When I started my digital media course just 6 weeks ago, I couldn't believe I was being forced to get on the digital media bandwagon by joining Twitter and Blogspot and having to become a regular contributor on both. I just knew that I was wasting my time trying out new technologies that were over hyped and under delivering.
Now I realize I couldn't have been any further from the truth. The digital media channels available today are excellent sources of knowledge and entertainment that rival encyclopedia sets every house with school age children use to have. There are so many ways to find fresh, fun, creative information about almost any topic. The information is normally free or very low cost and extremely easy to share. The interactions that people have finding and sharing this information is simply immeasurable.
I now consider myself not just a passenger on the bandwagon, but an excited one who can't wait to see where the road leads next. I have become so inspired that I hope to keep my blog and tweets active and update to date even though my educational obligation is ending. I really want to continue to learn more about this exciting space and make personal connections I never thought possible. I also hope that over time I just might be able to convince a few more people to come along for the ride, because the best part of the ride is getting other people to join!
Sunday, August 30, 2009
Week 6- In Review
The material this week did a good job of describing harder to use social media channels like video games and social networking sites. But the Always On chapter emphasized the importance of trying all new digtial channels, no matter how challenging, because they are proving to be more effective and popular than the more traditional media channels.
There were also some good examples of how these channels were being leveraged, and some areas of opportunities that were pointed out.
Overall, I think all channels of digital media have great potential and more research just needs to be done to better show how to use them most effectively.
There were also some good examples of how these channels were being leveraged, and some areas of opportunities that were pointed out.
Overall, I think all channels of digital media have great potential and more research just needs to be done to better show how to use them most effectively.
Week 6- Article: "Advertisers Face Hurdles on Social Networking Sites," The New York Times, December 14, 2008
This article gives a very depressing look at the success of brands to penetrate Facebook and other social networking sites. It gives examples of P&G who has a been trying to successfully utilize Facebook for a couple of years now, but has not been able to achieve large success. In all the examples, a heavily branded Facebook page was created to draw in visitors and "friends" of the page. But, very few people came to the sites and even fewer agreed to befriend the brand. Sadly these branded Facebook pages still had greater success than the banner ads, which appeared on regular Facebook pages, because these brand ads were deemed non-credible or downright ignored.
I definitely see the point the article was trying to make and think it can be very hard to penetrate social network sites that people use to make personal connections with their friends and family. When people are on these sites, they are engaging in very personal interactions and could feel that advertising is just invading this personal space. But I also think the examples of implementation these ads on Facebook was poor. People are trying to make deep personal connections when on Facebook and they do have some brands that have special meaning to them. People also have certain activities that they see as personal. If brands could do a better job determining how consumers interpret their brand or its purpose on a personal level, they would have a much better chance of interacting with consumers on Facebook. Maybe P&G, which offers many consumer products that fulfill an array of consumer needs should focus more on building a less branded ommunity on Facebook that encourages people to chat about some of their favorite or odd personal daily experiences and then find a way to promote their products that would enrich these experiences. For example, people spill stuff on their clothes all the time and often post interesting statuses about these embarrassing moments. P&G could post statuses that highlight its Tide-To-Go pen which can remove stains on the fly or give tips on how to remove really bad stains with Tide products. But again, it would have be offered more as a suggestion to help people's day to day issues rather than just random advertising to promote the brand.
Social networking sites are definitely tough marketing propositions, but they can used effectively if implemented well.
I definitely see the point the article was trying to make and think it can be very hard to penetrate social network sites that people use to make personal connections with their friends and family. When people are on these sites, they are engaging in very personal interactions and could feel that advertising is just invading this personal space. But I also think the examples of implementation these ads on Facebook was poor. People are trying to make deep personal connections when on Facebook and they do have some brands that have special meaning to them. People also have certain activities that they see as personal. If brands could do a better job determining how consumers interpret their brand or its purpose on a personal level, they would have a much better chance of interacting with consumers on Facebook. Maybe P&G, which offers many consumer products that fulfill an array of consumer needs should focus more on building a less branded ommunity on Facebook that encourages people to chat about some of their favorite or odd personal daily experiences and then find a way to promote their products that would enrich these experiences. For example, people spill stuff on their clothes all the time and often post interesting statuses about these embarrassing moments. P&G could post statuses that highlight its Tide-To-Go pen which can remove stains on the fly or give tips on how to remove really bad stains with Tide products. But again, it would have be offered more as a suggestion to help people's day to day issues rather than just random advertising to promote the brand.
