Your Time Is Important To Us
I find Chris Anderson often has very thought-provoking ideas. He is the editor-in-chief of Wired magazine and author of “The Long Tail: Why the Future of Business is Selling Less of More”. That Long Tail concept helps explain why so many surprising Internet businesses work. He honed the ideas for many months before the book came out through his Long Tail blog.
He now is following the same path for his next book which will be FREE. You can learn more about it in an ITConversation on FREE: The Economics of Abundance and the Price of Zero. Here is some of the introductory text:
From free scoops of Ben and Jerry’s ice cream to the business model where razors are given away to sell the blades, there’s a whole gift economy at work that competes with the commercial economy. We think of free as scary and radical but this economy has always existed. Previously not dignified as an economy, its currency is not money: It is reputation, attention, respect, fame, fun or money from a superior service after giving away something inferior for free.
You can build whole businesses around giving stuff away for free. He puts his money where his mouth is. He’s giving away the audio version of his upcoming book, “Free: the Economics of Giving Stuff Away”.
He homes in on an important piece of the puzzle in a recent post on The big lie about free. The key is towards the end:
In a recent post, we listed dozens of business model built on free. All of them are based on the notion that free stuff does have value and the way we measure that is in the time people spend with them. Do I actually need to remind Wall Street analysts that time is money?
Time is an important currency. If we give someone minutes of our time, we give them something of great value. We only have each minute once. If an advertiser tries to grab that minute, then we may well be offended. If on the other hand we are so intrigued by that advertiser’s YouTube video, that we watch from start to finish, then we freely give those minutes. The advertiser has earned those minutes and had a real opportunity to communicate with us. I think once more Chris Anderson is on to a winner.
Related: Time is Critical
Related Books by Chris Anderson:
- Long Tail, The, Revised and Updated Edition:
Why the Future of Business is Selling Less of More
- Free: The Past and Future of a Radical Price