I'm spending way too much time with John Battelle's series on the rise of the Conversation Economy--his next book as it turns out. Part Three discusses how to create a business model around conversations taking place online. If, as Battelle argues, conversation is the new content, how do you monetize it? Put another way, what is the role of advertising in a conversational media?

Battelle suggests bringing advertisers directly into the conversation, not just have them on the sidelines. So a company might ask people talking about innovation, for example, what they want in a new gizmo. We see this already happening in bits and pieces. Companies are allowing consumers to do their advertising for them. They're throwing contests to get input on new products.

It's a very different approach than creating content and selling the space around it to advertisers.

Folks, this is a BIG idea. The conversation economy.

Before it's here, it's on the Bloomberg Terminal. LEARN MORE