Exploiting the 'Intention Economy' Concept: Innovative Browser Add-on Emerges
In a daring shift, the idea of an 'Intention Economy' is sweeping the marketing world by storm. Proposed by Doc Searls over a decade ago, this concept opposes the current 'attention economy' - flipping the power dynamic from brands to consumers. Instead of being bombarded with ads, consumers express their desires openly, and businesses respond - as simple as that!
Searls explains to our humble abode, UK, "Madison Avenue fell asleep, direct marketing ate its brain, and it woke up as an alien replica of itself." He adds that advertising, with its reliance on surveillance-based data, is "full of waste, fraud, abuse, and lots of other things. It's a terrible system, quite frankly."
Enter Lee Henshaw, the mastermind behind Into-It, the first viable prototype of the intention economy. In a nutshell, users sign up, input their music preferences, and receive tailored alerts about vinyl releases, local gigs, and more - all based on their expressed interests. Into-It partnered with The Guardian and The Independent, and advertisers like Rough Trade, Domino Records, and We Out Here Festival, making waves among music and media insiders.
According to Henshaw, "The data set that Into-It has is unrivaled. What could be better than serving notifications to music fans who’ve told you they're into your artists? The argument I make to our clients is that both The Guardian and The Independent have a level of targeting that is more efficient and more effective than anything else they can do."
Henshaw traces the idea back to reading Searls' book, "The Intention Economy." He elaborates, "From that moment on, everything changed for me. I realised if I could make something like that work then it could be of huge benefit to all of my contacts across the music industry, across online publishing, but also to music fans."
However, Henshaw acknowledges the difficulty in implementing the intention economy due to its departure from traditional advertising methods. "This is very different. What you're doing with the intention economy is you are putting yourself in a position where customers have to do something to embrace the way that you're working. That's difficult. It's unusual."
Joining the revolutionary journey, Doc Searls voices his support, stating, "Henshaw is doggedly pioneering something here that's really innovating." Both men believe the music industry is the perfect testing ground for the intention economy. As revenue increases but marketing budgets shrink, the industry is eager to explore new ways to connect with their 'superfans' - those dedicated listeners who buy tickets, vinyls, and merchandise.
Searls adds, "The thing with the music industry is that there is suffering there so they're willing to take chances. As soon as music escaped the containers that were CDs and LPs, and everybody could get it through streaming services like Spotify, the old forms of income were almost gone. When a business is hurting, there's a lot of opportunity there for new things."
On the other hand, the online publishing sector is grappling with its own hardships. An estimated $54 billion in ad revenue was lost to ad blocking in 2024, while keyword blocking continues to stifle monetization. Here, Into-It presents a cleaner path forward.
Henshaw sees this as just the beginning, asserting, "It's very early days for us. Our product is only weeks old. I hope in six months to a year we find ourselves in the position where every stakeholder's got something better, and then I would imagine that other industries will look at that and start thinking about working in that way."
While the journey is fraught with challenges, the vision of an economy built on declared intentions offers a tantalizing possibility - a more transparent, personalized, and efficient world of marketing and commerce. Stay tuned as this exciting new chapter unfolds!
- Lee Henshaw, creator of the 'Intention Economy' prototype Into-It, confesses that he was inspired to pursue the project after reading Doc Searls' book, "The Intention Economy."
- Henshaw ports the concept of the 'Intention Economy' to the music industry, allowing users to input their preferences and receive tailored alerts about music events and releases, partnering with The Guardian, The Independent, Rough Trade, Domino Records, and We Out Here Festival in the process.
- In a statement, Doc Searls endorses Henshaw's endeavor, describing it as "groundbreaking" and "innovative," stating that the music industry, with its shrinking marketing budgets and eagerness to connect with 'superfans,' is an ideal testing ground for the 'Intention Economy.'
- As the online publishing sector faces losses due to ad blocking and keyword blocking, Into-It presents a solution, offering a cleaner path forward for monetization that is based on declared consumer interests and intentions.
- Henshaw, looking ahead, expresses hope that Into-It will be well-received by all stakeholders within six months to a year, and in the future, other industries will follow suit, embracing a more transparent, personalized, and efficient world of marketing and commerce.