Social networking sites are definitely tough marketing propositions, but they can used effectively if implemented well.
Week 6- Camtasia: Advertising in Video Games
This Camtasia presentation was an interesting overview of video games and their advertising opportunities. It definitely gave some insights into the popularity of gaming and game advertisements, which I was unaware of. I was especially impressed with the success of some of the branded games like Burger King's games based around its King brand figure and Orbitz's success with its more fun, casual games.
Overall though, I am still not as convinced about the effectiveness of gaming advertisements as I am about other digital media advertising opportunities. I am waiting on the effectiveness research, mentioned in the presentation, which is being conducted to really measure just how useful ads in games truly are. For now I guess gamers and consumers will just have to "play on" and try out these new digital media channel as they are all the rest.
Overall though, I am still not as convinced about the effectiveness of gaming advertisements as I am about other digital media advertising opportunities. I am waiting on the effectiveness research, mentioned in the presentation, which is being conducted to really measure just how useful ads in games truly are. For now I guess gamers and consumers will just have to "play on" and try out these new digital media channel as they are all the rest.
Saturday, August 29, 2009
Week 6- Always On: Chapter 3: "Mutiny in Media," pp. 79-105.
As the title of this Chapter implies, it serves a wake up call to traditional media platforms that new media platforms are here, growing in popularity and have the potential to be the favored norm in the future. Therefore, if traditional media hopes to continue to stay relevant and in-demand, it will need to position itself as a team player in this new digital revolution and not a bully who thinks they can force things to stay the same. Many great example of companies that are implementing digital media into their advertising campaigns are highlighted.
Week 6- Advertising, Promotion, and Public Relations in the Web World
Required reading
• Always On: Chapter 3: "Mutiny in Media," pp. 79-105.
• Always On: Review Chapter 4: "Metrics: Moving from Impressions to Impact," pp. 107-139
Required viewing
• Camtasia: Advertising in Video Games [Flash video with PowerPoint Part 1] [Flash video with PowerPoint Part 2]
Suggested readings, podcasts, Camtasia presentations, and videos to select from
• Secret of Googlenomics: Data-Fueled Recipe Brews Profitability(Download content.)
• Article: "Advertisers Face Hurdles on Social Networking Sites," The New York Times, December 14, 2008. (Download content.)
• Article: "Advertisers Face Hurdles on Social Networking Sites," The New York Times, December 14, 2008. (Download content.)
Week 5- In Review
Economic downturns cause everyone from major corporations to individual consumers to question their spending habits. Every activity is examined to determine if it is really a necessity or simply a want. Based on this analysis, changes are then made to only keep the activities that are true necessities or very effective, engaging wants. Initially I thought this economic downturn might cause companies to not be as willing to invest in marketing areas like digital media and instead go with the tried and true traditional forms of marketing. Some companies might even follow this mentality.
But based on the information I reviewed for Week 5, I think that this is is the perfect time for marketers to abandon their older methods and find ones that are more effective. Marketing and advertising are a necessity for every company, and with such competitive environments, making these campaigns effective is becoming even more important. Therefore, I think with new, more effective metrics, digital media will start to become a very important endeavor for all companies. Instead of having to reach millions of consumers with the hope of engaging a few, digital media allows companies to reach a few, targeted consumers with the hope of gaining the vast majority and even more as the buzz spreads. The Kimberly Clark example just proves how excited marketers are about these new digital opportunties, how far they will go to take advantage of them (i.e. creating their on digital marketing product since their wasn't one currently available.
I hope digital marketing will be one of the forces that helps companies through these tough times and allows them to come out even stronger!
