Today, you must grow your business and brand through understanding and leveraging your Interaction Field. Are you ready to discover yours?
The Interaction Field describes an emerging phenomenon that can be glimpsed in a handful of wildly successful companies such as Alibaba, Vitality, GoPro, and LEGO. It can also be found in some traditional industries, from farming to steel to fashion. The one thing that these companies have in common is that they understand and leverage their interaction field. The Interaction Field is a new way of structuring a company that thrives on the participation in value creation by many different groups. A key feature of an Interaction Field company is that it builds velocity to improve an entire industry or solve a larger societal problem and can create a self-perpetuating virtuous cycle.
Value chain business models are a thing of the past and platform businesses aren’t enough.
It is clear to us that a new model is needed to create value for all participants within the field and society at large. In his new book, The Interaction Field, our CEO and Founder Erich Joachimsthaler, explains that the only way to thrive as a company is through the Interaction Field model. An Interaction Field company generates, facilitates, and benefits from data exchanges and interactions among multiple people and groups – not only customers and stakeholders, but also suppliers, software developers, regulators, and even competitors. The company creates shared value for everyone in the interaction field, well above and beyond the benefits it brings to its direct users, and everyone collaborates to solve big, industry-wide or complex and unpredictable societal problems. The future is going to be about creating value for everyone. Businesses that solve the immediate challenges of people today and the major social and economic challenges of the future are the ones that will survive and grow.
The three levels to an Interaction Field:
Nucleus: The nucleus of participants is typically the company and the customers—anyone who contributes to the core interactions on a regular basis.
Ecosystem: The ecosystem of contributors is composed of partners in the company’s business activity. Data is shared between the nucleus participants and the ecosystem participants. They are built on relationships that have been established over years.
Market Makers: These are entities that exert influence and enable the velocity in the interaction field. There are many types of entities that can be market makers, and the types differ from one interaction field to another.
“The Interaction Field is a thrilling new way of looking at a successful business model for the future. This fascinating book contains great business stories as well as important thinking today’s CEOs should become familiar with.”
Vijay Govindarajan, Coxe Distinguished Professor at Tuck at Dartmouth and NYT and WSJ Best Selling Author, Three Box Solution: A Strategy For Leading Innovation
“Undeniably compelling…a timely source for leaders who want to be relevant in the next decade.”
Beverly Anderson, President, Global Consumer Solutions, Equifax
“In this powerful and groundbreaking book, Joachimsthaler clearly demonstrates how platform thinking can be utilized to create shared value and drive new growth for companies and brands.”
David Collis, Adjunct Professor at Harvard Business School and Author, Corporate Strategy: Resources and the Scope of the Firm
“A fascinating, practical and insightful book that brilliantly examines the value that platform thinking can bring to companies and brands in today’s hyper-connected world.”
Sangeet Paul Choudary, CEO of Platformation Labs and International best-selling co-author, Platform Revolution and author of Platform Scale
“An engaging, insightful and immensely practical book on building strong brands and businesses delivering not just shareholder value but also shared value for companies, customers and society.”
Vince Hudson, Senior Vice President, Enterprise Marketing Strategy, American Express