SXSW 2011 - The Crisis of Trust in a Social Age: Issues and Opportunities
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SXSW 2011 - The Crisis of Trust in a Social Age: Issues and Opportunities

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Presented by Guy Gould-Davies & Kevin MacLean at the 2011 SXSW Interactive Festival. ...

Presented by Guy Gould-Davies & Kevin MacLean at the 2011 SXSW Interactive Festival.

Read the live blog of the session here: http://ideaengineers.sapient.com/strategy/sxsw-the-crisis-of-trust-in-a-social-age/

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    SXSW 2011 - The Crisis of Trust in a Social Age: Issues and Opportunities SXSW 2011 - The Crisis of Trust in a Social Age: Issues and Opportunities Presentation Transcript

    • The Crisis
      ofTRUST
      in a
      Social Age
      03.12.11
    • It is safe?
      Watch this clip from the movie “Marathon Man” (1976)
    • SOCIAL MEDIA CONTINUES ITS METEORIC RISE
      41%
      23%
      ALL INTERNET TIME SPENT ON SNS
      YAG
      248 MM
      48%
      UNIQUE MONTHLY VISITORS TO TOP 8 SNS SITES
      YAG
      61%
      50%
      INTERNET USERS WITH AN SNS PROFILE
      YAG
      Source: Nielsen NetView - June 2009-June 2010
    • CONSUMER DECISION MAKING IS BECOMING INCREASINGLY SOCIAL
      “Do I look good? I really love this dress. I don’t think pictures do it justice.”
      84
      I LIKE IT
      I HATE IT
      %
      LIKE IT
      Photo Credit: Kris Krüg
    • TRUST IN THE PEOPLE WE KNOW HAS ERODED
      CREDIBILITY OF INFORMATION SOURCES ABOUT COMPANIES
      2008
      2010
      TV NEWS
      RADIO NEWS
      NEWSPAPERS
      FRIENDS/PEERS
      0%
      10%
      20%
      30%
      40%
      50%
      Source: Edelman Trust Barometer, 2010
    • AND WE REQUIRE MORE PROOF
      60% OF PEOPLE REPORT NEEDING TO HEAR SOMETHING ABOUT A SPECIFIC COMPANY 3-5X TO BELIEVE IT IS TRUE
      Source: Edelman Trust Barometer, 2010
    • 40%
      18%
      41%
      UNSURE ABOUT THE NUMBER OF OPINIONS BUT IT’S GETTING HARDER TO TELL
      TRUST AND SOCIAL MEDIA OPINIONS ONLINE
      MORE OPINIONS AND TRUST MORE
      MORE OPINIONS AND TRUST LESS
      Source: Sapient Global Trust Survey March 2011
    • THREE POSSIBILITIES
      ROCK THE VOTE!
      TWEET 1, 2 OR 3 TO #quest4trust NOW
      NOT A PROBLEM:
      1
      • TRUST IS NOT AS IMPORTANT AS IT USED TO BE
      MAYBE A PROBLEM
      2
      • IT’S TOO EARLY TO TELL
      YES, IT’S A PROBLEM:
      3
      • TRUST HAS ERODED - QUESTION IS WHY & WHAT TO DO
    • CONFIDENCE IN THE FUTURE IN RELATION
      TO SOMETHING OF VALUE
      WHAT IS TRUST?
    • TO COMMUNE.
      TO LIVE.
      TO PROTECT WHAT’S
      VALUABLE.
      WHY DOES TRUST EXIST?
    • RISK SHAPES TRUST
      SELF-ACTUALIZATION:
      achieving one’s full potential including creative activities
      SELF-FULFILLMENT NEEDS
      ESTEEM NEEDS:
      prestige and feeling of accomplishment
      PSYCHOLOGICAL NEEDS
      BELONGINGNESS AND LOVE NEEDS:
      intimate relationships, friends
      SAFETY NEEDS:
      security, safety
      BASIC NEEDS
      PHYSIOLOGICAL NEEDS:
      food, water, warmth, rest
      Source: A Theory of Human Motivation, 1943 - A. Maslow