But based on the information I reviewed for Week 5, I think that this is is the perfect time for marketers to abandon their older methods and find ones that are more effective. Marketing and advertising are a necessity for every company, and with such competitive environments, making these campaigns effective is becoming even more important. Therefore, I think with new, more effective metrics, digital media will start to become a very important endeavor for all companies. Instead of having to reach millions of consumers with the hope of engaging a few, digital media allows companies to reach a few, targeted consumers with the hope of gaining the vast majority and even more as the buzz spreads. The Kimberly Clark example just proves how excited marketers are about these new digital opportunties, how far they will go to take advantage of them (i.e. creating their on digital marketing product since their wasn't one currently available.
I hope digital marketing will be one of the forces that helps companies through these tough times and allows them to come out even stronger!
Week 5- Video: Kimberly Clark and Virtual Reality Simulations
This is an amazing use of digital and virtual technology to examine consumer habits. Kimberly Clark has a whole design studio dedicated to creating virtual stores that can analyze every movement a consumer makes, from glancing at objects to navigating through a store. The technology is so cool and cutting edge, I am impressed they are willing to openly discuss such a competitive advantage!
This virtual technology is an excellent example of marketers who are looking for superior metrics that help them really understand what makes someone buy their product. Previously companies relied on focus groups and consumer surveys, which left lots of room for error, since most people have a hard time explaining why they shop the way they do. Now the marketers don't have to worry about things getting "lost in translation" because the technology can capture all the internal triggers that consumer forget to mention.
With technologies like these, companies will continue to want more and more effective, accurate metrics. This example shows that the trend in more advanced marketing methods is not the future, but the present for high performing companies.
This virtual technology is an excellent example of marketers who are looking for superior metrics that help them really understand what makes someone buy their product. Previously companies relied on focus groups and consumer surveys, which left lots of room for error, since most people have a hard time explaining why they shop the way they do. Now the marketers don't have to worry about things getting "lost in translation" because the technology can capture all the internal triggers that consumer forget to mention.
With technologies like these, companies will continue to want more and more effective, accurate metrics. This example shows that the trend in more advanced marketing methods is not the future, but the present for high performing companies.
Week 5- Brief History of the Internet
Good overview of the history of the Internet and Web. Nice brush up on known facts and even learn a few new ones.
Week 5- Always On: Chapter 4: "Metrics: Moving from Impressions to Impact," pp. 107-139.
This chapter of Always On addressed the very important issues of finding better ways to determine the effectiveness of advertising and marketing across all platforms, both digital and traditional. It gave a great overview of the classic metrics used, the new emerging metrics, and the issue of meshing all these different statistics into easy to use formats that actually help marketers decide the best marketing mix for their products. It also highlighted the trend in metrics that tell not just if the consumer saw the ad, but if it actually influenced the consumer and/or caused them to purchase the product.
I think these new metrics based on consumer action, rather than consumer viewing will greatly help companies in the tough, competitive environments they find themselves in. Companies are being forced to make better financial and investing decisions in everything they do. The more information they have about the effectiveness of their actions, in actually help them drive profits and growths, the better they will become.
Another example the demonstrates the need of these more effective measures is the Pet.com Pet Sock Puppet. The Pet.com Pet Sock Puppet and other marketing campaigns become well-known, well like advertisements that impressed consumers and marketers alike (http://en.wikipedia.org/wiki/Pets.com). The Pet Sock Puppet even gained a huge fan base and was featured on many talk shows, but the company when bankrupt within 2 years of starting. Perhaps if the company had better metrics to realize that is $11.8 million advertising, was not contributing to actual sales, it would have had a better chance of success. According to the old metrics, the advertising campaign was a huge success, because it had large viewing and awareness rates. But I am sure a deeper dive using today's standards would have shown it was not leading to actual sales and consumer engagement. Hopefully with the emerging metric systems being used today, future companies will be able to avoid the fate of Pet.com and its infamous Pet Sock.
