Economy Of Participation

Gerd Leonhard Media Futurist The Culture & Economy of Participation

2009: Gerd Leonhard Media Futurist Disruption Reinvention

Gerd Leonhard Media Futurist The global economic fabric has changed Some trusted old business models seem to have suddenly stopped working (banking & financial, content & media, energy) Dominance is less feasible - and much less needed; Collaboration emerges as success formula Open systems are starting to ‘win- win’ everywhere

Gerd Leonhard Media Futurist A crucial shift:

Gerd Leonhard Media Futurist

Gerd Leonhard Media Futurist • Word of Mouth & Mouse • User- derived- Content (UGC) 10 / 2008: more than 20 million traveler reviews and opinions in six languages

Gerd Leonhard Media Futurist o n t i u p s r D i

The Future of Marketing Gerd Leonhard Media Futurist Interrupt to sell ‘Own the customer’ Centralized Attract Engage Decentralized Own TRUST 10 7.5 5 2.5 0 Now 2010 2012 2015

Gerd Leonhard Media Futurist Disruption Example: Publishing

Gerd Leonhard Media Futurist Ever ythin deliv g ge ered ts elec in tron ic fo rm

Gerd Leonhard Media Futurist So...

Gerd Leonhard Media Futurist A good case study - the music industry

Gerd Leonhard Media Futurist Learings from the music industry

And all of this because of: Gerd Leonhard Media Futurist • Refusing participation • Ignoring requests for engagement • Severe lack of REALLY understanding the next generation of consumers & users • Way too little way too late

Gerd Leonhard Media Futurist So, questioning your assumptions is crucial

Gerd Leonhard Media Futurist From a major international tour operator’s website: Will the Internet take over from traditional sales channels in the longer term? “This is unlikely to happen because, just as the Internet is becoming ever easier to use to book vacations, people’s holiday wishes and ideas are growing ever more complex. The Internet, as a simple sales platform, is not sufficient on its own to cope with this complexity... customers attach a lot of value to receiving personal and exclusive advice. And that’s why .... continues to devote much of its attention and resources to personal customer contact...”

This is NOT about Technology Gerd Leonhard Media Futurist

Now Consumers... dictate! Gerd Leonhard Media Futurist

Gerd Leonhard Media Futurist What if your Marketing would reflect these shifts: • Information becomes Conversation (Google vs Twitter) • Web Search becomes Social Search (Yahoo vs Facebook, Friendfeed, Twitter) • Data as Context becomes Social Network as Context

Gerd Leonhard Media Futurist Finding and being Found

Gerd Leonhard Media Futurist Offer real conversations using all these tools:

Gerd Leonhard Media Futurist Now, Networked beats ‘The Network’ * but yes, size will still matter Large Operators

Gerd Leonhard Media Futurist Adding value AROUND the Content

Gerd Leonhard Media Futurist Example: great food and great experience

Gerd Leonhard Media Futurist The importance of Personalization

Gerd Leonhard Media Futurist The Key: the Future Masses are... Individuals! Personalization Customization Sharing Engagement Transparency Participation

Gerd Leonhard Media Futurist Let your fans do your marketing for you

The Future Hits are... Niches Gerd Leonhard Media Futurist Source: VerminInc @ Flickr

Gerd Leonhard Media Futurist $ 100 Million worth of handmade goods sold in 2008 Over $1 Million in revenue per month

Gerd Leonhard Media Futurist and now it’s all about Attention Where ever attention flows, money will follow Kevin Kelly @ kk.org

Broadband Gerd Leonhard Media Futurist C u l tu r e

Gerd Leonhard Media Futurist Broadband Culture Opportunities • Filter • Aggregate • Curate • Contextualize • Be trusted

Gerd Leonhard Media Futurist What this may mean for you Open communications is a must (yes... blogs...Twitter... ;) Marketing focus shifts to Video, Social Networks, Mobile Maximizing your Google Juice is crucial Customer experience online becomes drastically more important

Gerd Leonhard Media Futurist Good Storytelling is more crucial than ever before

Gerd Leonhard Media Futurist Some ideas • Start blogging: show people that you want conversations • Use video: add value for customers and destinations • Switch to Pull (retire Push) in Marketing, Communications • Start your own social network • Get involved or run Facebook communities • Launch and use Mobile applications (Cyprus game for iPhone?) • Launch Twitter channels • Offer Widgets (Desktop, web, mobile) • Invest in Web 2.0 technology

Gerd Leonhard Media Futurist Summary Attention is the new Currency Content is the new Advertising Engagement is the new Marketing Participation is the new Consumption

Gerd Leonhard Media Futurist "When the winds of change are blowing, some people are building shelters - others are building windmills." Chinese Proverb

Gerd Leonhard Media Futurist Thanks for listening Gerd Leonhard www.mediafuturist.com Twitter.com/gleonhard gerd@mediafuturist.com

Economy Of Participation

by etourism forum on Oct 26, 2009

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Economy Of Participation — Presentation Transcript