    • THE MOB RULES
    • TRUST IS AN AGGREGATE
      COMPANY
      CONSUMER
      EXPECTATIONS
      CONNECTION
      BRAND
      PRODUCT
      PLACE
      SERVICE
      PRICE
      PROMOTION
      REPUTATION
      BELIEFS
      PR
      ADVERTISING
      FRIENDS
      SOCIAL MEDIA
      EMOTIONAL
      RATIONAL
      ASSOCIATIONS
      PSYCHOLOGICAL
      PHYSICAL
      EXPERIENCE
      SHOPPING
      CONSUMPTION
    • HOW TRUST WORKS
      TRUST
      OWNERSHIP /
      EXPERIENCE
      EXPECTATION
      PUT IN
      GET OUT
      $$$
      PHYSICAL
      PSYCHIC
      RATIONAL
      EMOTIONAL
    • IT FRAMES THE VALUE PROPOSITION
      VALUE =
      BENEFITS
      COSTS
      VS.
      PUT IN
      GET OUT
      TRUST
    • ‘FUTURE PROOF’ IS A TRUST PLAY
      VALUE =
      COSTS
      BENEFITS
      VS.
      GET OUT
      PUT IN
      TRUST
    • TRUST IS
      FEELING GOOD.
      Photo Credits: Heinrich Klaffs
    • AN ECONOMIC GALE OF DARWINIAN PROPORTIONS
      WW II ENDS
      MID 1980s
      2008
      ERA OF INDULGENCE
      ERA OF CONSEQUENCES
      ERA OF READINESS
      RISK ABRUPTLY RETURNS UNEXPECTEDLY CREATING UNCERTAINTY,
      REASSESSING EXTERNALITIES
      RISK THOUGHT TO BE MANAGEABLE WITH HIGH-TECH MACRO-ECONOMIC TOOLS.
      INDULGING RISK
      ECONOMIC RISK EVER-PRESENT DESPITE BEST EFFORTS TO MANAGE IT.
      STANDING ON GUARD.
      Source: A Darwinian Gale - The Futures Group 2010
    • WELCOME TO
      THE ERA OF CONSEQUENCES
      “The new consumer psychology on the rise around the world is one of networks and prioritization, of explicitly pricing in consequences and of giving more than lip service to being resourceful and and vigilant to downside risks This is the global zeitgeist now aborning.”
      Source: A Darwinian Gale - The Futures Group 2010
    • OTHER MACRO FORCES ADD TO THE ‘CONSEQUENCE’ UNDERCURRENT
      ECONOMIC
      CONSUMPTION
      • LAID OFF OR WORK SCALED BACK
      • HOMES WORTH LESS THAN DEBT
      • RETIREMENT FUNDS DECIMATED
      • ECOLI IN FOOD SUPPLY
      • TOXIC DOG FOOD
      • LED PAINT IN TOYS
      • OBESITY
      ENVIRONMENT
      INSTITUTIONS
      • SEVERE WEATHER AND DAMAGE
      • BIRD FLU, SWINE FLU
      • GLOBAL WARMING
      • 9/11
      • MORTGAGE COLLAPSE
      • INVESTMENT MELTDOWN
      • AUTO INDUSTRY BAILOUTS
    • EFFECTS ON CONSUMER BEHAVIOR
      The decision calculus of consumer choice will be different. The process of arriving at decisions will be different, even when the outcomes are the same.
      Consumers are redefining what value means to them.
      Source: A Darwinian Gale - The Futures Group 2010
    • HAS EVOLVED THE VALUE PROPOSITION
      VALUE =
      BENEFITS
      COSTS
      VS.
      PUT IN
      GET OUT
      TRUST
    • HAS EVOLVED THE VALUE PROPOSITION
      PUT IN
      TAKEN
      AWAY
      VALUE =
      BENEFITS
      COSTS
      VS.
      GET OUT
      TRUST
      HOW IT’S MADE
      INGREDIENTS
      PROCESSING
      FOOTPRINT
    • SOCIAL MEDIA HAS A CHARACTER ISSUE
    • SKEWED CONTRIBUTIONS
      NEGATIVE
      POSITIVE
      MOTIVATION / VOLUME OF COMMENTS
      NEUTRAL
      SENTIMENT CHARACTER
    • OPAQUE INTEGRITY
      NEGATIVE
      POSITIVE
      MOTIVATION / VOLUME OF COMMENTS
