Crowdsourcing Markets: Birds of a Feather Buy Together

Pearson Education
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This Element is an excerpt from We Are Smarter Than Me: How to Unleash the Power of Crowds in Your Business (9780132244794) by Barry Libert and Jon Spector. Available in print and digital formats.

 

Content and beyond: enabling your customers to create your products for you!

 

Our focus here is on the role of communities in manufacturing companies’ products or content. The advantages over traditional business models are huge. At iStock, for instance, contributors create the product, deliver it in market-ready format, and even list it in the appropriate category. With little inventory expense or traditional overhead, iStock can price its product far below conventional competitors.

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About the author

Barry Libert is chairman of Mzinga, a leading enterprise social technology and services provider. The company manages over 14,000 online communities, which draws more than 60 million total online visitors every month. Libert is a recognized authority on entrepreneurial leadership strategies and a pioneer in the business use of social technologies. A one-time McKinsey & Company consultant, he has coauthored highly-regarded books, including Cracking the Value Code and Value RX. Jon Spector is President and CEO of The Conference Board, the world's preeminent business membership and research organization. He previously served as Vice Dean and Director of Wharton's Aresty Institute of Executive Education; as CEO of several venture-backed startup companies; and as Principal in 2986 and Director in 1992 at McKinsey & Company.

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Additional Information

Publisher
Pearson Education
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Published on
Feb 15, 2010
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Pages
10
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ISBN
9780137083121
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Features
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Language
English
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Genres
Business & Economics / General
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Content Protection
This content is DRM protected.
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Eligible for Family Library

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Barry Libert
Digital networks are changing all the rules of business. New, scalable, digitally networked business models, like those of Amazon, Google, Uber, and Airbnb, are affecting growth, scale, and profit potential for companies in every industry. But this seismic shift isn’t unique to digital start-ups and tech superstars. Digital transformation is affecting every business sector, and as investor capital, top talent, and customers shift toward network-centric organizations, the performance gap between early and late adopters is widening.

So the question isn’t whether your organization needs to change, but when and how much.

The Network Imperative is a call to action for managers and executives to embrace network-based business models. The benefits are indisputable: companies that leverage digital platforms to co-create and share value with networks of employees, customers, and suppliers are fast outpacing the market. These companies, or network orchestrators, grow faster, scale with lower marginal cost, and generate the highest revenue multipliers.

Supported by research that covers fifteen hundred companies, authors Barry Libert, Megan Beck, and Jerry Wind guide leaders and investors through the ten principles that all organizations can use to grow and profit regardless of their industry. They also share a five-step process for pivoting an organization toward a more scalable and profitable business model.

The Network Imperative, brimming with compelling case studies and actionable advice, provides managers with what they really need: new tools and frameworks to generate unprecedented value in a rapidly changing age.
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