Tuesday, May 1, 2012
Marketing2.0 = Responsive + Integrated + Engagement
The era of Marketing 2.0
What is Marketing 2.0? In my point of view, Marketing 2.0 is an innovative marketing concept built on Web 2.0 platforms-social media. Social media has radically altered the power of advertising and traditional marketing efforts. With the rise of social media, consumers’ power has increased dramatically. Through product reviews, Facebook, Twitter, YouTube and other sites, consumers can voice their feedback and they have an authenticity that often carries more weight with consumers than the companies’ own marketing and advertising. One of the most important characteristics is the power shift between marketers and customers. The viral video of United Break Guitars spreading on YouTube is a persuasive example for power shift in the era of Marketing2.0.
Three keys to the success of Marketing 2.0
So, how to prevent similar tragedy like United Break Guitar happen to your company? The answer is you must be responsive. The shift has diluted companies’ power to direct their message and required that they be more responsive to consumer feedback. The risks of not being responsive are now too great as one bad review can last a lifetime on the Internet.
In the mean time, social media has given companies a channel that enables them to integrate their messaging. Marketers and companies can now get more value from their mass media. Ads seen on television have a much longer life now and potentially more power. They can be seen on Facebook and YouTube as well as integrated into online campaigns. Consequently, in order to maximize the effectiveness of marketing efforts, marketers should ensure the integrated marketing.
With the rise of social media, consumers can now engage with companies by suggesting and even sometimes creating their own ads, posting their pictures which are then included in ads, etc. Or they can simply indicate their brand loyalty by becoming fans on Facebook.
In the era of Marketing2.0, while social media has forced companies to be more responsive and in tune with the needs and wishes of consumers, it has also given them a channel by which to communicate and engage more effectively with their customers.
Huan (Edison) Liu is a graduate student in the Northwestern Medill IMC integrated marketing program and is specializing in consulting with senior marketing professionals. Huan will be graduating in December 2012. Huan can be reached on twitter using the handle @EdisonLiuIMC.