friction
DESCRIPTION
A spartan deck which accompanied my speech at Thinking Digital conference in New Castle.TRANSCRIPT
Friction
Good, evil, necessity or fuel?
Photo © Stavros Markopoulos http://www.flickr.com/photos/markop/1998212134/
Friction – Definition (i)
http://www.flickr.com/photos/lookingsmug/3696754470/
Definition of Friction, paraphrased from Wikipedia:
Friction is the force resisting the relative lateral (tangential) motion of solid surfaces, fluid layers, or material elements in contact. Friction is not a fundamental force, as it is derived from electromagnetic force between charged particles, including electrons, protons, atoms, and molecules, and so cannot be calculated from first principles, but instead must be found empirically.
http://www.flickr.com/photos/oilinki/4284012565/
Friction – Definition (ii) Colloquial
Better quote from Fear of Physics:
Friction is the "evil" of all motion. No matter which direction something moves in, friction pulls it the other way. Move something left, friction pulls right. Move something up, friction pulls down. It appears as if nature has given us friction to stop us from moving anything.
In Media friction has consistently been about enforcing payment
“Friction is fiction” - discussion
http://www.flickr.com/photos/miss_gruviera/2246764067/
The Ultimate point of Friction – the PAYWALL
© Olobez - http://www.flickr.com/photos/olopez/2550984437/
A simple, intuitive interface, which disguises its technological underpinnings, giving the user what they want. This frictionless experience fills the user with pleasure and delight.
Great User Experience = Avoid Friction
Who is your customer? - Advertisers
http://www.flickr.com/photos/gr8fl89/2349119146/
Who is your customer? - Creators
http://www.flickr.com/photos/theramblingrountrees/2109005226/
Who is your customer? - Audience
http://www.flickr.com/photos/isayx3/3748835100/
Photo © ichaz http://www.flickr.com/photos/chazoid/2630539049/
7.6% compound annual real
returns
5.9% compound annual real
returns
HBR Article: The Age of Customer Capitalism by Roger Martin
Key Values in Digital Economy - Scarcity
We’ve had do identify, discover and or create new forms of scarcity
New Values – Trust, references, personalization, data.
DESIGN TO ADVISE
Key values in digital economy – Trust
http://www.flickr.com/photos/marksetchell/27964330/
Only Time builds Trust
Key values in digital economy – Referrals
http://www.12manage.com/images/picture_word_of_mouth_marketing.jpg
Google created 8 billion links last year - social media created 6 billion
Which has more authority?
Key values in digital economy – Personalization
http://www.flickr.com/photos/marksetchell/27964330/http://www.flickr.com/photos/laihiu/42983096/
Key values in digital economy – Data
http://www.flickr.com/photos/marksetchell/27964330/
Key values in digital economy – Data
The information about an asset, call it metadata, user data, or just DATA is more valuable that the digital copy of the relevant asset (the “CONTENT”.)
Data is the new Oil
Currently abundant, under-measured, un-regulated, and largely un-monetized
Long term systemic friction from privacy
Estimated value of new Data markets is $ 1 Trillion
© marvin908 on flickr
Where else is scarcity or friction still key to power? - Discovery
Today Google is the GATEKEEPER of Discovery
Facebook = Internet + 20 years ?
© balakov - http://www.flickr.com/photos/balakov/4300931777/
Where else is scarcity or friction still key to power? - Privacy
Privacy is NOT secrecy
New forces of friction? - Identity
New forces of friction? - Connections
http://www.flickr.com/photos/dcdead/2860127362/
“Friction in economies simply moves from place to place based on competition”- Rich Skrenta
Friction is a good thing?
‘The whole business starts with ideas, and we’re convinced that ideas come out of an environment of supportive conflict, which is
synonymous with appropriate friction.’—Michael Eisner
Photo © andythesquirrel http://www.flickr.com/photos/andythesquirrel/3979749578/
Putting friction into the middle of product discussions
FRICTION IS A FORCE FOR GOOD
Lessons
Friction, not a fiction, it is a necessity.
Friction points move consistently making it difficult to capture and hold advantage.
Friction is a force for good, when focussed towards a constructive objective
Know who ALL of your customers are…
Build a business around their needs wants & desires
Value comes from long-term quality relationships
Success Strategies
& Delight
