The rules have changed, and so have we.
- The widget economy has given way to something entirely different: the passion economy.
- Whereas the previous economy was fueled by mass production and homogeneity, growth in the passion economy involves more specialized products that less people want more intensely.
- This shift creates more dynamic, less linear career paths that evolve and change as you do. Ultimately, this will lead to more fulfilling and better paid work.
The "holy grail" of relationships with your customer can be tricky to achieve, and even more complex to uphold.
- How can you build a subscription model that continues to satisfy your consumer while avoiding fatigue and potential ethical downfalls?
- According to business consultant and speaker Robbie Kellman Baxter, you must first determine whether your service really requires a subscription in the first place. And if it does, be careful not to overwhelm the customer, which can lead to subscription guilt.
- Trust is just as important. Hiding the cancel button from your customers might keep them around in the short term, but this ultimately eats into your brand equity.
The membership economy is upending how businesses are structured and how they deliver value to customers.
- "I think that the membership economy is having as big an impact on business as the industrial revolution," says Silicon Valley consultant Robbie Kellman Baxter.
- Memberships or subscriptions fundamentally change the relationship between the consumer and the brand by delivering what Baxter calls a "forever promise." The famous example of Blockbuster vs. Netflix illustrates this perfectly.
- Subscriptions are not a new idea. Charles Dickens released his books to subscribers one chapter at a time, as he wrote them. What's different today is technology and the speed at which even a one-person business can reach a huge number of customers.
If you want to be an innovation powerhouse, then you have to marry purpose with boldness.
- When workers are afraid to take risks, or do things differently, then the culture of an organization is hampered in its ability to incubate fresh ideas.
- Innovation is a byproduct of a bold purpose — that is, it's a byproduct of an intrepid mission that organizational members can personally relate to.
- When workers feel their work is meaningful, they are willing to work harder and to go the extra mile in terms of generating ideas and finding solutions to problems.
142 more stores to close, but that might be just the tip of the proverbial iceberg.
- Sears to close 142 stores immediately amid bankruptcy filing.
- Dozens of Kmart stores — owned by Sears since 2004 — already scheduled for closing in November.
- Will it affect a store near you?