To compete in the collaborative economy, established companies need to recognise how price, convenience and brand can drive buyers towards sharing. And each of these can provide a path to winning customers back to the firm, particularly if they tap into sharing models to serve customers in new ways, according to the New Rules of the Collaborative Economy report from Vision Critical.
Taking the first thing first, price is the most obvious path for value-driven businesses in a price-sensitive market. While the convenience route is a promising route for companies serving affluent, professional customers who place a premium on time. And brand counts for those with strong brand recognition and positive sentiment, particularly in markets where customers are sensitive to risk.
But identifying the most viable collaborative economy biz model requires nuance, says the report. So, creating a P2P marketplace is best for companies with a proven track record in creating successful customer platforms (think, online communities or active e-commerce sites).
Offering brand as a service works for products that can be offered on access model. It makes no sense for products with a low unit price. It’s an option for services companies which already have strong brand equity.
Enabling a platform is effective for companies with a strong R&D culture, in a maker industry, and/or a passion for engaging with customers. Bringing customers closer to the innovation process is a great way of becoming a more customer-centric company.
Partnering with sharing startups makes sense for companies which aren’t yet ready to launch their own sharing initiative. It’s a good way to build collaboration comfort.
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