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Marketing in the Sharing Economy

These slides provide a definition of the sharing economy and a listing of its key characteristics. They also illustrate the impact of this emerging economy upon both brands and customer relationships. These slides should be useful for instructors seeking to explain the nature and impact of the sharing economy and how it is changing the way we think about and conduct marketing.

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Marketing in the Sharing Economy

  1. 1. Eckhardt et al. 2019 Marketing in the Sharing Economy a scalable socio-economic system that employs technology enabled platforms to provide users with temporary access to tangible and intangible resources
  2. 2. Eckhardt et al. 2019 Defining Characteristics:  Access-oriented  Involves an economically- substantive resource  Uses a technological matching platform  Enhances the consumer role (consumer both uses and provides)  Supply is crowdsourced Typical Characteristics:  Reliance on reputation system – these exist in non-sharing economy members too!  User and owner are peers – this sometimes, but not always The Sharing Economy is not “Sharing” in General
  3. 3. Eckhardt et al. 2019 Adjust marketing tactics depending on the extent to which a firm has the characteristics of a sharing economy BlaBlaCar & Uber Subscription Car Access Rental Car Loaning car to friends or family Access-oriented X X X X Economically substantive X X X Technology-based platform matching X X Enhanced customer role X X Crowd-sourced supply X Use traditional marketing models Need to design new or augment existing marketing models
  4. 4. Eckhardt et al. 2019 Peer-to-Peer Lending Crowdsourced, bank-mediated lending Traditional Bank Lending Access-oriented X X X Economically substantive X X X Technology-based platform matching X Enhanced customer role X Crowd-sourced supply X X Banking Industry Use traditional marketing models Need to design new or augment existing marketing models
  5. 5. Eckhardt et al. 2019 Brand Relationships in the Sharing Economy Sharing economies rely on technological platforms for matching.  For firms toward the right of the table, platform dependence is not central. • The consumer forms a relationship with the brand, which controls the experience. • Traditional branding models should be relevant.  But toward the left of the table, it can be unclear with whom the brand relationship is formed during the matching process. • The platform? The individual provider? The brand of the product with which the consumer is matched? • How do these factors interact?
  6. 6. Eckhardt et al. 2019 Sharing economies rely on the enhanced role of the consumer.  For firms on the table’s right, the consumer remains fairly passive – they are the target. • Customer lifetime value calculations are based on the consumers’ usage • Marketing should focus on maintaining that relationship and increasing use  For firms on the left, the consumer also takes on the role of assessing others’ creditworthiness and contributing actively to the pool of shared resources • Customer lifetime value is not simply about usage, but also about expertise and resource provision, which may vary across the lifetime • Marketing needs to consider ways to enhance CLV, given these new sources of value Customer Lifetime Value in the Sharing Economy
  7. 7. Eckhardt et al. 2019 Marketing Innovation in the Sharing Economy Sharing economies rely on access rather than ownership.  For firms toward the right of the table focus on transfer of ownership rights. • Firms seek to develop new products that consumers can purchase. • A heavy emphasis is placed on developing innovative new products  But toward the left of the table, consumers seek to gain temporary access to offerings rather than permanent ownership. • Sharing platforms seem to place less emphasis on product innovation and more emphasis on business model innovation. • What are the drivers of innovation in the sharing economy?

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