This past weekend Prince gave away a copy of his new album "Planet Earth" to every reader of the British Newspaper Mail on Sunday.
At Knowledge Infusion we personally found this method of distribution brilliant as individuals and organizations continue to look for new and innovative ways to license intellectual property taking advantage of the technology situation today. A few drivers that relate to HR technology and software:
Buying software and content is SO different today than 5 years ago that anyone that runs a software evaluation the same today as they did then is potentially making a large mistake. How someone decides on going to a concert IS completely different than in the past. * Technology has made content much more accessible than ever before making information sharing and social networks that much more important. People collaborating and planning to meet at a Prince concert based on the music and willing to pay much more for the concert combined is a masterful business strategy. * Technology requires organizations to be flexible in how they license and service products. Today's consumer, look at Prince fans, expect a completely different model; or at least are open to one, compared to the past. (Just did two concerts where tickets ran $3000, not the scalped price). He is making money in a totally different way as will vendors into the future. * Outcome based pricing, COME ON!! Prince is basically betting that giving away the music will get people to pay more after hearing it and going to the concert. Are we ready for software vendors in the HR, HCM and talent management space to giveaway their software and go back and recoup double the license fees based on the organizational impact? (WHOA...)
As the New York Times aptly states, "Prince doesn't have to go multi platinum, he has gone multi platform."
We found this brilliant move by Prince eye opening and intriguing. Might we see this type of move in the HR technology space? Maybe not yet, but don't count it out into the future.
Another infusion of knowledge...
Link to Business Technology Article
