Broadcasting Preference in the Intention Economy

One key dimension of the future is the presence of multiple currencies. A multicurrency society is already starting to develop where traditional monetary-related currencies are being supplemented with other currencies like reputation, attention, intention, ideas, affinity, preference, health, and resource access.

A book published in May 2012, Intention Economy: When Customers Take Charge, suggests mechanisms to make intent as a currency more explicit, monetized, and implementable. The book extends the author’s previous ideas about vendor relationship management (VRM), which is how consumers might more effectively manage their relationship with vendors.

The issue is that corporations and other entities spend $1.5 trillion per year on marketing to create ‘a bad model of you’ and your purchasing intent (‘50% of marketing dollars are wasted but we don’t know which 50%’). On the other hand, you as a consumer may have trouble defining your demand, and finding and tailoring products and services in the midst of fending off unwanted publicity and inaccurate personalized advertising.

One potential solution for decreasing friction in the narrowband way that vendors and consumers currently interact is having consumers directly communicate their interests and intent. Intent communication could be accomplished through fourth party exchanges, websites like EmanciPay, where consumers may escrow their intention to buy with a down payment of funds to the site (fourth parties are truly independent intermediaries and advocates for the consumer as opposed to current third parties which are more of an accessory to second parties (e.g.; vendors)). Short of making a financial pledge, many other fourth party sites could accommodate less-defined customer specifications for desired products and services.

The Intention Economy then, is where consumers intentcast (e.g.; broadcast their intent) for products and services, even and especially at inchoate and automated levels, so that vendors can be responsive and continue their expertise in constructing solutions that anticipate consumer demand. Some companies are getting onto this bandwagon, like IBM with their "Chief Executive Customer" program, but like any important change and successful implementation, mindset shifts may be required, and tools must be extremely easy to use – where is Twitter for VRM?!

The preference economy

There is now the new era of a multicurrency society. Numerous non-monetary currencies are coveted, amassed and exchanged including reputation, social graph, time, ideas, intention, attention, affinity, preference, health, and resource access.

The internet is already doing a good job of serving as a clearing exchange and means of valuation for the currencies of reputation, social graph, intention, and attention.

The next generation of economy 3.0 startups is building even more dimensionality into the multicurrency society.

Blippy broadcasts purchasing activity and serves as a leading indicator for public company quarterly sales; a real-time economy feed.

Hunch goes a step further with the grand vision of mapping and predicting the affinity of all people for all objects.

For example, what is any individual’s preference for Nike, TikTok, Slaughterhouse-Five, Ulan Bator, existentialism, or any other noun, brand, product, item, object or idea. Social feed “likes” are already being mined for preference, affinity, and revenue.

Value, preference, and affinity could become an expected attribute of any product, brand, website, and experience just like social networking is and gaming principles are starting to be. These seemingly unobtrusive currencies could stream nicely into exchange via automatic markets.