CREATIVE THINKING: shifting to a ‘participation economy' |
Written by Christine D. Johnson |
Wednesday, 16 June 2010 11:43 AM America/New_York |
Moving beyond business as usual may be the singular toughest thing you ever do. Putting away your past and starting over again to reinvent your store or company is not easy. The challenge is to disengage from the past and gain a new perspective on what you do as a business. In many cases, this means building a new vocabulary and encouraging your staff to embrace it. Now that we are living in what might be termed a "participation economy"-where we take part in each other's lives, share success as a team, enjoy equality and build God's kingdom together-we have to move from the old to the new in the way we speak, too. For instance, in the old economy we informed others, but today we inspire others. We used to be interested in return on investment, but now we're focused on return on involvement. And today, instead of simply competing in the marketplace, we aim to redefine our customers and how we serve them. We now know that "it's not about putting the customer at the heart of everything we do," said Kevin Roberts, CEO Worldwide of the Saatchi & Saatchi advertising agency. "It's about putting ourselves at the heart of everything the customer does." Moving into the future means asking, how can I put our company at the heart of the customer? How can I shift the game by changing the fan's experience? Let's look at a few examples: Google maps has put mapping in the hands of the people. One 26-year-old in Glasgow has made 41,000 contributions to Map Maker. For U2's 360 tour, the popular rock band sold 20% more tickets simply by performing in the round and getting closer to fans. Fueled by the International Christian Art Competition (www.artists4God.com), my own company, Gracefully Yours, is acquiring artwork for its greeting cards by opening the community of artists around the world to participate in publishing efforts. In the new world in which we live, marketing no longer cuts it. With 50% of consumers spending less in this difficult economy, our customers have shouted that price is only one factor in their purchasing decisions. A recent U.S. survey found that 60% of women confess to buying something on a whim. The average price of their impulse buys was $108. Price is what companies put on the tag, but value is what gives their customers a fan experience that is truly priceless. Consider Netflix, which figured that going to the customer at their home beats waiting for him or her to make the time to go out and get a movie-that's value. Game-changing moments also come as you listen to your audience. By asking your customers the right questions, you will get an astonishing disclosure of truth about your store or products. What are some of the lessons we've learned from our Gracefully Yours customers? From women, we've learned that every day matters-every day should be Mother's Day. Also, we have found that traditional communicators want more space to write a note on a greeting card, but for youth, it's important to be creative. And looking at all customers as a group, we have discerned that 80% are emotional and 20% are rational, so cards need to take that into account. Here are three key questions to ask your customer: We all have a chance to reframe the way we do business. Begin today to move forward into the true-blue heart and soul stuff, not the bottom-line green. Start with changing your store or company's fan experience, and build priceless value along the way. Rick Tocquigny |