I think these new metrics based on consumer action, rather than consumer viewing will greatly help companies in the tough, competitive environments they find themselves in. Companies are being forced to make better financial and investing decisions in everything they do. The more information they have about the effectiveness of their actions, in actually help them drive profits and growths, the better they will become.
Another example the demonstrates the need of these more effective measures is the Pet.com Pet Sock Puppet. The Pet.com Pet Sock Puppet and other marketing campaigns become well-known, well like advertisements that impressed consumers and marketers alike (http://en.wikipedia.org/wiki/Pets.com). The Pet Sock Puppet even gained a huge fan base and was featured on many talk shows, but the company when bankrupt within 2 years of starting. Perhaps if the company had better metrics to realize that is $11.8 million advertising, was not contributing to actual sales, it would have had a better chance of success. According to the old metrics, the advertising campaign was a huge success, because it had large viewing and awareness rates. But I am sure a deeper dive using today's standards would have shown it was not leading to actual sales and consumer engagement. Hopefully with the emerging metric systems being used today, future companies will be able to avoid the fate of Pet.com and its infamous Pet Sock.
Interesting Discovery- Creative Commons
Recently I decided to update the look and feel of the blog to better represent the essence of the material. While doing this I stumbled across the perfect graphic to use on the blog. It was so inspiring it even help me create a better title for the blog, which really captured my main goal for the blog: to get on the digital media bandwagon that everyone else was already enjoying. But, I was worried about putting the picture on the blog without getting permission from the original creator.
After discussing my dilemma with a friend who is already a blogger a himself (The Krimson King), he informed me of the Creative Commons licensing agreement that many social media authors participate in. It is an easy to read and follow copyright that allows the author to tell others how they want their work used. Most often, authors choose to let others use their work, as long as they give the author credit. Credit is often attributed by linking directly to the author's site to display the information, or providing a reference to the author and/or their site in a similar fashion. (Please visit Creative Commons website for additional information: http://creativecommons.org/).
I was very excited to hear about Creative Commons and even more thrilled when I realized the author of my picture was also participating in Creative Commons through Flickr. Apparently many social media sites are utilizing Creative Commons to allow people to easily publish their work on their sites. The author's Creative Commons license said I could use the picture as I pleased, as long as I gave him credit. To give him his due credit, I simply linked directly to his page to incorporate the picture on my blog. If you right click on the Social Media Bandwagon photo, at the top of the blog and click "View Image," it takes you to the author's site.
With great, easy to use policies like Creative Commons that promote sharing, the Social Media arena has achieved another big win for its cause!
After discussing my dilemma with a friend who is already a blogger a himself (The Krimson King), he informed me of the Creative Commons licensing agreement that many social media authors participate in. It is an easy to read and follow copyright that allows the author to tell others how they want their work used. Most often, authors choose to let others use their work, as long as they give the author credit. Credit is often attributed by linking directly to the author's site to display the information, or providing a reference to the author and/or their site in a similar fashion. (Please visit Creative Commons website for additional information: http://creativecommons.org/).
I was very excited to hear about Creative Commons and even more thrilled when I realized the author of my picture was also participating in Creative Commons through Flickr. Apparently many social media sites are utilizing Creative Commons to allow people to easily publish their work on their sites. The author's Creative Commons license said I could use the picture as I pleased, as long as I gave him credit. To give him his due credit, I simply linked directly to his page to incorporate the picture on my blog. If you right click on the Social Media Bandwagon photo, at the top of the blog and click "View Image," it takes you to the author's site.
With great, easy to use policies like Creative Commons that promote sharing, the Social Media arena has achieved another big win for its cause!
Week 5- Web Metrics and Marketing Research
• Always On: Chapter 4: "Metrics: Moving from Impressions to Impact," pp. 107-139.
Required viewing
• Brief History of the Internet (video) (audio only)
Suggested readings, podcasts, Camtasia presentations, and videos to select from
Thursday, August 27, 2009
Week 4- In Review
All the material I reviewed this week focused on actually applying general digital marketing best practices to make successful campaigns and business models. I think most entities in the digital marketing and media space still have a long way to go to learn how to really harness the power and potential of digital channels. I am impressed at the initial attempts though, and think with time and research, companies will go from elabrorate brand awareness to actual profits and ROI.
