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SlideShare: The Advocacy Economy

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Edwin Bos from user-generated content experts Reevoo explains the 'redistribution' of trust that's happening online - and what it means for businesses.

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SlideShare: The Advocacy Economy

  1. 1. is a dwindling commodity, no one trusts businesses anymore. (but they’re not the only offenders)
  2. 2. We have no faith in institutions of government
  3. 3. and the media has dissapointed us with its ethical standards
  4. 4. even charities have provoked our ire.
  5. 5. This is the era of and public trust in institutions is going to shit. Fake News
  6. 6. “Britons have had enough of experts.” As a certain politician astounded everyone with: Having qualifications often no longer matters
  7. 7. There are t o trends that show this change:
  8. 8. Its not only instances of deception that have caused this decline. The places from which we gain our information have multiplied. With these competing sources, the public are unsure who to believe, making their trust harder to obtain.
  9. 9. The 2017 Edelman Barometer reveals that trust is in crisis around the world, pertaining to all four key institutions: business, government, NGO’s and Media.
  10. 10. There isn’t one (at least not a quick one) The short Answer...
  11. 11. Trust is hard to gain and easy to lose that said....
  12. 12. Imagine encountering your partner and then a SALESMAN... which one do you think you would trust?
  13. 13. Presum ably the partner w ith w hom you have a bond
  14. 14. Psychology Books Suggest: “In order to gain trust, be vulnerable and reveal personal information...”
  15. 15. Based on this, we can assume people are more likely to trust someone they have a personal connection with. This idea has led to a new type of business model.
  16. 16. Companies like and are dependent on trust: Individual contracts operate on the back of responses from verified users of their services... (...and they’re doing pretty damn well because of it) airbnb
  17. 17. This represents the rise of what we call the “Advocacy Economy.” (...fancy ehh)
  18. 18. With this, the idea of the being the expert is becoming dated. The ability to play an informing role in consumer choice is being redistributed amoungst consumers themselves. (...which is rather nice for the little people)
  19. 19. 92% of people trust the opinions of other people over brands, even if they don’t know them!* (...I mean they could be any old sod.) *NIELSEN: GLOBAL CONSUMERS’ TRUST IN ‘EARNED’ ADVERTISING GROWS IN IMPORTANCE
  20. 20. Advocacy has been around since the dawn of the market place, it just hasnt been comm ditised till now.
  21. 21. ...and this commodity is thriving because it is based on something humans naturally crave:
  22. 22. It also returns power to the (Which in this day and age is a pretty rare act.)
  23. 23. But don’t be discouraged, this isn’t a changing hands of ...rather a redistribution of wealth. The advocacy economy, if used well, can be beneficial to brands, as they can literally build products around peoples opinions, so embrace it!
  24. 24. don’t get left behind

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