable each transaction in marketplace.

As the crowd starts becoming part of the economy, the prices go down. The crowd becomes the company. To be part of the collaborative, let go of your company to gain the market.

Adopt the change. Embrace the newness, think broader and activate the marketplace. Learn how to succeed by letting go.

Be sure to check out Jeremiah’s slide show presentation!

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