More importantly, all these examples continue to motivate me on my own personal journey to learn more about the digital marketing arena. I am becoming so engrossed in this area I am actually contemplating keeping this blog up-to-date even after my class ends, and trying to stay current on Twitter as well. I am even interested in getting involed in some digital marketing projects within my own organization. It is so ironic that only a few weeks ago, when I started this blog, I couldn't stand the idea of having to even read tweets, let alone post. Now I wish I had more time to actually follow more resources!
I was naive enough to think the main value of social networking sites was to promote ones self interests, personal network and individual preferences. I know realize it is an opportunity to expand your knowledge on just about any popular topic in a fun and social way. If the digital media and social networking sites could do a better job of marketing this idea to other naive consumers, they could convince many other users to "join the bandwagon!"
More importantly, all these examples continue to motivate me on my own personal journey to learn more about the digital marketing arena. I am becoming so engrossed in this area I am actually contemplating keeping this blog up-to-date even after my class ends, and trying to stay current on Twitter as well. I am even interested in getting involed in some digital marketing projects within my own organization. It is so ironic that only a few weeks ago, when I started this blog, I couldn't stand the idea of having to even read tweets, let alone post. Now I wish I had more time to actually follow more resources!
I was naive enough to think the main value of social networking sites was to promote ones self interests, personal network and individual preferences. I know realize it is an opportunity to expand your knowledge on just about any popular topic in a fun and social way. If the digital media and social networking sites could do a better job of marketing this idea to other naive consumers, they could convince many other users to "join the bandwagon!"
Week 4- Always On: Chapter 6: "The Future Starts Here," pp. 177-198.
This chapter of the Always On book is very useful because it has several real life examples of consumer companies and agencies that are implementing the digital marketing strategies discussed throughout the book. The examples help the reader see how all the ideas can tie toegether to create a great marketing program. There is also a summary of all the major objectives discussed throughout the book.
Its always nice to see real life examples, like the ones in Chapter 6. The recap is also nice to help you remember in the short term and serve as a reference in the long term. But the best part of this chapter was seeing my own company used as an example of how to leverage digital marketing correctly! Its great to see examples, but even better to be the example! :)
Its always nice to see real life examples, like the ones in Chapter 6. The recap is also nice to help you remember in the short term and serve as a reference in the long term. But the best part of this chapter was seeing my own company used as an example of how to leverage digital marketing correctly! Its great to see examples, but even better to be the example! :)
Monday, August 24, 2009
Week 4- Article: "The Economics of Giving it Away," The Wall Street Journal, Jan. 31, 2009.
This article really highlights the concerns I brought up over most internet companies' current business models. The article says some internet companies, weren't even using advertising as a business model, but rather "free." Meaning they intended to give away their goods and services for free, to build brand equity and recognition, so they could be brought out by a larger company for a huge amount, and leave it to that company to actually make the business profitable. But now that the economy is in a downturn, so are the number of investors and potential buyers. So companies are having to determine ways to take there free offerings and turn them into profit.
Who would have thought that a business might have to actually make a profit at some point? (Even if they are on the internet and known by millions of people! :) )
Who would have thought that a business might have to actually make a profit at some point? (Even if they are on the internet and known by millions of people! :) )
Week 4-Video: "Gil and Frank Discuss Business Models" .
This video gives an overview of 4 business models currently being leveraged on the internet:
1. Subscription (i.e. WSJ.com)
2. Micropayments (i.e. iTunes)
3. Advertising (i.e. YouTube)
4. Revenue Sharing (i.e. MySpace Music Sells)
The overview was good, but I am concerned that most internet companies heavily rely on advertising and that only a few are highly profitable from this business model. I think most internet based companies are going to have to better leverage the other models described in the video, or are going to have to better master the Advertising business model. Simply showing relevant ads on a site is not going to be a long lasting business model. I think instead companies need to consider hybrid approaches, that involve different elements of the business models mentioned about. For example, a newspaper website could have completely free articles, but others that you need to pay for. It could also have ads were useful and appropriate. It could even have revenue sharing, where it allows viewers to see sample video clips, articles, or books from other sites and companies that encourage the user to purchase the complete version from the other site. This type of advance, hybrid model might have a better chance of surviving into the future, in my opinion.
