Tag Archives: Online Communities

How Does Crowd Sourcing Impact Business Models?

Interview with Vikas Sharan, CEO, Regalix, Inc.

Situation: Online communities offer the opportunity to leverage crowd sourcing to both solve problems and create new capabilities. How can these communities be leveraged to expand business models?

Advice from Vikas Sharan:

  • With the simultaneous explosion of digital devices and online communities, the concept of crowd sourcing will only increase. The ability to tap into the crowd sourcing ecosystem will differentiate high performers from everyone else.
  • If you can think through a problem strategically, and build crowd sourcing capability to scale, you can leapfrog the competition and change the game.
  • Take the example of ComplianceOnline (CO) from MetricStream.

○    MetricStream started as a company with an enterprise compliance platform. Their vision was to build information and best practices across multiple areas of compliance and vertical industries.

○    Since compliance is a very large area and spans thousands of industries and topics, MetricStream started with building best practices in a couple of compliance topics. To further their vision, they partnered with Regalix to create CO.

○    At CO, MetricStream and Regalix have created an ecosystem of over 20-30,000 experts on different compliance topics. These experts contribute training and best practices on thousands of compliance topics. Without adopting a crowd sourcing model, it would have been very difficult for MetricStream to build expertise across such a diverse range of compliance topics.

  • Here is the sequence of events that helped to build CO.
  • CO secured a collaboration with top regulatory officials across a handful of topics. These individuals brought not only credibility, but an initial list of advisers, peers and regulatory contacts to seed the new ecosystem.
  • From this seed, the ecosystem rapidly grew to a large community which submitted white papers, best practices and training programs.
  • Using the model first developed with the initial topics, CO has expanded their efforts to thousands of compliance verticals, with 20-30,000 experts contributing information to these verticals.
  • There are thousands of federal, state and international compliance verticals to which this model can be applied.

You can contact Vikas Sharan at vsharan@regalix–inc.com

Key Words: Strategy, Technology, Online Communities, Crowd Sourcing, Business Model, Platform, Compliance

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What is the Future of Digital Marketing?

Interview with Vikas Sharan, CEO, Regalix, Inc.

Situation: In traditional marketing, many marketers are more focused on activity than results. In the digital environment, top marketing organizations must become better at listening to their customers, watching them, and tracking their purchase decision behavior. What does this mean for the marketer?

Advice:

  • The digital world has changed marketing.
    • The traditional marketing campaign was led by creative. Through the early 90’s marketing was directed by media players and large publishers. Once a campaign was developed the pitch was “buy lots of impressions and customers will come.”
    • During the dot.com boom and into the 2000s there was a shift to ROI – spend $x with Google, get y clicks that will yield z buying customers. This was very transactional and could be expressed relatively simply.
    • Behavior is now changing, and the model is becoming more collaborative:
      • A potential customer expresses interest and a need.
      • A supplier offers a solution.
      • The potential customer verifies and validates the offer through online communities, Twitter, Facebook or other resources, and eventually may make a buying decision based on what they find along the way.
      • The buying decision today is very different from the traditional offer-driven process.
      • All of this can happen in minutes.
  • For the marketer, this means moving far beyond the simple advertisement.
    • The marketer needs a presence on Facebook, Twitter, and many more sites, in addition to their website, to woo potential customers.
    • For marketers this is expensive and requires a different level of resource commitment. It is, therefore, important for them to attribute the appropriate value to each online presence that the customer engages as they evaluate their buying choices.
    • Only through developing complex metrics, which change real time as customer behavior changes, can the marketer track and understand customer behavior and adapt the offer to the needs of the customer.
    • As individual consumers increasingly engage employ new forms of digital technology the challenge to marketers only increases.
  • The digital marketer who will thrive will develop a sophisticated, metric-driven understanding of the multiple touchpoints and social interaction of a given transaction.

You can contact Vikas Sharan at [email protected]

Key Words: Digital, Marketing, Customer, Behavior, Conversation, Online Communities, Facebook, Twitter, Touchpoint, Measurement, Metrics

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