Footprints
As important as our environmental carbon footprint is our digital footprint, which represents a significant business opportunity, once it is fully understood.
Tony Fish, a member of Gerbsman Partners Board of Intellectual Capital and serially successful entrepreneur, who advises Gerbsman Partners high growth business on their digital strategy and has written a book on the subject, My Digital Footprint.
“Everything we do on the internet is recorded and analyised from those seeking financial gain from understanding our behaviour, think Google. Our digital footprint includes the data from our interaction with different devices including PC, Mobile and TV, Examples of digital footprint data are websites we look at, our online purchases, location, attention, watching preferences, who we call and for how long, the content we create for twitter, blogs or pictures and the online conversations we have via e-mail or on social networking sites.
We have become used to the free model, TV paid for by advertising, search for free. To get these services there is a trade, your data for free services. Whilst we may have concerns about privacy and civil liberties, it must be acknowledged that we largely give these up as soon as we log in, switch on or click.
Such privacy concerns are of little concern to some people, who have either grown up with a ubiquitous and nearly free internet or have a trust in the trade and brands. These consumers will happily or unwittingly generate a significant amount of personal data as a by-product of their daily interactions. This process has been accelerated and enhanced by smart phones that add location-based, real-time data to extend significantly the user´s digital footprint”.
However, Fish argues that raw data from mobile, web and TV users is of little value unless it is put into context. It is not so much what you might be doing, or saying, but who you are doing it with which creates and accelerator of value creation. For example, the fact that you have just bought a new watch is of minimal interest on its own, purchase made. While you might be interested in watches, you have just bought one and are, therefore, not likely to be in the market for one soon. But if you are going online and telling everyone how wonderful the watch is, and how great the service you received was, this is of value – especially to the dealer and other relevant suppliers, who can identify your long-term value from measuring your digital footprint. Further I can now determine who influenced you to purchase the watch and who you influence – this created new value.
In the future, those of us with the largest digital footprints will be the most valued consumers. Fish predicts that soon we will all have two online identities: a personal one tailored for consumer benefits and a business one for a different level of transaction.
He concludes that the ability to understand the value of online conversations is an opportunity, as nobody owns the space. Entrepreneurs and digital businesses should, therefore, gather and analyse data, and concentrate on developing online relationships that can help them tailor products and services to customers´ needs.
About Tony Fish
Tony Fish: entrepreneur and strategic thinker with over twenty years of experience with leading brands, high growth companies and in venture capital. Tony is an experienced and qualified board level executive with professional experience crossing Web, mobile and TV and divides his time between his non-exec roles and board advisory work.
Tony is an acknowledged public speaker and a leader in “2.0” thinking, through the recipient of independent awards such as placement in the top 10 in The Observer and Guardian newspapers “The future 500 rising stars”, and from global recognition from his peer group.
Tony is known for delivery, probing questioning, clear decision making, simple no-nonsense attitude, robust financial views and governance controls. Tony enjoys an unblemished professional reputation, has a wide and diverse professional network and will bring a truly innovative flair.
Tony Fish B-Eng MBA C-ENG FIET FCIM is the author of “My Digital Footprint: a two sided business model where your privacy will be someone else´s business” Nov 2009 and has previously co-authored two books on mobile and innovation: “Mobile Web 2.0: the innovators guide to developing and marketing next generation wireless/mobile applications”, August 2006; and “OpenGardens, the innovators guide to mobile data industry”, December 2004.
Tony can be reached at: tony(dot)fish(at)amfventures(dot)com
About Gerbsman Partners
Gerbsman Partners focuses on maximizing enterprise value for stakeholders and shareholders in under-performing, under-capitalized and under-valued companies and their Intellectual Property. Since 2001, Gerbsman Partners has been involved in maximizing value for 60 Technology, Life Science and Medical Device companies and their Intellectual Property,, through its proprietary “Date Certain M&A Process” and has restructured/terminated over $790 million of real estate executory contracts and equipment lease/sub-debt obligations. Since inception, Gerbsman Partners has been involved in over $2.3 billion of financings, restructurings and M&A transactions.
Gerbsman Partners has offices and strategic alliances in Boston, New York, Washington, DC, Alexandria, VA, San Francisco, Europe and Israel.
For additional information please visit www.gerbsmanpartners.com
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