November 26th, 2018

Welcome to the Time Economy // Part I

BY stokestrategy

In 1950, 75% of the world lived in extreme poverty. Today it’s less than 8%. World NGOs report that famine, war, dictatorship, and disease are in rapid decline – while literacy, health, communication, and equality are proliferating. In a remarkable triumph for humankind, living standards across the globe are stratospherically better than they were even just 20 years ago. Ordinary citizens are more reliably fed, suitably clothed, reasonably sheltered, relatively comfortable, historically prosperous, and ubiquitously informed and entertained. 

But ask anyone – what do they still need more of?

Time.

We can increase our output to raise our wages, access endless information, and choose from a vast array of consumer choices. Yet our time remains constant. And driven by a sense of scarcity – increasingly valuable.

So, the challenge for product and service marketers is to focus innovation on creating new value: Making more out of time. 

Over the past year, the team at Stoke has grappled in behavioral economics, strategy and design to understand the relationship between companies, consumers, and their time.