Flip-floponomics is a term that I just coined with this post which means:
1. A traditional business method flipped on it’s back to reveal a new business method
2. A mirror image of a previously accepted economic paradigm
3. sing. n; flip-floponom; A phenomenon of flip-floponomics.
Let’s demonstrate how this works.
Flip-floponom A:
Twitter has announced that they will mine user generated data and process it into business intelligence which they will sell to corporations for a whole lot of money. As such, corporations who were unable to figure out how to charge people a whole lot of money money to “watch” social media can now be charged a whole lot of money to “watch” social media
Flip-floponom B:
YouTube can’t make money on ads because viewers don’t care. But with user generated content such as Jill and Kevin’s wedding (with 12 million views), Chris Brown landed a land slide of sales for the song “Forever”. The audience is now the Brands positioning themselves to be “user-generated”.
The Mother of all Flip-flopona:
Before flip-floponomics: entrepreneurs assumed that they had the knowledge to execute a business plan and they went to the bank to borrow money.
After Flip-floponomics: entrepreneurs assumed they had the money to execute a business plan and they go to social media to borrow the knowledge.
Next economic paradigm:
With the continuing integration of social media, every single business transaction has the potential to be re-invented in the mirror image if itself using the principles of flip-floponomics. The opportunities for future entrepreneurs who figure out this class of business activity can be described as nothing short of astonishing.
Image Credit Picasso
