In an interview with Lisa Kay Solomon, chair of Transformational Practices at Singularity University, at SU’s Global Summit in San Francisco, Robbie Baxter described the concept of the membership economy, a business model that’s shaking up multiple industries. Baxter is the founder of management consulting firm Peninsula Strategies and author of The Membership Economy.
The idea of a company offering membership is nothing new, but unique factors of today’s world are changing the dynamics of these relationships.
“Technology has extended the infrastructure that enables trusting relationship. We’ve always wanted to have these long-term relationships with the companies that serve us, but now it’s possible,” said Baxter. “Financial capital is also giving entrepreneurs a longer runway to build relationships with their customers before they actually have to generate revenue.”
Watch the interview and learn how technology is driving a move from ownership to access and from one-way communication to an open and ongoing conversation with customers, and even among them.