Listen to the Conversation with Kai Ryssdal (Marketplace) on the Social Data Revolution: Companies get smart on Digital Data. Produced by American Public Media. Broadcast by NPR and Public Radio International on November 18, 200.
And please share what you think… Comment (via Facebook Connect) below!
Transcript (from http://bit.ly/dataNPR)
KAI RYSSDAL: The data trail that we create every day is only growing. Every time we go online, every time we use our cell phones, companies log our preferences. They make suggestions, and they remember what we do. Even though a lot of consumers have gotten used to that, a lot of businesses are still trying to figure out how to use our data to the best effect. One of the first companies to realize the social potential of consumer data was Amazon.com. And Andreas Weigend used to be the chief scientist there. Welcome to the program. Read the rest of this entry »
Download the mp3 of the World Marketing Forum keynote (45MB, 50 minutes, Mexico City, July 1, 2009).
Transcript:
Ladies and gentlemen, it is an honor for me to be here and to talk to you about what I think it the most interesting, the most exciting thing I can talk to you about. Read the rest of this entry »
On the eve of the launch of Geoffrey Miller’s book “Spent: Sex, Evolution, and Consumer Behavior”, we discuss the key role of openness, the importance of dialogue, and the true reason for advertising. http://weigend.com/files/audio/GeoffreyMillerAndreasWeigend_2009.05.17.mp3
Geoffrey, a tenured professor at the University of New Mexico, combines an evolutionary framework with a data driven mindset to create insights about consumers. Openness, perhaps the least studied of the Big Five personality traits, and inherited to a large degree, is often underestimated. As we reflect on how our time as graduate students in Cognitive Psychology at Stanford has shaped us – Geoffrey worked with Roger Shepard and I with David Rumelhart — we discuss how marketers used to force-communicate customers, and got away with ignoring the deeply social characteristics of humans. Furthermore, Geoffrey explains, the traditional goal of advertising was to demonstrate to a few potential buyers the large symbolic significance of a product for the broad masses. Communication now having primarily become C2C, consumer to consumer, and C2W, consumer to world: what is the impact of the Social Data Revolution on advertising and consumer behavior?
This keynote, given on February 19, 2009 at Predictive Analytics World shows how predictive models can benefit from the Social Data Revolution [pptx | mp3]
Abstract:Technology affords companies unprecedented opportunities to interact with customers and employees. In any of these interactions, data is created. Yet most firms neither capture nor fully utilize those data to impact their bottom line and strengthen relationships with their customers. Product recommendations and behavioral targeting are early examples of leveraging new sources of data to predict customer behavior and preferences. The next iteration of these interactions, for example mobile phones, empowers owners to access richer data and discover new opportunities – with the possible inclusion of location data that enables companies to predict mobility patterns for marketing and planning purposes. Learn from the former Chief Scientist of Amazon.com how to create a comprehensive data strategy through:
- Leveraging the data you’re already collecting, but not using
- Identifying data that you could and should be collecting
- Transforming data to next-generation predictive intelligence
In this heated discussion recorded on a freezing trolley ride at the annual Monitor Talent meeting, Dan Ariely, Alaina Love, and Andreas Weigend debate the irrationalities in customer decision making:
- How can you “instrument the world” (Weigend) to capture these irrationalities via the plethora of digital traces users leave behind (”attention stream”, Weigend)?
- What are the underlying principles to design incentives (”The Contract”, Ariely) such that consumers share with you valuable information about their intentions? (”Valuable to Whom?!?”, Love). And, to what degree do people actually know what they want?
- How can companies delight customers by helping them discover items they are genuinely interested in?
- And by capturing rich interactions in addition to mere transactions: How can “move upstream” (Weigend) to delight and truly support the decision making process of the customer?
Leave a comment and let us know what you think!
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.”
Transcript:
Transcript of Panel Discussion
Audio File:
In honor of the (approximate) 10th anniversary of the Cluetrain Manifesto, The Conversation Group organized a day of speeches and breakout sessions. They invited me to present my thoughts on Conversational Data.
I also uploaded the (unedited) audience feedback about my talk, and offer the mp3 of the 10-minute conversation with Doc Searls on the 10th anniversary of the Cluetrain Manifesto.
Enjoy!
Brad, why do you care about privacy? A few minutes of the preparation for the June 2, 2008 Stanford class on Privacy. [display_podcast]
ANDREAS WEIGEND SPEAKS AT SAP
Wednesday, April 16, 2008
3:30pm Networking Mixer (refreshments will be provided)
4:00pm - 6:00pm Presentation and Discussion
Building D, Southern Cross Room
SAP Labs, 3410 Hillview Avenue, Palo Alto, CA 94304
The production, aggregation, distribution, and consumption of data is changing dramatically. Traditionally, paid specialists actively collected data for a specific purpose. Now, we are flooded with data streams of intention, attention, situation, and location of individuals, plus data about personal relationships. In addition to these implicit traces of behavior, people contribute data explicitly on platforms for mapping, housing, automotive, and salary data.
The money is where data influence decisions. Most firms believe in internal transparency, basing decisions on data they collect. Few understand how they can benefit by extending this transparency to the outside. What data should the firm share with its customers so some of them can actually help the firm? A sound data strategy has become central to most firms.
Barriers to data business used to be high, including expensive infrastructure and complex business relationships. Infrastructure has now been commoditized; information asymmetries are being reduced by those companies that understand the new consumer data revolution. Relevant questions in today’s marketplace include: How can we set up a system (including incentives) so that people actually do contribute useful and truthful data? What properties does the market need to have so that collective intelligence emerges? What value can the firm create for the contributors to drive participation? It is their perception of this value that will decide whether they demand to be paid for their contributions, or whether they are willing to pay themselves? Finally, what should be the currency of the payments: money, attention, or even more data?
Thank you, Tony! And just having listened to the 5 minutes, the question actually is: Who interviewed whom? [display_podcast]
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