[UPDATED] Several profound market forces are preparing the ascendancy of Knowledge Economy products, which result from collaboration among designers, artists, engineers, customers and firms. This represents one of the Knowledge Economy’s most exciting-yet-disruptive elements: “products” will cease to be dominated by monolithic factories that mass produce virtually all items that people use and consume. Moreover, people have an inherent joy when they can make things for themselves, their friends and their families—and a dramatic new wave of creativity and innovation is imminent. To help you wrap your mind around Knowledge Economy products, this post will recall what happened to mass media and entertainment industries.
Knowledge Economy products are conceived, designed, prototyped and fabricated in the Social Channel. Best practices in open source, Agile development, design and Web development will unleash continuous innovation at a scale and pace we’ve never seen before. Knowledge and innovation will be free in the Knowledge Economy because all supporting processes will become an order of magnitude faster and cheaper. Firms and brands that do not recognize and respond quickly enough will become irrelevant.
Most brands […]
Branch disruption enables unusual opportunity for bank executives who consider transforming their relationships with clients. More generally, retail banking provides an excellent example of an Industrial Economy industry whose services are facing commoditization and weakening profits due to the waning of the Productized Channel of Value. In 2013, bank branch networks are under intense scrutiny because they are expensive, and client visits have been falling steadily for several years as e-banking and m-banking adoption have accelerated. Astute banks will use branches to transform their client relationships by leveraging the Social Channel. Here’s how they will do it.
Next Door Chicago is a newish concept for State Farm Insurance that’s a great example of social business in insurance. It differentiates the firm by interacting in the Social Channel. The Lincoln Park/Lakeview community center and coworking space is notable because its DNA is empowering people to improve their lives through financial education. Next Door offers free coworking space and wifi, classes on financial management that are free of product pitches, free events (some financial, some art showings and other diverse events), free conference rooms and an energetic environment. Only the optional coffee bar is paid.