“Any process that can be codified — that can be turned into an algorithm, becomes the basis of a service that can be delivered, without friction.”
Bill Janeway, Warburg Pincus, September 24, 2014 on Bloomberg Surveillance.
The Pedia Credibility Algorithm = THVI + PON + AAM + ITPHA
Truthful High-Value Information delivered at the consumer’s Point Of Need Across All Markets by an Independent Third-Party Higher Authority
(Maximum Credibility)
Three values in the Credibility Algorithm are givens:
Truthful High-Value Information -
Truthful information consumers use to make their buying decisions including: specifications, reviews, comparisons, ratings, etc.
Point Of Need -
The point when consumers are seeking such information.
Across All Markets
The convenience of providing truthful high-value information on all the products and services consumers want in one location.
“Pedia” is the final “catalyst” in the algorithm:
Independent Third-Party Higher Authority
Brand/Perception
The “Pedia Effect” — Independent Third-Party Higher Authority (ITPHA) Perception
The “Pedia Effect” described in a December 18, 2000 patent application (Method and Apparatus for Internet Marketing and Transactional Development), is derived from the common term “encycloPedia” which has long been the most widely used and time-proven information brand that organically generates the highest ITPHA perception in consumers’ minds both off and online. No other term even comes close. The perception is so powerful that even when consumers are told specifically (by Wikipedia itself and others) that the information is not reliable, consumers don’t care and still seek the information in droves. (Try placing a notice on your website telling users your information is not reliable and have every school and college tell their students the same thing and see if you get over 6 billion visits per month!)
Why is the Pedia ITPHA perception so powerful?
The simple explanation is that virtually every internet user, everywhere has a pre-existing impression of what an “encyclopedia” is — from previous experience or educational background. The technical explanation is there is a potent combination of behavioral cognitive heuristics and biases all working in tandem to reinforce that impression. These cognitive heuristics and biases are (among others): the “representativeness heuristic,” the “availability heuristic,” the “framing bias, and the “confirmation bias.” The first “if it looks like a ‘pedia,’ reads like a ‘pedia,’ etc.,” the second “I’ve seen lots of ‘pedias’ in my life,” the third, “It says it’s a ‘pedia,’” and finally “I could tell it was a ‘pedia’ all along.” When these multiple cognitive heuristics and biases all tell us that something is an “independent third-party, higher authority encyclopedia” — that is our expectation. And most importantly, when that expectation is fulfilled — we become true believers — because we literally can’t help it. The “power of Pedia” is the expectation/perception of an ITPHA “Pedia” brand followed by the fulfillment of that expectation/perception, which provides overwhelming credibility.
The Wikipedia Dichotomy
In Wikipedia — “Pedia” is the brand/image and taxonomy, while “wiki” is the execution model (requiring a disclaimer). The “Pedia Effect” credibility is so powerful that it enabled Wikipedia to overcome the negative “wiki effect” (of user-generated content) and become massively popular and authoritative without advertising, and without being considered reliable. As a “Wiki,” it was constructed by “a bunch of nobodies” for academic, non-commercial purposes that, “As a user-generated source, it can be edited by anyone at any time, and any information it contains at a particular time could be vandalism, a work in progress, or simply incorrect.”
The “Pedia Effect” works for all “Pedias” from the first online encyclopedia to the financial encyclopedias, to the tech encyclopedias, etc., ad infinitum. The “Pedia formula” is the same — it doesn’t matter if it’s 1, 2, or thousands of creators — it’s the “pedia/encyclopedia” brand + “comprehensive evergreen content + advertising (and transactions for the commercial versions) or donations (for the non-profits).” Since Wikipedia is likely the only “Pedia” that formally states that its information is not reliable, and it is the largest by far, the “presumption of credibility” is powerful.
Marketers Can Take Back Their Power
This same “Pedia Effect” enables a “bunch of powerful somebodies” (marketers), with advertising and credibility, to build a “marketing Wikipedia” that provides consumers with “everything they want to know about everything they want to buy” in convenient company “encycloPedias” using the same “Pedia” brand that generates the ITPHA perception, taxonomy, and fulfillment in consumers’ minds. By creating comprehensive, truthful company “encycloPedias” and including the “pedia” suffix or “encyclopedia” in the title or name marketers can take back their power from the BTM3.
Truthful High-Value Information “Pedias” are created by marketers on their company websites containing comprehensive information about their company, products, and services. Whether it’s the traditional word of mouth from a friend, an expert review, or information from a credible source consumers believe, the most powerful marketing is always Truthful High-Value Information delivered at the consumer’s Point Of Need by an Independent Third-Party Higher Authority that consumers believe and remember. And this is exactly what the “Pedia” delivers.
The “Pedia Effect” creates Pedia platforms that come in two versions, “individual” and “network.” Marketers create individual Pedia platforms on their websites and with the simple addition of a few lines of code, these individual platforms transparently join the PediaNetwork® platform, still under 100% control of the marketer. An aggregated PediaNetwork® of individual marketer “encycloPedias” creates a consumer-direct PON “marketing Wikipedia” more powerful than any POI advertising platform in history — controlled by marketers and consumers together — not another mega-monopoly.