Business leaders today, more than ever, are compelled to think outside the box to bid for attention around their brand. In this digital age, when commerce no longer seems to flow linearly, and producer and consumer roles blur, anyone can produce anything from an instant online retail store to a clever contest platform, creating in the process, an entirely new audience to market.
Certainly this has somewhat disrupted market dynamics. New entrepreneurs are preempting anticipated business smarts to unsettle market leaders, no small thanks to a cross-generation of Internet users and their flair for effective networking on a global scale. Sangeet Paul Choudary, in his article on competition platform thinking on Platformed.info, illustrates:
Ultimately, this transformation redefines competition. Firms that once sought advantage based on the strength of their internal resources and channel access now face competitors that harness armies of connected users and ecosystems of resources. Apple’s App Store, hosting nearly a million applications, offers a compelling testimony to the power of ecosystems. More buyers on Ebay attract more sellers, which in turn attracts more buyers. More freelancers on oDesk attract more job postings and vice versa. Such feedback loops enable these businesses to grow into massive juggernauts. Businesses win based on their ability to captivate third parties and connect them to each other through creative interactions.
Competitions across the industries, for instance, has gone online with contest management companies producing modular platforms individually designed for each client. These creative competition platforms are virtual engagements, but along with entry form features, surveys, public voting, and other elements, some live, in-person events are also incorporated.
Contest management companies, such as Skild, have been working with corporations to launch online contests to connect with their consumers. Whether a brilliant competition platform is used to recruit new talent or build interest around a product, purposeful simplicity must also stand for an interface that is both diverting and entertaining.
(Article Information and Image from The Rise of the Platform: A seismic shift in business models, Platformed.info, 13 October 2013)