I don’t know about you, but I often use
Wikipedia for a quick background on a subject and to identify the in-depth
references that I need for further research.
The site is easy to use and often very helpful. Is it a peer-reviewed authoritative source
with thoroughly vetted information? No.
But when I want a quick insight to a topic or issue, it is a great place
to start.
Wikipedia has only been around for 15
years, but it is the 7th most visited site on the web. It beats out social media giants Twitter and
LinkedIn. And it beats out the online
sales giant, ebay. What makes it so
popular? I believe it is because it is
because Wikipedia understands its customers and has created a platform that
brings value to them.
The concept of an encyclopedia
has been around as long as there have been books and reference
libraries. The purpose of the encyclopedia was to
combine the information from multiple references into one place. Before computers, this was done through
books. I can remember using our family’s
copy of the World Book Encyclopaedia while doing homework as a teenager. But these multi-volume sets of books were
cumbersome and expensive. When Then computers
came along the encyclopedias were
turned into programs, the most notable being Microsoft’s Encarta. Today most, if not all, encyclopedia companies
no longer offer a print version.
The internet changed the way many people
assimilate information. They wanted
immediate access to short summaries of current information on every topic under
the sun. And then if they are interested,
they would dig deeper into a topic. This
sounds like an opportunity for
encyclopedias, yet Microsoft shut Encarta, down several
years ago. Just taking the old encyclopedia model and
putting it online did not create a lot of value for potential customers.
The Customer Value of Information
When considering the value of information,
I want to segment the consumers of information into three groups. The first group is the academic, researcher
or professional who needs authoritative information about specific topics to do
their work effectively. The second group
is the student who needs authoritative information on many topics to complete
their assignments. The third group is the consumer or hobbyist who wants to
quickly get the background on a topic in order to answer a question.
The first group were the people who wrote
the print versions of
encyclopedias, but seldom used them. They were already experts with far more
knowledge and information in their fields of interest than could be summarized
in an encyclopedia article. Their interest in encyclopedias was the
prestige or pay of writing content.
The second group used the encyclopedia when they had to get their information
for their assignments. Rather than
hours in a library, they could get what they needed in a few minutes from the encyclopedia. They had
no intrinsic love for encyclopedias; they
were just an easy source of information. As books and information because available
online, the search engine browser replaced the encyclopedia for many students.
Which brings us to the third group. Most people are curious. Sit down with neighbors and friends for a few hours and you
will likely hear dozens of topics discussed.
The ability to quickly find out about a topic is very enticing to many
people. But the key is “quick.” With our
short attention spans and busy schedules, most people do not want to go to the
library a buy a book for every question they have ever had. They just want an overview.
Here was the opening for Wikipedia. While encyclopedias have always been able to provide
overview information, most of us didn’t want to carry the 24 volume set around
everywhere we went. The search engine on
the internet at first seemed like the answer, but we soon found that it often
was taking us to sites that were trying to sell their products or philosophy
and we had to sign up to get the information.
We didn’t want a sales pitch; we just wanted an answer to the question.
The value of Wikipedia to these people is that
it is a free and easy source of basic information. Wikipedia further added to the value by
letting the readers enhance or contribute to a topic. They have not taken an elitist attitude that
restricts contribution to only an enlightened few. This allows everyone to share what they know
and keep the information current. The
user not only can get the information they need, they can help others
learn.
Lessons from Wikipedia
There are some lessons in the Wikipedia story
about creating customer value that may be helpful for your products and
services:
- Segment your customer base – different users have very different needs. The academics don’t use Wikipedia for research because they have different needs, and that is OK. Wikipedia is not trying to be all things to all people.
- Easy access to information – when people have a question, they want the answer or at least a high level perspective on the answer quickly and concisely. If you make it hard to get the information, they will go somewhere else where it is easier. If you turn the information into a sales pitch they will suspect your motives and your information.
- Keep your message simple – you are an expert in your field or industry and you want to share that expertise, but most people don’t have the same interest or passion. Make it easy for the casual user to get what they want. Then if they are interested, lead them into a “deeper dive.”
So Happy Birthday Wikipedia. Thanks for the information and thanks for the
example of value creation.
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