Believe it or not, 2008 is upon us. Savvy entrepreneurs are educating
themselves about new products, practices and ideas, and strategically looking
for the one or two trends they can adopt to catapult them past the competition.
In the first part of a two-part trendspotting series, internet-based trends
are highlighted and fleshed out by experts in each area. Hang onto your digital
hats as you move into 2008 with the knowledge to help you stoke your company's
competitive bonfire.
Social Media
Though Web 2.0 isn't the newest development anymore, this area of online
technology is exploding. The term is being thrown about everywhere, from ritzy
benefit galas to tabloid TV. Social media have officially arrived.
Kira Wampler is a former small business owner who now works for Intuit. As a
senior marketing manager for Intuit's new website, JumpUp.com, Wampler says
entrepreneurs are readily adopting Web 2.0 technology. Entrepreneurs visit the
site seeking resources, a sounding board and information on how to start a
business and keep it going. They also take advantage of the free online business
community, where they can network and swap real-life tips.
Business relationships have become increasingly virtual as social networks
replicate faster than Agent Smith in The Matrix. In the uberconnected world of
the internet, businesses can expand their relationships with customers, partners
and suppliers beyond their local neighborhoods.
John Capano, vice president of strategy and planning at RiechesBaird, a
consulting company that specializes in nontraditional and internet marketing,
notes that with the increased competition for attention and dollars among all
audiences, many B2B companies are increasingly using innovative online tactics
that used to be the exclusive domain of B2C companies. These include community
building, dedicated microsites, webzines, RSS feeds and advanced web-based
applications.
And let's not forget about blogs, which have leveled the playing field since
companies no longer need a hefty advertising budget to reach their markets.
Blogs may very well be the best thing to happen to the business ecosystem in a
long time.
Technnorati reports that nearly 100,000 blogs are created each day. But David
Sifry, Founder of Technorati, also says that nearly half of all blogs are
totally abandoned after just six months, with 45 percent becoming idle shortly
after being launched--barely enough time to begin to realize the benefits of
blogging. Why? Because many businesses continue to struggle with leveraging the
company blog to increase the bottom line.
Chris Baggott, CMO of ExactTarget, is hoping to change that. He has
co-founded Compendium Blogware, a software development firm that has created new
blogging software that not only helps businesses get their blogs up and running,
it also helps them transform their new blog into a viable marketing tool.
Virtual Worlds
There has been a fair bit of negative backlash surrounding virtual
worlds. Proponents feel, when implemented correctly, virtual worlds hold some
serious potential. Some businesses have found them to be venues for reaching
customers and experimenting with new product ideas and business models before
investing hard-earned revenue into concepts that may or may not pass muster.
Virtual world skeptics view the whole realm as nothing more than a big video
game that's a few personal photos away from MySpace and teenage shenanigans.
One thing is for sure: A business's online presence will be a critical factor
in increasing mindshare and gaining market share. Customers will dig even harder
to find the information they need to make decisions, rather than merely
accepting what's pitched to them, and virtual worlds, along with other channels,
facilitate that process.
Web Video
YouTube mania continues to spread. Sites like blip.tv host internet-based
TV shows free of charge for businesspeople who think they're the next Donny
Deutsch. Google is in on the video action, too, and even Hillary Clinton
launched her political campaign with a series of weekly, streaming, town
hall-meets-Q&A-type video chats.
Smart businesses that want to step boldly into 2008 have already realized
their markets are no longer content with simply reading text. Today's customer
craves the interactivity and sensory engagement that video delivers. These
pioneering companies are busy in closed-door meetings figuring out how they can
use online video to make their point and stretch ahead of the pack.