The age of social products
While the Internet of Things is becoming a reality due to the confluence of multiple technologies, such as inexpensive sensors, wireless networks and cloud computing, products are becoming social as they leverage the power of the community to learn from other products.
Mark Bonchek writes on HBR blogs about the creation of social products, which benefit from the ubiquitous connectivity and access to a platform where people and products can collaborate.
Waze is a perfect example of how to leverage the collective intelligence of the community of connected cars, phones and people.
Social products can have a deep impact on future product development. Traditionally companies have focused on product supremacy, outdoing their competitors with better features and attributes. In the age of social products, competitive advantage can come not only from product features but also from network effects.