What?s the next phase of Social Business? ?That?s the question I?m frequently asked. ?Without a doubt, the next phase is the Collaborative Economy.
What?s that? ?That?s where brands will rent, lend, provide subscriptions to products and services to customers, or even further, allow customers to lend, trade, or gift branded products or services to each other. ?This unstoppable trend is fueled by the social web, the specific features include relationships, online profiles, reputations, expressed needs and offerings and ecommerce. Customers are already starting to conduct these behaviors among themselves using TaskRabbit, AirBnb, Lyft, and many others tools ?some of these are disruptions and opportunities to brands.
[The next phase of Social Business is the Collaborative Economy; Brands will enable customers to share, trade, lend, gift products and goods using social technologies]
While this movement will have broader global and economic impacts, at Altimeter, we?re focused on disruptions to corporations. ?We?re knee deep in interviews for our next report on the Collaborative Economy, and have interviewed startups, VCs, brands, social business software vendors, authors, thought leaders, and are dissecting data of 200 sharing startups, for a broad overview of what it means to business.
| Phase | Department Impacted | Notable Examples |
| Phase 1 | PR and Brand | Dell Hell incident, Kryptonite Lock |
| Phase 2 | Marketing realizes an opportunity to conduct outreach | Corporate blogs: Fast Lane by GM, Microsoft blogs, IBM Blogs |
| Phase 3 | Customer Support | HP massive online communities, Home Depot Communities, Comcast Cares |
| Phase 4 | Product Innovation | Starbucks Ideas, Dell Ideastorm |
| Phase 5 | The business model, supply chain, various other departments | Using social tools, customers are sharing, selling, and renting your goods to each other |
Caveat: There are many broader impacts inside of the company that also impact HR, recruiting, supply chain, IT, and more, the above is just a sample of the most well discussed impacts.
Brands Already On Board: Toyota, Barclays Card, Avis, BMW, Walmart
What are examples of companies that are already taking advantage of this new social business trend now? ?Here?s a few from the Master List of Brands Participating in the Collaborative Economy: ?To stay current with car sharing or lending services like Lyft, RelayRide, Zipcar, Uber and more Toyota, OnStar and BMW are allowing cars to be rented. ? Barclays Card sponsored and supported bicycle sharing in the city of London, associating their brand with the movement. ?And retail giant Walmart is considering allowing customers to deliver goods to each other, to compete with Taskrabbit and Amazon.
[The first phase of Social Business impacted branding and PR, it shifted to support and product development. The next phase impacts core business model]
Ecosystem Opportunities Aplenty
What are the immediate business opportunities? ?There?s a long list, and the report will probe them in detail, but they?ll include sponsorships, partnership, investments in startups, building branded communities that enable renting and gifting, customer advocacy programs, and more. I?m seeking a SaaS startup that will enable this for brands, and dedicated a whole post outlining the market opportunity. For example, on just the retail vertical, yesterday, I met with Neal of Sharable Magazine, and he shared opportunities for retailers
Mindset Change Required in Corporations
So there you have it, the next phase of Social Business goes beyond marketing and customer support, it changes the fundamental business models and relationships that we will have with our customers. The big change that brands will struggle with, as is it means that brands will have to care about the relationship between customers as they trade and rent your products between themselves.
| Company Mindset: | Traditional Mindset | Social Business Mindset | Collaborative Economy Mindset |
| How they think: | Brands are in charge. Deal with it. | Customers are in charge, we?re listening and will engage. We care about your current experience with our goods. | We must now care about extended life of good after we sell it, and the relationship between customers. |
| Strategy they deploy: | Brand Experience | Customer Experience | Marketplace Experience |
Stay tuned for Altimeter?s report on the Collaborative Economy in just a few weeks, which I?ll be presenting the findings at LeWeb, which is themed on the Sharing Economy. Thank you Vivian Wang and Neal Gorenflo for the inspiring interviews this last few days.
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