Upload
hanguyet
View
215
Download
0
Embed Size (px)
Citation preview
Collective and Collaborative Consumption:
Implications for Financial Services Hope Jensen Schau Associate Professor of Marketing
Gary M. Munsinger Chair in Entrepreneurship and Innovation
Collective Consumption • Although most theories of
consumption are based on
psychology and economics
which overwhelmingly assume
individual actors, consumption
is often collective. Families Friends
Co-workers Neighbors
Communities Affinity Orgs
Value Collaboration • Business-to-Consumer
– Jones Soda
– Threadless
– Puma
– Netflix
• Consumer-to-Consumer – Jones Soda
– Threadless
– Puma
– Lego and Indiana Jones
– Bank Transfer Day
– Netflix
• Business-to-Business – Netflix
– Threadless
– Jones Soda (Seattle Seahawks distribution)
• Consumer-to-Business – Jones Soda
– Threadless
– Lego and Indiana Jones
– Netflix
– Bank Transfer Day
Jones Soda relies heavily upon its
community of loyal users: creation
of brand’s attributes and personality.
Product Innovations (flavors)
Packaging (labels, cap quotes)
Promotions (stickers, web content, price)
Jones Soda
Distribution Channels
Threadless Community
• Threadless: no community no brand
• Threadless brand community is socially nested in a constellation of brands and social communities
• Threadless, once the most innovative small company in America, hangs by a Thread:
• Lots of growth issues
• Have had trouble replicating this model in other product categories
Naked and Angry
June 2008
• Community submits designs
• Community scores designs
• Threadless manufacturing the high
scoring designs on shirts
What is Threadless?
Case Study: Puma
Get the customer involved
Puma: 113 Million Media Impressions
Savage Garden: Trending on iTunes
Puma launched a
video that soccer
fans could send to
their loved ones on
Valentine’s Day
General Implications
• Collective and collaborative consumption and
production are prevalent and qualitatively different
from individual consumption and firm-centered
production
• Collaborative consumption often leads to value
creation and ultimately collaborative production
• Firms can realize value by understanding collective
behaviors and harnessing collaboration
Access: Sharing and Collective Ownership • Timeshares
• Auto sharing
• Bicycle sharing
• Cloud Storage
Access: Sharing and Collective Ownership • Netflix
• Multi-device plans
• Multi-user plans
• Co-viewing
• Simultaneous Viewing
• Friend Algos
• Embedded Social
Commentary
Financial Services Implications • Feudal societies relied on collective
financing and asset holdings (family/kinship, ethnicity, religious, geographic)
• Both assets and debts were collective in nature
• Both assets and debts transcended a single life – descendants paid debt/enjoyed assets of ancestors
• Immigrant banking has historically been collective (family/kinship, ethnicity, religious, geographic)
Wealth Aggregation
• Historically weddings
were sources of
financial prosperity
perpetuation
• Homesteads were
often multi-
generational lands
• Wills are collective
asset flows
Credit Unions are Collective by Nature
• Credit Unions aggregate member assets and turn
them into enhanced wealth and access to financial
instruments.
Collective Finance Innovations • How might the sharing economy impact credit
unions? What collective financial products and services might credit unions offer?
• Real Estate Mortgages (multi-family, multi-member, multi-generation)
• Renovation Loans (multi-family, multi-member, multi-generation)
• College Funds & Loans (multi-member, multi-generation)
• Savings Accounts, e.g., Vacation Accounts (multi-user)
• Auto Loans (family auto fleets)
• Access Loans, e.g., Loans for Access/Membership Fees (multi-user)
• Business Ownership and Development