People get data from others ‘just like themselves’
Clue # 9 People in networked markets have figured out that they get far better information and support from one another than from vendors.
At Search Engine Strategies Seth Godin spoke about how the networked market is changing how we do business. He says savvy marketers should change from trying to sell products to a target audience to figuring out where that audience is online, where they congregate, what they need and want and figuring out how you can supply that to the networked market.
Every year Edelman does a global Trust Barometer. In 2006 for the first time the tide turned from academics, authority figures, CEOs and the media to ‘someone just like me.’ Trust in "a person like me" tripled from 20% to 68% from 2004 to 2006.
Online social network users were three times more likely to trust their peers’ opinions over advertising when making purchase decisions. (“Social Networking Sites: Defining Advertising Opportunities in a Competitive Landscape,” JupiterResearch.)
The top two reasons people contribute content to social shopping sites are the need to feel part of a community (31%) and recognition from peers (28%). (IBM Institute for Business Value, August 2007)
The Pew Internet & American Life Project found that more than 53 million American adults or 44% of adult Internet users have used the Internet to publish their thoughts, respond to others, post pictures, share files and otherwise contribute to the explosion of content available online. 21% of Internet users say they have posted photographs to Web sites. 13% of Internet users maintain their own Web sites. Around 7% have Web cams running on their computers that allow other Internet users to see live pictures of them and their surroundings. Forresters Social Technographics ladder breaks it down into who is doing what online.
Networked markets are perfect for people suffering from diseases. The Web 2.0 mindset is meeting medical science on the website PatientsLikeMe. For the past two years it has enabled people with the degenerative neurological disease amyotrophic lateral sclerosis (ALS) to share information about symptoms and treatments. PatientsLikeMe has also expanded to build communities of people with other conditions, and has launched a number of projects analysing clinical information provided by the site’s users.
The travel market is online and networked.
Information sharing, knowledge creation and learning processes are fostered on peer to peer virtual communities like DIALOGOI of the Association of Greek Tourism, Lonely Planet, Yayyit and Virtual Tourist. They make it easy for travelers to add content that help others get unbiased information about destinations and facilities.
Tech companies are using the wisdom of crowds to improve their products. Witness IdeaStorm, and the Citrix Online GotoAssist Beta blog.
Your customers are online and networked. Your job is to figure out where they are, what they’re interested in and how you can facilitate their conversation.
Pontiac Underground is one good example.