1. Subscription (i.e. WSJ.com)
2. Micropayments (i.e. iTunes)
3. Advertising (i.e. YouTube)
4. Revenue Sharing (i.e. MySpace Music Sells)
The overview was good, but I am concerned that most internet companies heavily rely on advertising and that only a few are highly profitable from this business model. I think most internet based companies are going to have to better leverage the other models described in the video, or are going to have to better master the Advertising business model. Simply showing relevant ads on a site is not going to be a long lasting business model. I think instead companies need to consider hybrid approaches, that involve different elements of the business models mentioned about. For example, a newspaper website could have completely free articles, but others that you need to pay for. It could also have ads were useful and appropriate. It could even have revenue sharing, where it allows viewers to see sample video clips, articles, or books from other sites and companies that encourage the user to purchase the complete version from the other site. This type of advance, hybrid model might have a better chance of surviving into the future, in my opinion.
Week 3- In Review
The material I focused on during Week 3 really helped me understand the blogosphere, its influence on the mainstream media, and its role in getting out the thoughts and opinions of everyday citizens. I even think the Long Tail podcasts ties in, because blogs are essentially a bunch of smaller items, that collectively are a larger, hot item. They all focus on individual needs, opinions and behaviors the way the smaller, lower selling items do, but together their overall voice has the potential to reach the volume of the higher selling items. Therefore if companies and other groups can tap into the needs and wants of the individual bloggers, they have the power to increase their effective marketing reach and frequency, and even exceed the marketing power they gained from larger, more mainstream efforts in traditional media.
Week 3- Video: The moment when social media became the news, James Surowiecki, author of The Wisdom of Crowds
Very interesting commentary about the power of the blogosphere by James Surowiecki. James talks about the value of the entire blog community being able to act together as a collective unit to portray the thoughts and opinions of average citizens in a pretty accurate way. He gives the example of the 2005 Tsunami, where individual bloggers all trying to give their account of their personal experience with the Tsunami, collectively did an excellent job of giving a detail description of the entire Tsunami. He goes on to say that in general bloggers have this ability to collectively give very rich inside information about how most people feel about a certain topic. But he does admit that sometimes bloggers can get caught in being part of the blogging community and let ideas that aren't so common bubble up simply because everyone is talking about them, especially in the political space.
James' talk is very useful because it helps companies and anyone else looking for information and feedback from the general public, realize that blogs can be an excellent resource for this information, as long as a little caution is shown, to make sure that "group think" hasn't disrupted the quality of the feedback.
James' talk is very useful because it helps companies and anyone else looking for information and feedback from the general public, realize that blogs can be an excellent resource for this information, as long as a little caution is shown, to make sure that "group think" hasn't disrupted the quality of the feedback.
Week 3- • Chapter 3: "Making the Transition to the Social Web," in Marketing to the Social Web, pp. 31-47.
This article was interesting, but basically just discussed many of the ideas highlighted in the Always On book in greater detail, such as making your brand become a living entity rather than a static object, using social web, and listening to direct consumer input.
Sunday, August 23, 2009
Week 3- Podcast: "Gil and Frank Discuss the Long Tail"
This was a very interesting podcast giving an overview of the Long Tail theory and additional commentary from my class professors. The Long Tail theory basically says that the smaller items at the end of the selling heirarchy will start to generate more sales in the future and grow at a stronger rate than the top selling items. The professors went on to say that it will help companies to sell these items, because they will attract the additional sales generated from them and please customers by giving them larger selections and choice.
