In 2012, Harvard professor David “Doc” Searls predicted that a market will succeed or fail based on its ability to bridge the gap between customer needs, business experiences and consumer data privacy needs. Ten years later, we revisit his ideas in the business climate.
How Social Media Became a Demand Map
Searls accurately predicted the future of retail in his 2012 book, “The Intention Economy: When Customers Take Charge.”
“Everyone the customer comes to the market with his own means of collecting and storing personal information, showing what he wants, making decisions, choosing what he likes, what he wants to do, making payments and engaging in relationships – whether those relationships are superficial or deep, and whether they last for minutes or years,” Sears writes. “Those methods will be permanent. No seller will control them.”
Although consumers should not be in control of their data, social media companies, in many respects, are. When consumers log on to social media, they provide a list of their searches and social media activity, which has drawn the attention of the federal government. for years. According to recent researchthe middleware can connect to 15 domains, with 12 of those connections being initiated by unknown third-party domains.
The data allows these platforms to perform many of the tasks Searls described above based on predictive algorithms. Surprisingly, social media linked to very few URLs. Some of that may be because social media programs have access to private first-party data. Today’s platforms work like a customer project, translating consumer behavior into insights that allow marketers to target their audience more effectively. But there’s a problem – even on social media, banner ads still have it low cut prices.
Today, marketers are investing in platforms that offer content that consumers can quickly engage with and share. TikTok, the social network with the most users, has central clock about 16 percent. Action is very important for the brand, because TikTok’s control over the user experience means that it has somehow tapped into the needs of consumers and increased the information to provide. $2.5 billion in consumer spending in 2021.
According to TikTok, consumers are engaging with content and taking action on a regular basis. This means that advertisers can use information from TikTok (or other platforms) to find out what consumers want and shorten the distance between the goal and purchase through advertising – according to the platform’s performance and privacy. are answered.
The Social Commerce Opportunity For Brand Marketers
As cookies become obsolete, web browser information is essential to find a way to identify a target and shorten the sales process. Social media meets the needs of marketers on all fronts, allowing them to access information from first-party sources and enabling brands to drive sales in their own territory.
One of the easiest ways to do this is to connect with creators on platforms like TikTok. About 67 percent of users surveyed said TikTok he told them to buy, and creative partnerships on TikTok saw a 193 percent increase in video view-through, according to Hootsuite. According to eMarketer, the US financial markets have arrived $45.74 billion by the end of the year, more than half of the country’s adults are shopping online.
The main reasons why social media users did not buy through social media range from the preference to buy directly from the brand to the need for payment security information. For marketers looking to engage consumers on social media, eliminating payment concerns and creating an e-commerce experience will be critical to engagement as sales grow. But products should not be forgotten, as Searls says the first story on the idea, that the Purpose of Wealth is more than commerce: “Conversations are important. So are relationships. So are reputation, authority and respect. Those advantages, however, are he found and sellers (and buyers) and not just “identified” by sellers in the minds of buyers as the symbols of animals that are burned on cow hides.”
For Searls, an advocate for data privacy, marketing technology and media should look deeper than click-bait. Businesses need to create ways to reach customers based on what customers want – what they like and what users willingly share. Whereas Searls was fiercely opposed to all things technical, his words may provide information to advertisers.
“So what are we going to do?” Sears writes. “The simple and complex solution is to start creating tools for individuals, and services that use those tools. These are tools to empower people and better ways to connect with international organizations, especially businesses. […] Do some of that and we’ll have an economy that will do more for business than it’s currently getting from the economy, no matter how much the economy is making today. “