WE have evolved be entertained 24 hours a day. Smart phones, TVs and watches have been designed to satisfy our needs through the emergence of the Internet.
The Internet has changed consumer behavior and therefore the operations of a company such as costumer service, business models, and advertising. According to a Harvard Business Review Blog post our society has moved even further, not only do we need to be entertained by information that is given to us but also be able to share information with our social network through the usage of products. No longer do companies gain competitive advantage through their value proposition by providing newer and better features, but the revolution of social products will.
The new Nike+Fuel Band is an example classified by HBR as a ‘social product’. No longer will products just be “simply connected, but social” write Bonchek and Choudary. The concept of sharing will create another community. Nike’s idea is to create a community where users can motivate each other to be more active. This value proposition will attract more consumers, because with the vast amount of social networks in today’s world we create new connections everyday, by using social products it will make it even easier to keep in touch the connections in our busy lives.
Nike+Fuel Band’s value proposition and the idea of a social product (Video)
Resources:
– “Navigation.” BoF The Business of Fashion. N.p., n.d. Web. 23 Oct. 2013. <http://www.businessoffashion.com/2013/10/nike-stafan-olander-fuelband-and-the-age-of-social-products.html>.
– “HBR Blog Network.” Harvard Business Review. N.p., n.d. Web. 23 Oct. 2013. <http://blogs.hbr.org/2013/10/the-age-of-social-products/>.
– Video: https://www.youtube.com/watch?feature=player_embedded&v=moV5osprPlg