Content != Network Effects
I'm now reading The Content Trap - A Strategist's Guide to Digital Change. It really accentuates the shift in perspective required for growth-hacking. Be the platform for users to create the contents and connections. The author Bharat Narendra Anand simplified growth-hacking into the following mantra:-
- Create to connect.
- Expand to preserve.
- Dare to not mimic others.
So if you're an entrepreneur looking to develop the next big thing, build tools that facilitate network effects. Such tools doesn't even have to be exactly technically-oriented. It could very well be socially-oriented. Shared access. Community perks. Get people to make the connections. Transform networks into marketplaces. What better way to generate network effects by putting incentives on the table and leveraging on user-engagement?
Here's another another book I'm reading to challenge my thoughts: Hit Makers: The Science of Popularity in an Age of Distraction. The author, Derek Thompson makes a few crucial points which may help out with our thoughts and actions as stakeholders trying to grow this network:-
- Virality of content is a myth.
- Familiarity beats novelty.
- Distribution beats content.
Content can undoubtedly generate network effects on their own merit, but what may matter more are the resources available to encourage the formation of connections, networks, and marketplaces between users on the platform. So here we have a platform that provides growth-hacking opportunities with the use of utility-tokens, communities, and effective UI/UXs that may be used to leverage on network effects. Some food for thought for the rest of us on this platform. All we need to do now is experiment.
PS: This is also exactly the mainstream vs. indiestream conundrum. Innovative content usually happens in the outskirts and the core is usually boring, yet it's the part that receives the most resources. In any case, supercharging connections and distribution channels will be a great win for all. The value of content in a social landscape lies in the network effects that it creates.
I believe youre on to something. These are very important points you bring up. Ultimately it is vitaly important that we keep learning new ideas and perspectives in order to keep advancing. I started this journey about 5 years ago when I first got into sales/business and it put me on a path to always strive to improve myself in some way no matter how big and keep an open mind to new perspectives. ill definitely look into these books. if you havent already read it, The Master Key System by Charles F Haanel is a really good book. one of my favorites. @kevinwong Check it out and thanks for the useful content!
Thanks for the book recommendation! I've already bookmarked it and getting my hands on it as soon as I'm finished with this batch of books :) Learning is always fun!
no problem. and thank you! i just downloaded The Content Trap on my Audible Account. Greatest thing ever! lol
The points from Derek Thompson's book are really interesting. I wouldn't have tought familiarity could beat novelty in the age of click-bait. That means a loyal ( even though small) following it's more important than just trying to grab people's attention for a few seconds.
I think familiarity more important in the end, because people need to be able to relate to other’s stories.
Most of important speech about digital change of Mr.Bharat Anand (Professor of Business Administration) Nice thoughts here of trying to grow this network. Such a great mantra indeed for growth up network effects. As my mind, if we are try to increase digital change require to use technically-oriented & Socially- Oriented in this platform. Both of positions highly needed. As society high performance currently under the technical condition. Then after we can more user coverage and give more benefits to users on this platform. Most important thing is provide network.
Also Mr.Derek Thompson`s showing another huge points for transfer network into market locations. Require to encourage all of resources in this fact. Then lets go. Try to our best...
Great conversation @kevinwong.
Resteemed.
I covered Hit Makers in one of my earlier Five Nuggets series. I listened to the audio book each morning as I was driving in to the office. It's an absolutely amazing book. Thinking I need to check out The Content Trap.
No wonder the book sounded familiar, or was it those Hit Parade posts? lol
Very useful for me
Thanks for sharing us new knowledge Mr @kevinwong :)
At least it gives me more information
This is truly a new world and new way to looking at things. Network effects by putting incentives will allow the next generation currency forger to be developers not banks, big industry to be truly distributed and transparent. It is definitely a good time to be an entrepreneur with brilliant and ambitious ideas..
Doesn't even have to be big. Even if one could get involved in a heavily networked community of 50 people, I think plenty can be achieved and benefited :)
I definitely agree with you it does not have to be big. But, imagine the thing we can achieve with our collective intelligence, we can terraform barren planet to fund dyson sphere in matter of decades if we can change the whole perspective of "value". I have some big ideas, I know one day it will be achieved but I do not know when.
Haha that's for #futurology :) write more bout the ideas you have
Future is near than you can imagine. Yeah, I will write about them, I just need to make some time to get some good resources and references. thank you.
I have an idea that fits in with the complimentary mentioned in the Video.
But i have a question that needs to be answered before even talking about it. Maybe you can help with the answer:
Why are we unable to buy Steem directly through the market with dollars?
Because there's no one doing that at the moment? I think there are some around just not well known. Anyway, it's kinda hard to tell what trading options are available i nthis community..
Ok so there there is no legal issue or anything like that which you know of.
Thanks, you produce really thought provoking content man Cheers
Wonderful post my friend. There is a lot of meat and substance to learn and grow from. As a self-employed business owner I appreciate perspectives of others who have proven their worth. Good advice and wisdom from these videos and post! It makes complete sense.
I appreciated you coz you talking great topic @kevingwong. Lot of peoples didn`t talk like that, search only whats the benefits and rewards received. If change this network chain system must need to get assistance from digital medias. They doing great support providing network ability. Must provide communication step by step to the society. Also must use digital technology.
"Dare not to mimick others"- How true!
We get trapped in the being or essence of others while mimicking them.
We think we are progressing but we are only running around in circles because we have make the people we are mimicking our focus instead of ourselves or something better.
or we may even progress but wont really go far in the end.#
Quite an educating post.
@kevinwong
There are some opposing advices, but paradox is always with the case of oversimplifying matters (which what speakers and books do as we can't cover all corner case of our thesis). In Derek Thompson's talk there's something about piggybacking on familiarity to create familiar surprises. But yeah entrepreneurial efforts shouldn't have a tunnel vision about mimicking what's already existing :)