Article provides a definition of the differences brands are finding in today’s market. How to succeed in this new environment is explained with example how-to.
Excerpt: To understand a gift economy, consider the example of moving into a new apartment. When friends help you move, you express your appreciation by providing pizza and beer — really good pizza and beer. When you hire professional movers, you pay with money. Offer your friends money instead of pizza and beer, and they are likely to be offended. Offer to pay the movers in pizza and beer, and they won’t unload the truck. Your friends are operating in a gift economy; the movers in a market economy.
While both market and gift economies are systems of exchange, they differ in three fundamental ways.
Read full article via How to Thrive in Social Media’s Gift Economy – Mark Bonchek – Harvard Business Review.