AIBTM 2013: J. Walker Smith, The Futures Company

We spoke with J. Walker Smith, Principal of The Futures Company who will present this year´s keynote session on findings that define a “kinship economy” in which relationships still matter in a digital age.

Explain to us this “kinship economy” and how does it affect us, our meetings and the industry?

The biggest force at work in the world today is the “rise of social,” and thus the best metaphor for understanding an age in which relationships matter most is kinship.

The oparadox of technology is that it is all about making real connections not virtual communications. The internet and social media are means not ends goal.

Face-to-face engagement is no less important than ever, and more often than not, technology is used in a social way to create more not less physical connection. In both business and personal transactions, relationships continue to matter in this “kinship economy.”

This has big implications for the meetings industry. The rise of social means that people are looking for more face-to-face connection when doing business, technology notwithstanding.

Building relationships is ever more important in business, how does this principle of kinship economy change and affect the way we do business and get growth?

Most importantly, it means that relationships close business more than ever before. People´s proclivity toward being more social speaks to a deeper need for establishing a face-to-face connection.

In the kinship economy, better business results will come from these more meaningful relationships.

What are the key elements in this “kinship economy” and what are the challenges that companies will face in its pursuit? How does it help companies to differentiate themselves?

What is being changed is the currency of transaction. Social currency is more valuable than ever, which means that creating and maintaining face-to-face relationships with stakeholders and consumers is the number one element in the kinship economy.

Interestingly, this can be achieved by a combination of offline and online means. People often misunderstand the power of technology. Its virtual features do not trade off against real world interaction; instead, it makes them more important.

In fact, technology helps us become more social. Just connecting with technology is starkly different in the engagement, trust and comfort achieved.

Just because you chime in virtually doesn´t mean that you are establishing a meaningful and valuable connection.

What can people expect in the future of meetings?

The world will continue to become more social as the kinship economy continues to evolve.

Meetings industry professionals must understand and leverage kinship as the glue of productive transactions and interactions.