“The highest form of loyalty is shared destiny.” ~ Jeremiah Owyang.
Odds are, you are already part of “The Sharing Economy”. Even though you might not be familiar with the term or understand the full impact it has on business and society. This blog will tell you what you need to know. Thanks to Jeremiah Owyang of CrowdCompanies for his insights and inspiration on the topic on Feb 28, 2014 at SVESMC.
You might wonder how the Sharing Economy is relevant to social media marketing. Read on and it will all make sense.
The Collaborative Economy by Jeremiah Owyang:
- “Sharing is the new buying”, says Jeremiah. It saves money, creates an experience, and is efficient.
- What role do companies play in the sharing economy? Answer: See oDesk, TaskRabbit, Yerdle, Uber, AirBnB et al.
- Societal and cultural changes: Social media has paved the way for the sharing economy. See the Dollar Shave Club (any product can be a service) or #UberTree (there’s an app for that, even your X-mas tree). Or outsource even your clothing choices with Trunk Club.
- Economic factors: You can sell the same product many times, e.g. Netflix, Drive Now. Compete or obsolete.
- The Maker Movement is, as Wikipedia calls it, a “technology-based extension of DIY culture”. A force for companies to reckon with in its aggregation.
- Technology factors: New technology opens up new biz opportunities, e.g. Google & Uber competing in the area of shipping (watch out Amazon). Smartphones and other existing tools are enablers.
- As seen when taxi drivers revolted against Uber, “technology moves faster than regulation”. This causes confusion and conflict but will be resolved eventually.
- Sustainability is a driver: See the Patagonia & eBay Common Threads initiative provide a used clothing marketplace; also see Peers.org.
- “The highest form of loyalty is shared destiny.” Example: UHaul Investors Club provides UHaul with capital, while generating customer profits and commitment. Also see Lending Clubs as a way to avoid banks.
- Anything can be shared. As I was tweeting during Jeremiah’s live presentation on Feb 28th, I was followed by @GetPitStop (“Share Your Restroom”). Frankly, I like sharing but this is going “a toilet too far” for me. I’d like my tax dollars to pay for public toilets, please
Later this year, Jeremiah will speak at the SVForum Marketing & Social Media SIG. Stay tuned.