The new economics of mattering to people
19 years after its founding, Reddit will IPO with 850 million monthly active users. This is three times as many Catholic worshippers as existed in 1900, and remains competitive with modern Catholicism. Reddit’s population is 11 times the US population in 1900, and 2.5 times the American population of today. These figures are dwarfed by Candy Crush, which boasts downloads in the billions. In other words, today’s leaders can build followings at scales that were once the exclusive domain of religions and nations. This is the lasting consequence of the internet, which permanently changes how we approach any business, from a local plumber to the cutting edge developer SaaS platform. The internet connects us all, allowing us to coordinate our actions based on aligned values and self-interest. It makes unicorns possible.How to matter
The simplest way to matter to people is to make them more successful. Relieve their burdens, improve their skills, enhance their standing, make them less lonely. Our connected world allows us to provide all of these opportunities at scale. In success, the consequence is allegiance to our cause. Making winners builds your community. But this can only happen if we are deliberate and consistent in stewarding these outcomes. This requires ongoing negotiation: individuals and organizations are constantly evolving. Curiosity and humility must be operationalized to maintain a consistent view of how our work creates impact.Mattering is scary
The challenge of mattering to people is that our decisions have consequences. Disappointment—when needs go unmet, or expectations are betrayed—produces uncomfortable, sometimes volatile outcomes. This volatility becomes more complex with scale. Even now, after a rocky 2023, some of Reddit’s most engaged users turn away its olive branches. I want to be honest with you about tradeoffs. We can’t make everyone happy all the time. Every leader knows this. But we can give the people to whom we matter enough of what they want enough of the time that it’s worth it to them to sustain ongoing investment. If we model their needs.Constituencies
A constituent is someone who has expectations of you. They will make choices according to how well their needs are met. Constituents are everywhere in your process of creating value. The modern business has two degrees of constituencies, but one of them is consistently left in the cold. The conspicuous constituency is familiar, composed of all the business stakeholders you’d expect. But we have to examine all the people who, in an internet age, your business can matter to: the extended constituency.