There is much confusion on this model, so don’t make the mistake of taking it literally, you will miss the value of the model. In fact, the model is not the important part, it’s usefulness is to help you change the way you think about business in the future. I was asked what the top 3 points of the Open & Free Business Model were, and I found myself struggling to answer the question. Mostly because there are more than 3 important points, but what a great question. So I have worked through this a bit and now I’m sharing it with you.
I have said many times, this model is not about what we do, a task list or a bunch of action items, it’s about how we think, how we think about business in the next 3 – 5 years, and how it will impact our lives. Having said that, we still have the question of risk, and what level of risk each business can afford should things not go as planned. The Model is actually secondary to how we think or percieve business in the future. Because, if you don’t believe that technology and younger generations want something different than you are offering, it doesn’t matter what I and countless other’s are trying to prepare you for.
The customers of tomorrow want a few things they couldn’t get in the past, control, and businesses are hard pressed to ignore them now that the world is flat. The business world is being forced into a change it doesn’t really want or know how to do, and more importantly, they don’t want to lose control. Not being in control means KAOS, but that’s what consumers are looking for, and it’s where they are.
The Top 3 Points I list here may change from time to time, but the larger picture is that all businesses will need to be Social & Mobile, it’s as obvious as the nose on your face don’t you think? But this model requires a new way of thinking, a new way of how we view open & free, the mechanics or chronological steps are secondary to it’s success. It’s not a rigid plan, it flows, and it’s paying attention to it’s consumers, more importantly, it’s listening.
1.) Attention Is The New Currency. We will all pay with attention, we’ll share, we’ll talk about, and we more than ever today, want attention. Businesses have been clammering for attention since the beginning of time, but now, we the people are in control of who gets that attention. Corps can no longer tell us what’s what, we now have options, and it’s only the beginning. Give a positive experience that is well packaged, and you will have greased the path to getting attention.
2.) Seamless Paywalls, provide access first before demanding payment. People are exchanging ownership for rental or FREE, or what feels like free. Free is hard to compete with, so don’t. The lower the cost, and the easier you make it for a consumer to purchase will win. Someday soon we all will pay rent with FaceBook or Twitter Credits, we will make day-to-day purchases with them as well. It will get easier to pay, and we may never go to a bank again in the near future to make deposits.
3.) Create or provide more content / value than you consume. The best way to be found when the rest of the world arrives here online, is to have large amounts of data (content), useful data (content), people always come back to places they find useful. This data will need to be well tagged in order to be found in the future, if you can not be easily found, you will be ignored. That includes individuals and businesses. Content should be free and be allowed to freely distributed, afterall, you are trying to get attention.
That’s three points, but there are many others, like Growing Bigger Ears, but it’s not that important because the top 3 flow out a handful of other points. Remember, your customers are fickle, and younger generations are constantly regrouping on the fly, making it impossible to control them for any length of time. The Paradigm Shift is between the ears, it’s important to understand that you will have to unlearn what you think you know about business in the future. Oh, Two other points of interest, experience & packaging, give consumers those two as if they are one and see what happens. Check out what Nine Inch Nails did with those two together.
Giving Consumers More Control is paramount, If You Don’t, They will get it from someone else. Corporations and businesses at all levels will have to learn how to trust the people formerly known as consumers.
I’ll be sharing these points and many others on why the future of business will need to leverage the open & free business model, at the World Futurist Society Conference in Vancouver this Saturday morning at 8:30.
I hope you find this helpful, and I would love it if you left your thoughts in the comments area, have a great day!
In my last post I touched on our aging population and how the Baby Boomers creat a problem, but they also present endless opportunities. As we become more mobile and social, I thought it would be interesting to look at some data in regards to the social networks I use. The real question I am asking these days is, will these networks be around in the next 5 – 10 years? I think the social part will be embedded into everything mobile, Twitter is really a glorified version of IRC don’t you think, just more open and out there, not private or closed. Real-Time is probably the key to everything mobile.
Social Media Networks are very popular, and they are growing at an exponential rate, the world is loving these networks, and that creates challenges for the business world. There are hundreds of social networks on the Internet, but the most popular ones we hear about most tend to be the three below. We have become a connected world, this trend is not going away. Here are the Top 3 Social Networks I use, Twitter is my Primary Network and that’s where you will find me 99% of the time.
FaceBook is the most used of these three, but I don’t spend much time there, it’s too cumbersome in my humble opinion. FaceBook does have incredible support and huge numbers compared to all the rest, check it out below.
– More than 550 million active users
– 50% of our active users log on to Facebook in any given day
– Average user has 130 friends
– People spend over 700 billion minutes per month on Facebook
– There are over 900 million objects that people interact with (pages, groups, events and community pages)
– Average user is connected to 80 community pages, groups and events
– Average user creates 90 pieces of content each month
– More than 30 billion pieces of content (web links, news stories, blog posts, notes, photo albums, etc.) shared each month.
– More than 70 translations available on the site
– About 70% of Facebook users are outside the United States
– Over 300,000 users helped translate the site through the translations application
– More than 2.5 million developers and partners from more than 190 countries build with Facebook Platform
– People on Facebook install 20 million applications every day
– Every month, more than 250 million people engage with Facebook on external websites
– Since social plugins launched in April 2010, an average of 10,000 new websites integrate with Facebook every day
– More than two million websites have integrated with Facebook
– There are more than 200 million active users currently accessing Facebook through their mobile devices.
– People that use Facebook on their mobile devices are twice as active on Facebook than non-mobile users.
– There are more than 200 mobile operators in 60 countries working to deploy and promote Facebook mobile products
– 351 Employees
– 190 Million Registered Users
– 65 Million Tweets Per Day
– 800 Million Search Queries Per Day
– 80% of visitors are outside of Twitter.com
– As of January 2011, LinkedIn has more than 90 million members in over 200 countries around the globe.
– A new member joins LinkedIn approximately every second, and about half of our members are outside the U.S.
– Executives from all Fortune 500 companies are LinkedIn members.
– LinkedIn started off 2011 with about 1,000 full-time employees located around the globe.
What are your top 3 social networks?