Generating wealth from the web. Is "follow" the new economic modelpoised to take on "search"
I wrote that Social filtering is deeply human at the beginning of November and I knew that there was more to the topic/ theme/ thought then but I could not find the words. Since then I have been juggling with various ideas, these have often been driven by my necessity to justify Twitter. Twitter (get it or not) provides a function called “follow” – you can follow who you like, and you get updates/ insite/ information/ attention from them, however, how do you turn “follow” into value.
Follow has an obvious value to the person who follows the leader. You gain free insights/ social filtering/ value/ updates. This “Social filter” is based on trust and it is different from curators and editors who have specific agenda’s (and income requirements.) In the original post I quoted David Armano “Often times the quality of links and information I get on Twitter is better than what I would have gotten from Google because the knowledge of the human feed is deep, niche, and fickle.”
I now have several scenarios to consider……
1. I am looking for a great Thai restaurant
2. I want to invest some money
3. What is hot in tech/ service/ my industry
I really don’t need to know what you had for lunch and I don’t have to follow you. I am now in control and can seek out value from the community and not some bland algorithm that controls what part of the web I can see.
Follow has an obvious value to the person who follows the leader. You gain free insights/ social filtering/ value/ updates. This “Social filter” is based on trust and it is different from curators and editors who have specific agenda’s (and income requirements.) In the original post I quoted David Armano “Often times the quality of links and information I get on Twitter is better than what I would have gotten from Google because the knowledge of the human feed is deep, niche, and fickle.”
I now have several scenarios to consider……
1. I am looking for a great Thai restaurant
Option 1. Search. Type in “Great Thai restaurant” into Google, my mobile sends my location and Google takes a guess I want food tonight and near to where I am search. All very reasonable. From the “unknown algorithm based results” that favours Google - I then read some third party reviews which I cannot judge if they are paid, biased or just vocal.
Option 2. Post to Facebook and ask my friends and my network where are “Great Thai restaurant is” – there is more work to this one and I am wholly dependent on someone helping. Size of network helps at this point.
Option 3. Twitter/ follow. I love Thai and I am already following others who love Thai. I Tweet to my network of same minded followers who can deliver a recommendation.
In option 1 – Google wins. In option 2 – Facebook wins. In option 3 – the person who helped me may get a discount on their next meal.
Option 1. Search. Type in “Great Investment fund” into Google. From the “unknown algorithm based results” that favours Google I will click on some links and read, subject to many legal notices, about the performance of various funds. If I invest I will have watch and wait for the results
Option 2. Post to Facebook and ask my friends and my network about their experiences with “Investment funds.” Not sure I would really be that happy with this for many reasons including telling the world about my desire to invest.
Option 3. Twitter/follow. I love to invest and I am already following others who love investment. I follow a service that allows me to manage my own money (never give up control) and I invest based on what the best in class is doing (www.covestor.com) To follow the best investor I share some of the upside. No management fees, no overheads, risk on my terms, stop and start when I like. Worth noting that J.P Morgan funds investment advice is now on iTunes
In option 1 – Google wins. In option 2 – no-one wins. In option 3 – the person who I follow gets a share of my upside
3. What is hot in tech/ service/ my industry
Option 1. Search. Type in “what is hot in tech” into Google. From the “unknown algorithm based results” that favours Google I will click on some links and read. The top tech web sites are there with breaking news. I can use various tools to determine what is hot and trending or I can use my “reader” to filter from my own favourites.
Option 2. Post to Facebook and ask my friends and my network about what they think is hot. Day 1; I will get a few views. Day 10; I will get a few views but probably politely asking me not to ask again.
Option 3. Twitter/ follow. I look at what is trending and select a few “trusted” people to follow and follow updates as and when they occur. I add value to my network by adding my own opinion.
In option 1 – Google wins. In option 2 – no-one wins. In option 3 – the community/ cluster wins.
This post is called Generating wealth from the web. Is “follow” the new economic model poised to take on “search” and I believe that there is value in “follow.” Reading that Google offered $3bn for Twitter made be think that it has nothing to do with Social Media; it is all to do with the value of “Follow”. I really don’t need to know what you had for lunch and I don’t have to follow you. I am now in control and can seek out value from the community and not some bland algorithm that controls what part of the web I can see.