In an early morning panel for the annual Fortune Brainstorm Tech, I hosted 3 visionaries, each of whom have deep insights about the evolving relationship between consumers, companies they interact with, and the data the consumers provide via these interactions.
Shoshanna Zuboff (Harvard Business School, and Author of “The Support Economy”), Esther Dyson (EDventures Holdings) Marc Singer (McKinsey & Company) provided a brilliant conversation, and their key ideas are captured below – hit the links below for the full transcript or listen to the complete audio file.
The Social Data Revolution (Andreas Weigend)
We have just undergone 2 data revolutions, the first where companies implicitly capture consumer data implicity to infer intent, and the second where consumers explicity express data about themselves. We are now moving into the age of the consumer data revolution, where people expect something in return for the data they provide to companies
The Support Economy (Shoshanna Zuboff)
The current model for capitalism has completely broken the trust between individuals and companies. In the next episode of capitalism, companies will thrive by having relationships with individuals, supporting them to live their lives the way they want to live them. That means economies of trust, not economies of scale. It means assets distributed around individuals, not concentrated inside organizations. It means values realized through connecting with the unmet needs of the individual, not value created inside the organization with the model of, “We make it, now how do we sell it to you?”
What Motivates Digital Exhibitionism? (Esther Dyson)
“At the attention thing yesterday, I was shocked to see presenters focusing merely on the attention people give to institutions and to products. I think people go online not to mainly give attention, nor to always buy products. They go online to get attention for themselves or for their ideas. And one big question is: are they trying to get attention for themselves, or for some idealized version of themselves?”
Bifocal Strategy For Companies (Marc Singer)
What we’re seeing organizations doing – a combination of a near term view of – “What is it that I can do with the data that is available today? What data are likely to become available over time?” and a longer term view – “What kind of a profile do I want to establish for my customers over time to be useful to them and do that in a way that I’m quite proud to expose to somebody over time?”
Exhibitionism, Sex Drive, DNA, and making yourself Immortal
Esther: I think digital exhibitionism’s like your sex drive, which is to put your DNA all over the place. And this is to put your digital DNA, your memes, your presence, everywhere. And so what you see now, moving from I’m on a single Facebook page, now I have these widgets and other things, so I’m present on other people’s pages.
Andreas: So we could essentially say that there are several ways of making yourself immortal. One is to spread your DNA, which actually, as a principle, leads to a very different female and male behavior. Another one is to spread your digital DNA.”