The document discusses the rise of social media and the conversational age. It outlines how social media disrupted institutions by replacing broadcast communication with conversations. This empowered crowds and flattened gatekeepers. It also describes how distrust in institutions, contempt for marketing messages, and frustration with traditional media led to this disruption. Finally, it discusses how marketing has now come full circle, with the customer being placed at the center and companies focusing on engaging in conversations to better understand and serve customers.