Sunday, May 18, 2008

Are You a Member of Generation V (for Virtual)?

Interesting discussion about Virtual Communities and Social Marketing which Forbes started. I think the premise of New Media is based on the values of Generation V.

The article posits that

"...the value set of Generation V differs subtly from that of its predecessors. Its members have an overwhelming belief in a meritocratic environment: the value of collaboration, that "we" is more powerful and valuable than "me" and that sharing increases the value of something rather than diminishes or erodes it. This can be traced back to the growth of the open-source development model, which conventional enterprises have viewed suspiciously because it does not compute with their traditional "work–for-reward" model.

Further examples can be seen in pop music (the rise of remixes and sampling, as well as reusing existing and copyrighted materials to create new creative works) and in the software mash-ups of Web 2.0, where powerful and vibrant new "applications" are built through the collective, and iterative, activities of many disconnected individuals.

Although the inevitable rise of Generation V threatens established business models and power structures, it is not driven by a desire for destruction. Instead, it represents a desire for creativity, belonging, self-actualization and self-determination. It is entirely in keeping with existing economic theory, which maintains that in the latter stages of a technological revolution, it is not new technologies that drive growth, but new ways of deploying and combining established technologies to deliver new value.

The changes brought by Generation V will lead to huge opportunities for those who can accept the signs and react to the new forces shaping the technological landscape."

On one hand, I share Brainadmin's thoughts:

Here’s some more thoughts to consider:

Discovering customers’ true identities becomes irrelevant.

Good, because for the most part I’m happy to remain anonymous to the companies that I buy from.