The Curation Economy And The Three Cs Of Information Commerce

The Curation Economy And The Three Cs Of Information Commerce

In the digital age, where information is abundant and easily accessible, the role of social curators has emerged as a crucial one in the realm of Information Commerce. These curators act as intermediaries, discovering, organizing, and sharing relevant content from across the web. By doing so, they contribute to the integrity and vibrancy of their niche networks and the relationships that define them.

Numerous platforms have emerged to cater to the needs of curators, allowing them to repackage and disseminate information in captivating and engaging formats. Storify, Curated.by, Scoop.it, Pearltrees, and Paper.li are just a few examples of these leading services. Unlike traditional social graphs, curation networks weave interest graphs, connecting individuals based on shared interests and passions.

Curated content serves as social objects, sparking conversations and reactions among users. Moreover, it breathes new life into the original content, extending its reach far beyond its initial audience. The role of curators is instrumental in the evolution of new media, the dissemination of valuable information, and the formation of social niche networks. Thus, the services that empower curators fill the void between content creation and consumption.

How to use behavioral science to boost your conversion rates

Understanding human behavior is essential for businesses seeking to boost their conversion rates. Many teams make the mistake of starting with cold, focused interview groups, which can be noisy and lead to misdirection. Instead, it is crucial to consider the principles of behavioral science when designing products and experiences.

One fascinating aspect of human behavior is the "endowment effect". When we perceive something as ours, we tend to value it more. This effect can be leveraged to increase the immediate benefit of taking any action. By creating a sense of ownership and emphasizing the completion of a task, businesses can provide users with a greater incentive to engage. For example, by focusing a user's attention on "completing" setup, conversion rates can be significantly boosted.

It is also important to capitalize on users' momentum during the initial stages of their interaction with a product or service. Day 1 is when users are most motivated and likely to take action. By designing products that allow users to quickly feel psychological ownership, businesses can harness this momentum and drive higher opt-in rates and engagement.

When designing for behavior change, it is essential to identify the specific behavior you want to target. Many teams focus on engagement and retention without a clear hypothesis about the primary action that drives these outcomes. To drive a key behavior, barriers must be reduced, and immediate benefits must be increased. By making the desired behavior the path of least resistance and providing immediate incentives, businesses can influence user behavior effectively.

Three actionable advice:

1. Create a sense of ownership: Design products and experiences that allow users to feel a sense of psychological ownership. By emphasizing completion and making users feel closer to achieving their goals, you can increase their immediate benefit and drive higher conversion rates.

2. Capitalize on momentum: Catch users at their most motivated stage, which is usually day 1. By offering the right features and aligning with their mental model, you can drive higher opt-in rates and engagement.

3. Identify the key behavior: Clearly define the behavior you want to change and focus your efforts on reducing barriers and increasing immediate benefits. By aligning your design and incentives with this behavior, you can effectively drive user actions.

In conclusion, the curation economy and the principles of behavioral science share common ground in the realm of Information Commerce. Social curators play a vital role in discovering, organizing, and sharing valuable content, contributing to the growth of niche networks. Meanwhile, businesses can leverage behavioral science to boost their conversion rates by understanding human behavior and designing products and experiences that align with users' motivations and goals. By incorporating the three actionable advice mentioned above, businesses can drive meaningful behavior change and achieve their conversion goals.