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The Reputation Economy Is Coming: Here's What You Need To Know To Start Preparing For It

The Reputation Economy Is Coming: Here's What You Need To Know To Start Preparing For It | Leading Choices | Scoop.it


Robin Good: If you are interested in learning what the "reputation economy" is all about and why it will trump traditional approaches to marketing in the next few years, I highly recommend reading this Wired feature article.

 

In it you will find not only lots of good information on what measuring reputation really means, and how reputation may be used in the near future, but you will also get a shortlist of the key companies moving in this space and a simple ten-step reputation plan that you can use to start steering in the right direction.

 

Here a few excerpts from it:

 

"When asked for the sources upon which a user's trustworthiness is based, reputation startups list the usual suspects -- LinkedIn, Facebook, Twitter -- but refuse to go further, saying that the algorithm is proprietary.


For these trust-validation services to become credible they're going to need to differentiate their products from those offered by companies such as PeerIndex, Kred and Klout, which collect digital information from different social-media sources.


Their metrics -- who I "follow", who "follows" me, who I know professionally, where I check in, what I chat about -- are measuring social influence, not reputation.


"Influence measures your ability to drag someone into action," says Joe Fernandez, cofounder of San Francisco-based Klout (wired 08.12). "Reputation is an indicator of whether a person is good or bad and, ultimately, are they trustworthy?"

 

 

 

"...reputation is largely contextual, so it's tricky to transport it to other situations. Sure, you might be an impeccable Airbnb host, but does that mean I would trust you with my car?"

 

 

"...Many of the ventures starting to make strides in the reputation economy are measuring different dimensions of reputation.


On Stack Overflow, for instance, reputation is a measure of knowledge; on Airbnb it's a measure of trust; on Wonga it's a measure of propensity to pay; on Klout and PeerIndex it's a measure of influence."

 

 

"The most basic level is verification of your true identity -- is this person a real person? Are they are who they say they are?


It's also foreseeable that data giving a good indicator of character, such as reliability and helpfulness, in one marketplace is a baseline of how you will behave in another marketplace.


Do we do what we say we are going to do? How well do we respect another person's property? Can we be trusted to pay on time?"

 

 

Valuable read. Recommended. 9/10

 

Full article: http://www.wired.co.uk/magazine/archive/2012/09/features/welcome-to-the-new-reputation-economy?page=all

 

 


Via Robin Good, Brian Yanish - MarketingHits.com, Content
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Rescooped by ThinDifference from Curation, Social Business and Beyond
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Your Reputation is Your Most Valuable Asset

Your reputation is your most valuable asset, you are creating a trail in every area of your life about your integrity, performance, expertise and is becoming the backbone of Social Business.

 

Rachel Botsman gives a powerful talk on TED  about the currency of the new economy, which is trust. Rachel is the author of Collaborative Consumption. If you haven't read it, you should because it is an amazing book about a movement that is underway and the wave of the future.

 

It's empowering on so many levels. It has everything to do with the Trust Economy where technology has enabled trust between strangers to create all kinds of new marketplaces, relationships, possibilities. 

 

This is one of those talks that you have to listen to more than once, it's that important!

 

Here are some highlights to Rachel's talk

 

**In the 21st Century, the reputation economy will create new ways we look at wealth, it is as powerful as the industrial revolution, listening to this talk is a must!

 

**Empowering people to create new marketplaces that are built on reputation and trust

 

**We have wired our world to share, swap, trade or barter - match what we have in more democratic ways

 

**part of a massive value shift underway - instead of keeping up with the Jones, we're connecting, collaborating and buying to get to know the Jones

 

**Your reputation and new ways of measuring this is crucial. This is not like Klout, where they measure influence, this is about service networking. She refers to this as lemonade stands on steroids

 

**Think of all the possibilities - over the past 20 years, we've evolved trusting strangres

 

**Reputation economy - everything we do leaves a trail online about how well we perform, behave towards others - capturing all of this is a massive challenge

 

**Shouldn't we own our reputation data? It's contextual, the big challenge, is figuring out what data is important to pull, but it's a matter of time we will be able to see a real-time stream of how you have acted, performed in different areas of your life. What you're good at, your integrity and performance rating. This is fascinating.

 

**Reputation Capital - The worth of your reputation - how you can aggregate, monitor and use your online reputation (she says this sounds like Big Brother) however, she has a point, she says we would have more control over our reputation if we own it. More on this in the talk.

 

**Reputation Capital will create a massive disruption in the marketplace - your credit score will no longer limit what you can do in the world - your reputation will be the currency that you can be trusted

 

Selected by Jan Gordon covering "Curation, Social Business and Beyond"

 

Hear complete talk here: [http://bit.ly/Ps0Fnp]


Via janlgordon
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Daniel Depaz's comment, September 30, 2012 11:05 AM
Ta be seen... Thanks
Olga Kiss's comment, March 4, 2013 6:06 AM
Thank you, Luis, it's a great presentation. I've shared it on our Hungarian EMCC facebook page with a small Hungarian summary:
Luís Cochofel's comment, March 4, 2013 12:07 PM
Glad you liked it, dear Olga! Thanks for re-sharing, as i really think it worths being seen attentively.