Towards a definition of Commercialism
Let’s take one step closer to a true definition of commercialism. As we’ve seen, Commerce – the engine driving Commercialism – can be defined as the efficient exchange of value for reward. While ‘reward’ primarily equals cash, it can also return ‘stored-value.’ This stored value acts as a multiplier towards greater subsequent financial reward.
Some typical examples of stored value:
Stored value isn't value until you put it to work for your business
Using Stored Value
It’s important to have strategies in place to exploit stored value – its realisation must not be assumed. For example, vital customer profile information can be translated into improved sales conversion ratios, through a deeper understanding of customers. Equally, trust & credibility have a vital part to play in improving the performance of a new product launch . . . and so on.
The issue of trust has recently surged in importance due to its role in digital transactions – in particular the viral nature of consumer reviews. Crucially, it’s vital to understand that you – i.e. your business – will define the nature and size of the reward you require. The variable is whether you can create and, equally importantly deliver, sufficient perceived value to realise that reward.
We’ve created a free eBook – “Commercialism: Towards the Enterprise Authority” – containing much more detail of how to get started with Commercialism. In it you’ll find, amongst other things:
- the Archemys methodology
- essential starting steps for beginning your journey
- an introduction to our proprietary technology platform
Commercial efficiency is vital to Local Authorities.
Many authorities already find themselves restricted in terms of people resources. This is especially true in the case of management bandwidth. The organisational impact brought about by enterprising business models can create a dramatic improvement in the effective use of resources.
In any true definition of commercialism, people are only one part of the equation – albeit an extremely important part. In addition to the shift in management perspective, the council will need to re-engineer processes and systems to maximise very real opportunities.
You can learn more about both these areas in our free eBook Commercialism: Towards The Enterprise Authority.