      NEUTRAL
      SENTIMENT CHARACTER
    • TALK
      IS
      CHEAP
    • REFERRAL MODERATED BY REPUTATIONALRISK
    • TRUST IN SOCIAL MEDIA OPINIONS: MANY DRIVERS, CONTEXT SPECIFIC
      SOURCE FAMILIARITY
      AGGREGATE CONSENSUS
      OPINION ORIGIN
      EXPERTISE
      INDEPENDENCE
      Source: Sapient Global Trust Survey March 2011
    • TRUST IN SOCIAL MEDIA OPINIONS: MANY DRIVERS, CONTEXT SPECIFIC
      SOMEONE YOU KNOW?
      SOMEONE YOU DON’T KNOW
      SOURCE FAMILIARITY
      VS
      AGGREGATE CONSENSUS
      OPINION ORIGIN
      EXPERTISE
      INDEPENDENCE
      Source: Sapient Global Trust Survey March 2011
    • TRUST IN SOCIAL MEDIA OPINIONS: MANY DRIVERS, CONTEXT SPECIFIC
      SOMEONE YOU KNOW?
      SOMEONE YOU DON’T KNOW
      SOURCE FAMILIARITY
      VS
      AGGREGATE CONSENSUS
      OPINION ORIGIN
      EXPERIENCE?
      WHAT SOMEONE HAS SEEN OR HEARD?
      VS
      EXPERTISE
      INDEPENDENCE
      Source: Sapient Global Trust Survey March 2011
    • WHICH RECOMMENDATION DO YOU TRUST MOST WHEN CHOOSING A HOTEL IN A NEW CITY?
      71
      29
      %
      %
      CLOSEST FRIENDS OR FAMILY BASED ON WHAT THEY’VE HEARD
      A HIGH SCHOOL FRIEND ON FACEBOOK YOU HAVEN’T SEEN IN A WHILE, WHO’S STAYED THERE
      Source: Sapient Global Trust Survey March 2011
    • SALIENCE IS SHAPED BY A CONTEXT THAT’S UNCLEAR
      41
      PEOPLE WHO
      UNDERSTAND
      ME
      EXPERT/
      AUTHORITY
      %
      UNDERSTANDING
      PEOPLE
      LIKE ME
      IT’S GETTING HARDER TO TELL WHICH OPINIONS ARE RELIABLE AND WHICH ONES AREN’T.
      WHAT LOTS
      OF PEOPLE
      LIKE
      PEOPLE
      I LIKE
      FAMILIARITY
      Source: Sapient Global Trust Survey March 2011
    • BRAND BEHAVIOR IN THE AGE OF PRISMATIC DISTORTION
    • OLD PARADIGM
    • NEWPARADIGM
    • BRAND RESIDUE
    • CUMULATIVE EFFECT?
      TRUST OR MISTRUST…
      WHY NOT AFFINITY / LACK THEREOF?
      RESONANCE / DEAFNESS?
      LOVE / HATE / INDIFFERENCE?
      TRUST IS THE PRIME
    • WHAT TO DO?
    • GEAR UP BRAND COWBOYS(AND EMBRACE THE UNCERTAINTY)
    • SPEND LESS ON SUPERBOWL ADS
      MORE ON SUPERBAD SUPPORT
      AND
      • BEHAVIOR VS WORDS
      • DISINTERMEDIATION VS INTERMEDIATION
      • USERS VS SPECULATORS
      • OVER TIME VS POINT
    • BEHAVIOR WORDS
      VS
    • DISINTERMEDIATION
      INTERMEDIATION
      AND
      ( ARE THE CROWDS REALLY ALL THAT WISE? )
    • TAKE ONE-TO-ONE TO THE NEXT LEVEL(“DIRECT RESPONSE” TO “DIRECT FEEDBACK”)
    • WHERE’S THE TWITTER ENTERPRISE DASHBOARD?
    • USERS SPECULATORS
      VS
    • OVER TIME POINT IN TIME
      VS
      LIFETIME CUSTOMER CONVERSATIONS INCREASE LIFETIME CUSTOMER VALUE
    • OWNERSHIP / EXPERIENCE BASED SATISFACTION
      • ONLINE REVIEWS AND BRAND FEEDBACK FIXED IN TIME‘YOU RECENTLY PURCHASED / USED / VISITED’
      • FEEDBACK HAS TO BE DIRECTLY SOLICITED AND INCENTED OVER LIFETIME OF RELATIONSHIP‘HOW DO YOU FEEL NOW?’
    • People are finding social media opinion less reliableTrust depends on a interrelationship of contextual factors which determine content’s value
      Marketers have an opportunity to forge a true one-to-one connection to build lasting value and earn trust
    • CHEERS!
      #quest4trust
      #kmacwithcheese