There is simply way too much information populating the social web minute by minute. As businesses and individuals try to capture the currency of all these conversations the next leap will be the “vetting of social media”.
Vetting social media will become the transformational cycle that advances knowledge and innovation. Transformation of social media means getting the right content into the right minds and creating relevant actions from the audience. However the audience continues to get smarter and “vets” information as they look for relevancy.
You might think Google search is a vetting process and it is but a weak one at that. When we search of topics what comes up in terms of relevancy are key words tagged to content, the relative traffic from said content and the page ranking of the site carrying the content. These “vetting processes” do not necessarily reveal the relevancy of content and its value rather the game of media popularity, not unlike most new books, is the vetting of today’s content.
Why Is Vetting Important?
Vetting is a natural force of markets. Now the markets are relative to conversations driven by all this “social stuff”. Today there are ranking systems for Twitter, Friendfeed and the host of social sites trying to enhance the conversational threads. However in the capital markets we can see vetting has changed numerous industries, business practices and consumer behavior. Consider:
- People will pay to have products vetted (ex; Consumer Reports, Angies list, yelp)
- Employers will pay to have people vetted (ex; MSN certification, PMP certification, LEED, College Degree, Etc)
- Government will pay to have services vetted (PE, CPA, FAA, Voter Registration, checks and balances)
- Companies and consumers capitalize on social vetting (Ebay, Craigslist, Amazon)
- Venture Capitalist vet through hundreds of business ideas before investing in one idea
- The Educational System “vets” students acquisition and application of knowledge through a grading system
- American Idol vets through potential stars based on the audience feedback
- Business Week vets through news stories based on “most read”
- Industries without 3rd party vetting ultimately fail: GM/UAW, Bear Sterns (banking), Newspapers, Zillow, etc.
Vetting is and has been an important function of the market. Now the game of vetting just got raised several notches because the worlds seeks knowledge and innovation needed to apply to old problems and new opportunities.
When will Social Media Vetting Create New Markets of Economic Gain?
New markets will be created when the “vetting of social media” enables ideation to be applied to solving old problems or creating new markets of innovative products and services. Ideation vetting will eventually be facilitated when someone taps the “crowds” and “vets” the conversations into categories of innovation that can be applied to produce improved results. Consider the above examples of how different industries have used vetting to create improved value for consumers, businesses and society at large. Think ahead a little. Consider the wisdom and collaborate opportunities afforded by social media.
All that needs to be done is to “connect the dots“, enhance the technology and let the free market create incentives that engage the “crowds”. After all, if the people are the end consumers of innovation then let the people have a say in what innovation is needed. The entire process can be done on a local and national basis. The ultimate “link” to creating the next leap with a value oriented vetting process is Leadership. Will it come from media leaders, technology leaders, and academia or from someone like you or I. Stay tuned and the answer will reveal itself when someone stands up and “vets it”. Get it?
What say you?