When I was a child my parents gave me an allowance to do certain chores. My Mom would tell me to save some of my allowance for big things I may want in the future. As a child I had no context to what things cost or what the future was because I lived in the now. My father watched me spend my money and always said “Just remember, money does not grow on trees”.
Getting an allowance was a big deal. All of a sudden I had money and it was burning a hole in my pocket. The “allowance” process gave me a sense of worth, adulthood and the ability to “exchange” my money for things I wanted. Money is and continues to have a strong influence over everyone’s life and an attraction to the masses. Today the value of the money we spend is becoming more and more transparent.
The Economics Of Money
Money enables people to purchase things they need or want. An economy is based on supply and demand of money required to get things offered by the market. Marketers proliferate the market with offers hoping to entice people to make a purchase on their product or service. If a product or service adds value to the market, consumption is likely to go up.
Marketing used to influence consumption and still does. However the influence of people’s experience with a product or service is beginning to become a larger influence on market supply and demand. Now people have been enabled to “voice” their experience and expectations.
The “voice of the market” is the supply chain to the “voice of suppliers“. In the past the “voice of the customer” used to be limited to transactional data however today it has migrated to the voice of experience. The voice of experience is now proliferating throughout the social web. Brands and marketer are realizing they can’t avoid the true voice of the customer any longer.
The Tree Of Money?
Money grows when a business or individual supplies the market with value waiting to be consumed. Value means different things to different people and people migrate to an affinity of value offerings by the market segmented by consumer affinities.
Today’s tight economy has people looking for ways to stretch their money. The market as become a market of “value shoppers”. Value is driven by price and utility. Utility is what people get from use or consumption of a product/service.
For the “market of suppliers” revenue is based on market adoption, sales. Whether a national or local brand sales is a relational dynamic while marketing is a messaging dynamic. The tree of money for your offering is now fed by conversations, the voice of the customer. To feed the tree of money you have to insure that every transaction, every experience and each relationship is worthy of a conversation.
As my father said “money does not grow on trees” rather it grows or deteriorates from fluid conversations. That is why we call it conversational currency. Get it?
What say you?