Trust Economies: What they are and how to be a part of them

Liveblog of session by Julien Smith and Chris Brogan

Note: audience comments intermixed with speaker comments below

This session is in response to those who are always talking about monetizing podcasts. They have profited from podcasting, but not the ways discussed in other sessions.

The key is building relationships and trust. They meet people and are themselves; they are not pushing any promotional schtick.

Scarcity versus abundance – scarcity is a way to drive people to you so you can make money; or your business model may be to get your word out to as many people as possible in as many channels as possible. Old media methods based on scarcity.

They have built personal audiences, people who are interested in anything they do. They were able to grow these relationships faster than in the past. They just put together the best they can do at the time. They have put themselves at the centre of a “network of trust”.

Branding – you are not going to feed your family on a podcast, but on the opportunities your podcast brings you. Now people are getting hired based on the blog more than on the CV. If you are not displaying your passion, you may not be able to work in this industry.

We should all be treasuring this Podcamp opportunity – talking to each other. Normally we would not be privy to marketing/PR schmooze events. However, Harlequin (for example) and mainstream press are here to learn from us.

How do you do this? You have to surrender the concept of control. Trust other people. Business cards mean nothing without relationships. What you need is people. Just in podcasting, the first people successfully able to do this are not that powerful, but the more people who can do this, the more powerful the network grows. You have a group of people who you trust; the more you give to them, the more you are on the right track. If people are buying you beer you are on the right track. If they are linking to you, you are on the right track. When they put a link on the internet, it stays there forever. They have put their trust “on paper” for you, so you have some accountability to them.

If you need to make a business, to make money – the magical thing is to become THE person people want to talk to. E.g. Michael Geoghegan – podcasts movie reviews, got hired by Disney to podcast a red carpet event. Suddenly he became the authority.

In a trust relationship, if you don’t give things away for free, people don’t already know you, when they go to hire somebody, they won’t be giving you the money.

We’re getting a million dollar marketing campaign for nothing.

More listeners does not necessarily mean better trust relationships. You have to build the trust.

Large PR firms may not be able to work at the speed of the Internet.

bum rush the charts

  • take the mass power we have and make an impact
  • the power of the network – continue to develop relationships, deepen relationships, create new relationships

Who can’t believe where they are in their careers because of podcasting/blogging? (a number of hands go up). It is incredible where this can take your career, but you do have to give it away.

Open source model – give it away – bringing a whole community behind you to a situation, job opportunity.