Tuesday, 17 November 2009

A Brave New World: Social Media and the Economy of Trust

If Facebook were a country, it would have the sixth largest population in the world.  It's hard to imagine, but what's clear is that the Internet (and Social media communications specifically) are changing the way we do business, primarily by extending a platform for real dialogue with our consumers. Traditional “Push” marketing is also being replaced with collaborative, conversational and content-driven communications that effectively put consumers back in the driver’s seat---effectively making “trust” the most valuable online currency.

Social media has changed the marketing game forever. Online word of mouth and the powerful influence of peer groups have already made many traditional business strategies obsolete.  Why? Simply because advertising is less effective at influencing consumers than are the opinions of their peers, making direct-to-consumer marketing messages less valuable each day.  The bottom line is that you must stop pushing your message out and start pulling your customers in. 
Traditional "outbound" marketing methods like cold-calling, email blasts, advertising, and direct mail are increasingly less effective because people are getting better at blocking these interruptions out using Caller ID, spam protection, TiVo, etc. People are now increasingly turning to Google, social media, and blogs to find products, services, and direction. If you're a marketer or business owner, the big question is whether you'll keep up with those changes?   
Need some help navigating this Brave New World?  We’re here to help.  Visit www.Goodbuzz.ca.