Public Relations to Play a Critical Role in the Changing Economic Landscape
A collaborative economy is the next phase of social business, Jeremiah Owyang forecasts in his analysis Corporations Must Join the Collaborative Economy.
Through social media and technologies, customers have already begun sharing products and services with each other — redefining the buyer-seller relationship and putting companies that don’t adapt to the new economy at risk. The solution: Companies must rethink their business models by becoming a company-as-a-service, motivating a marketplace or providing a platform, Owyang suggests.
Social technologies radically disrupted communications, marketing, and customer care. With these same technologies, customers now buy products once and share them with each other. Beyond business functions, the Collaborative Economy impacts core business models. — Jeremiah Owyang
These new models put PR pros in a critical role to help brands navigate and thrive during the area of transition, Heather Whaling declares in 5 PR Opportunities in the Collaborative Economy.
As brands begin to reevaluate their business models to align with consumers’ purchasing behaviors, a plethora of opportunities will arise for PR pros to build and cultivate these new relationships. Referencing Owyang’s statement that “People want to rely on people, not just companies,” Whaling notes it will be up to PR pros to “humanize” the nameless, faceless corporations.
PR will play a key role in bridging the gap between the company and its constituents, and in repositioning businesses as a company-as-a-service.