Here’s a new marketing term for you: likeonomics.
That’s an economic model in which the new global currency isn’t made of paper, it’s made of relationships.
Likeonomics is a term embraced by Rohit Bhargava, a senior vice president at Ogilvy, who spoke at the Social Media Optimization Conference today.
Bhargava argues for likeonomics because credibility now goes hand-in-hand with social relationships. People’s ability to acquire, believe in and retain new information is very much influenced by Facebook dynamics in particular, and that ought to inform any communications strategy, he says.
Here are five insights underlying Bhargava’s new buzz-phrase, likeonomics:
- There is a modern believability crisis.
- People make decisions emotionally, not logically.
- Stories are the most compelling form of communication.
- Simplicity is the foundation of all great communications.
- In strangers and microexpertise providers we trust.
Readers, what do you think about these five principles that Bhargava uses as the basis for his buzz-phrase likeonomics?