A “Pay What You Want” revolution lets consumers set prices
Implications - The “Pay What You Want” phenomenon goes back to old fashioned road-side honesty boxes that relied on trust and were rewarded by innate generosity. Spurred by Radiohead’s initiative to let fans pay what they believe the album to be worth, the phenomenon has now trickled into other industries.
Trend Themes
1. Pay-what-you-want Model - The trend of Pay-What-You-Want model is influencing various industries, including hospitality and entertainment sector, and can be a disruptive innovation opportunity that can offer price flexibility to customers and drive sales.
2. Open-pricing System - The increasing usage of Open-Pricing System is influencing food and beverage industry and can be a disruptive innovation opportunity that can offer value to customers and retain them for the long-term.
3. Freeconomics - The concept of Freeconomics is influencing the entertainment industry and can lead to disruptive innovation opportunities for businesses if leveraged effectively to attract customers and build brand loyalty.
Industry Implications
1. Hospitality - The Pay-What-You-Want model is influencing the hospitality industry, providing flexibility to the customers to decide on the price they want to pay for their services, which can be a disruptive innovation opportunity.
2. Food and Beverage - The Open-Pricing System is becoming more popular in the food and beverage industry, which offers a unique experience to customers and encourages brand loyalty, thus opening up disruptive innovation opportunities.
3. Entertainment - Freeconomics has introduced a new trend in the entertainment industry, providing free or Pay-What-You-Want content, which can be leveraged as a disruptive innovation opportunity for businesses to gain customer attraction and brand loyalty.
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Date Range:
Jan 07 — Sep 08
Trending:
Average
Consumer Insight Topics:
