What is Opinion Economy and how does it help brands?

1. Welcome
to
The
Opinion
Economy!

2. What exactly is this Opinion Economy?
1. The trouble with opinions is that everybody has
them!
2. Earlier, people aired their opinions with few others. Now,
it is all out there, online and searchable!
3. So, are you doing anything about these opinions?

3. Attention Economy Vs. Opinion Economy
…is a marketplace where
consumers agree to receive
communication in exchange
for their attention, implicitly
or explicitly.
Examples include
personalized news,
personalized search, alerts,
recommendations to buy and
conventional advertising.
It isn’t about buying and
selling – although ultimately
those things may occur.
…is one where consumers
volunteer to opine on what
they consume – services or
products, without necessarily
expecting anything in return.
Examples include online
product reviews, seeking
feedback/inputs for make
purchase decisions and online
complaints about poor
quality/service.
It is more about sharing
experiences and the motive
to do so may eventually
change as more brands take
note of these opinions.

4. The Opinion Economy is so very different from
The Attention Economy!
The Attention Economy:
 Craves for people’s attention in assorted ways
 It ‘pushed’ communication
 Advertising, billboards, direct mailers, banner ads etc.
 Less trusted; more expensive
 Depends entirely on media used, for reach
The Opinion Economy:
 Goes to where relevant people exist/talk
 It ‘seeks’ meaningful communication
 Online/offline conversations, CRM etc.
 More trusted, personal and relatively less expensive
 Depends on influential few, for reach

5. The internet, and social media, in
particular, has enabled the biggest,
most mature, most vocal and most
democratic set up to air and
harness opinions!
”
“

6. Matthew wants to buy a car. What does he do?
1. He checks out promotional material.
2. He asks his colleagues/peers for their opinion.
3. He calls up relatives for their feedback.
4. Does his own research by visiting showrooms.
Word of Mouth - then…

7. Matt wants to buy a car. What does he do?
1. He checks out product websites.
2. He searches Google .
3. He asks for opinion on Facebook/Twitter/other social sites.
4. Reads online reviews to try and form an opinion.
Word of Mouth - now…

8. So, what has changed?
Obvious… Subtle…
1. The social circle has moved...from
physical, to digital.
2. Ease of communication with many
people using digital tools/social sites.
1. The shift from trusting immediate
social circle to also trusting strangers,
online.
2. Opinions have gone public, as against
privately aired ones!

9. What does all this mean?
It means you now have the ability to listen to what people are
saying about you, your industry and your competitors!

10. A checklist, but!
1. What should you listen to?
• Sentiments!
• Positive, negative, neutral, comparative…
2. Who should you prioritize listening to?
• Opinions that seem to carry influence
• Influence is also about the medium where they are posted

11. A significant question remains!
Where does your product/service/brand fit?
Low engagement/ Low involvement
1. The chances of people talking about your
brand online are relatively less
2. Lesser touch points between your brand
and its consumers, besides a purchase
decision.
3. Examples: Chewing gum, denim jeans,
toilet soap, tooth paste, chocolates etc.
4. The efficient way, here, is to look at
intent and interest around your
product/brand category.
Examples:
Tooth paste – oral health, school
students/parents online
Chocolates – Dessert options, people
talking about eating out etc.
High engagement/ High involvement
1. The chances of people talking about your
brand online are far higher
2. Many touch points between your brand
and its consumers, before/during/after a
purchase decision.
3. Examples: Cars, gadgets, real estate,
Computer-related products,
celebrities/films/TV shows etc.
4. The efficient way, here, is to use the
multiple touch points efficiently.
Examples:
Cars – Address negative comments with
actual action, woo prospects who post
intent of purchase with personalized
attention!

12. Then, it’s action time!
Step 1: Do you have the bandwidth to
address the opinions?
Step 2: If yes, can you reach out to them
before/during/after addressing the
opinions and turn them into loyal
evangelists for your brand?
Step 2.5: Who is in-charge of this outreach?
Is it appropriately worded to go online in a
public space?
Step 3: Is there a way you can gather these
evangelists in a place you own, instead of
digging them up time and again at vague
places on the web?
Step 4: Assuming you have created your
own social presence online, do you have a
content plan to keep your audiences
engaged and interested?

13. Earned media
• What people say about you, anywhere online
• Open opportunity to start engaging with your target
audiences!
Owned media
• Building your own community online
• Develop brand evangelists using consistent, interesting
and relevant content!
Paid media
• All forms of paid advertising, SEO, SEM tactics that builds
visibility to your earned and owned media
• Most appropriate for time-bound campaigns!
Industry jargons to explain all that you’ve seen so far!

14. Why aren’t you all ears yet?
© Edelman Digital, 2010