One rule of thumb: the best version of every consumer product is the one that is intrinsically social. See Tiktok, Fortnite, and Minecraft.
The Benefits of Social+
- Growth loops
The Hallmarks of a Social+ Company
- Have a unique and proprietary social graph that is purpose-built for that product
- The social graph is critical to the product
- Peer-to-peer social engagement is baked into the product itself
The Challenge in Building a Social+ Company
- Social+ product has an interaction and transaction layer
- Interaction: appeals to emotional and cognitive side
- Transaction: functional and rational
- Combining both layers is a balancing act, one cannot overtake the other
How to Build Social+
- Business model: how and when will you monetize?
- Product: does the social complement the transactional?
- Go-to-Market Strategy: social loops or traditional marketing?
- Category: is the behavior inherently social?
Categories That Have Gone Social+
- Social+Music: Spotify vs. TikTok
- Spotify is a single-player experience, TikTok made it social by licensing music and introducing viral challenges
- Social+Gaming: Fortnite vs. Assassin's Creed
- Assassin's Creed lacks social elements, no user generated content
Emerging Social+ Categories
- Social+Shopping: Amazon vs. Pinduoduo
- Pinduoduo has gone from a market cap of zero to more than $100 billion, showing potential of social commerce
- Social+Spoken Audio: Audiobooks/podcasts vs. Clubhouse/Chalk
- Clubhouse and other startups have layered in a social network and more user generated content
- Social+Sports: ESPN vs. Sleeper/Overtime
- Sleeper/Overtime are building true social+ experiences around sports
Open Social+ Categories
- Social+Real estate
The Future is Social+
- Social has had negative connotations: misinformation, clickbait-driven, outrage-driven
- Social is a universal and timeless need
- Doesn't exist in a vacuum, helps find ways to layer social into so many activities