NET GAIN
Expanding Markets Through Virtual Communities
John Hagel III and Arthur G. Armstrong
Harvard Business School Press, 1997
LEARNING OBJECTIVES: Readers of this book will understand the role of virtual communities in shifting economic value from vendors to customers, their potential for value creation as based on the dynamics of increasing returns, and their likely evolution; targeting the kind of community to start up; the principles of a successful entry strategy; emphasizing the need to generate, engage, and lock in traffic over time; the distinctive characteristics of community organization; selecting the right technology; and the ways in which the emergence and spread of virtual communities will alter traditional business. This has applications to the skills of psychologists who work with businesses and organizations.
This book is a guide to the psychology of the on-line economy. It provides tools for understanding expenses and gain involved in building a successful virtual community. Virtual communities over the past decade have caused a shift in power from the producers of goods and services to the customers who buy them. Companies that understand this shift and learn how to leverage the commercial power of virtual communities will be able to move customer loyalty to new levels. Examples are discussed such as the Motley Fool investment community, Amazon.com, and Apple's on-line service, e-World.
John Hagel III is a principal in McKinsey & Company, Inc.'s Silicon Valley office and leader of the firm's Interactive Multimedia Practice.
Arthur G. Armstrong is a manager in McKinsey's New York office. The two have served a broad range of clients on virtual community initiatives.
7 CE credits; 220 pages
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