11 Rules for Creating Value in the Social Era by Nilofer Merchant

Author:Nilofer Merchant [Merchant, Nilofer]
Language: eng
Format: mobi
Publisher: Perseus Books Group
Published: 2012-09-11T14:00:00+00:00

Can You Make Money This Way?

MySQL became a dominant enterprise software company by “giving away” usage but asking for payment for those that need support and maintenance. There were 6 million users but only five thousand paying customers, just an 0.083 percent conversion rate. Yet that fraction garnered $34 million in revenues, making MySQL an attractive acquisition to Sun Microsystems (and then to Oracle). Similarly, Evernote customers are known for declaring their love for the product as they buy—and buy they do. As the CEO of Evernote says, this approach increases the commitment of the consumer to keep Evernote around. When the relationship is focused on commitment, not transaction (what have you bought from me lately?) between consumers and the company, it fundamentally shifts power.

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