Humanity is currently entering a Content economy, according to experts who spoke at Localization World Singapore recently, and it is vital for brands to be prepared for this new era.

In her presentation entitled “Content Strategy in a Content Economy – Is Your Content Prepared?” Rahel Anne Bailie, principal of Intentional Design Inc, explained the evolution of the Content Economy.

For hundreds of years, humanity existed as an Agricultural economy that was engaged in the production of crops and animals. That economy evolved into the Industrial economy, for which supply and demand of mass produced product generated the economy. After which came the Service economy, that is, the trading of services. This economy lasted for decades and was followed by the Knowledge economy, that is, the production of intellectual capital.

In ever shortening cycles, the Knowledge economy was followed by the Information economy which saw increased emphasis on information activity and the exchange of information. This was quickly followed by the Attention economy in which the approach to information management defined human attention as a fixed economy because time is scarce. For example, it drove business, because if there was no brand loyalty, a brand would not get attention.

Now, David Armano, the managing director for Edelman’s social-digital practice in Chicago, and an author, argues that we are entering the Content economy. You have to have content to have a reason to engage with a brand.

Rahel thinks that we haven’t yet got Content right. For example, with location, unintended consequences happen a lot. I’m sure something like this has happened to you. When travelling, say you are in Sweden, you look up Kayak and although it tells you flight possibilities in English, the currency defaults not to your own preference, but that of the geolocation, in this case Kroner in Sweden. Or you might Google something in Holland, and get all your references in Dutch, not English. The point of this is of course that user preferences need to become centric within the geolocation.

Here are some of the key takeaways from Rahel’s presentation, many of which are detailed in the book she co-authored, Content Strategy: Connecting the dots between business, brand, and benefits.

Content is a Business Asset

Rahel urges managers to view content as a business asset. She argues that content deserves to be managed with as much care as other assets. If people can easily find what they want, the business stands to make more money. Content can and should be managed like inventory, yet most businesses don’t know what content they have. If content is cared for, it can produce like a garden. It can be curated. Like design, people only notice that something is wrong with content when there is a problem with it.

Create new user experiences with content

TripIt has found a way to monetize content simply by regurgitating it. For example, a TripIt user can pay an annual fee to have a summary of the user’s information sent to them in a preferred report format, which gives them their travel information in a useful, useable format.

Smaller screens are now the primary entry point to accessing content.

There is a shift from accessing information on the web to accessing content on smaller screens. Yet many organizations are not yet optimizing their content for mobile or tablet devices. Tablets are used for mobile commerce and banking as much as for entertainment.

We live in a multi screen, multi device world.

Devices are becoming ancillary to each other. You could be watching TV and using your tablet for social purposes at the same time to discuss the show with your friends or research information you learn on TV.

Users are starting to demand relevance between second and third screens.

Users want instant synchronization between devices and the laptop or PC. In many instances, the source of content and where you want to use that content remains disconnected. For instance, you might use your phone or a tablet to take photos and prefer to upload those photos from a laptop or PC to your social network. You choose to do that because it is easier to add notes to the photos and upload the pictures all at once from the laptop or PC.

Synchronization between users is also becoming important. Say you are collaborating on a project, you might want your information to sync instantly and be easily visible to the people you are collaborating with. Think Google documents or visibly sharing your desktop on a Skype call. How can you apply that same instant synchronization capability into your business, what benefits it would bring, and moreover, how can you monetize it?

Localization

When you think content, consider the cross border commerce opportunities that will benefit your business simply through translation.

If you translate your website into French, you benefit not only the French, but many Africans. 21 countries in Africa predominantly speak French and in another 6 North African countries, French is widely spoken. Even in the South Pacific French is the main language in Tahiti, French Polynesia, Vanuatu and New Caledonia.

Cross border commerce means that more demands are to be met. Consider local regulations. Regulations that apply in Germany may not be the same in China.

Content Strategy

Rahel defines content strategy as “a repeatable system that governs the management of content throughout the entire lifecycle”.

Analyze = Strategy

The content life cycle requires analysis, user research and governance planning. The analysis and prescription is the content strategy. The earlier in the content lifecycle you can get involved, the easier it is to effect change.

Analyze how a customer makes decisions. Find the touch points with content in forms. Consider multiple outputs for devices and platforms.

Localization World is a conference that brings together delegates who are engaged in the business of localizing a product or service in terms of language, culture and appearance. It was held in Singapore on 11-12 April.