I think this is theory is very true and was constantly thinking of examples while I listened to the Podcast. The professors highlighted many media industry examples like rare CDs, books, and movies, but I thought of many other applications. I have searched the internet for many hard products to find products like a cheap card table designed to fit more than 4 people, all cloth or leather belts without metal buckles and retied figurines. Each of these items were considered to be part of the "long tail" because they were smaller selling items that most people aren't interested in. But all these items meant a lot to me and sites that had them, not only earned my business for that purchase, but intrigued me enough to want to come back in the future. Part of the success of the internet was its ability to have information on just about every possible topic, no matter how small it may seem. So it only seems logical to think consumers will also be able to find just about any product that they could want online. Personally, I think a lot of this long tail demand is being met by smaller, lesser known companies that specialize in hard to find products. Most consumers don't trust these companies as much as the larger ones they are familiar with, but they are so interested in the product, they are willing to "risk" trying out the new company. If the larger, more mainstream companies started selling more of these hard to find products, they could not only get consumers to by the smaller products, but easily sell them the larger selling products.
Overall, I think companies should take notice of the Long Tail theory and start to have larger selections, not just draw new customers, but to maintain the loyal consumer base they already have.
I think this is theory is very true and was constantly thinking of examples while I listened to the Podcast. The professors highlighted many media industry examples like rare CDs, books, and movies, but I thought of many other applications. I have searched the internet for many hard products to find products like a cheap card table designed to fit more than 4 people, all cloth or leather belts without metal buckles and retied figurines. Each of these items were considered to be part of the "long tail" because they were smaller selling items that most people aren't interested in. But all these items meant a lot to me and sites that had them, not only earned my business for that purchase, but intrigued me enough to want to come back in the future. Part of the success of the internet was its ability to have information on just about every possible topic, no matter how small it may seem. So it only seems logical to think consumers will also be able to find just about any product that they could want online. Personally, I think a lot of this long tail demand is being met by smaller, lesser known companies that specialize in hard to find products. Most consumers don't trust these companies as much as the larger ones they are familiar with, but they are so interested in the product, they are willing to "risk" trying out the new company. If the larger, more mainstream companies started selling more of these hard to find products, they could not only get consumers to by the smaller products, but easily sell them the larger selling products.
Overall, I think companies should take notice of the Long Tail theory and start to have larger selections, not just draw new customers, but to maintain the loyal consumer base they already have.
Friday, August 21, 2009
Week 3- Chapter 1: "The Origins of Social Media," in The New Influencers, pp. 1-14.
This article was a really informative, eye opening piece about blogs. I do know that blogs are a powerful way for consumers and other informed citizens to voice their opinion about all sorts of topics. I know bloggers help keep companies and the media honest, by calling them out on goofy or deceptive tactics and claims. But I was unaware of all the different types of blogs, and their reach and frequency. The article outlines several different blogs types, including dairy, topical, and opinion. I was familiar with the diary and opinion ones, and appreciated their relevance, but was unaware of the more topical blogs that are actually the most popular kind. These topical blogs act more like traditional media, by tracking down exciting stories about a specific topic. They aren't as concerned with accuracy, as much as frequency and timeliness, so they often rush to put out a non-verified story, quicker than traditional media. But often their leads are right and main stream media will even pick up their stories. The reverse is also true, because topical bloggers rely on mainstream media to supply them with fresh ideas and stories as well. Also, topical blogs don't worry about having lengthy posts. Sometimes they just feature a link with a few sentences describing the stories relevance.
Based on the information in this article, I am actually going to change my blog style. Instead of posting one long blog about all the resources I covered for the week, I am just going to post small blogs as I get through each piece of material!
Overall, I really enjoyed this article and recommend it to anyone who would like to learn more about blogs, or just be refreshed on how powerful they are!
Based on the information in this article, I am actually going to change my blog style. Instead of posting one long blog about all the resources I covered for the week, I am just going to post small blogs as I get through each piece of material!
Overall, I really enjoyed this article and recommend it to anyone who would like to learn more about blogs, or just be refreshed on how powerful they are!
Thursday, August 13, 2009
Week 4 Material- Business Models and the New Era of Competition
Topic: Business Models and the New Era of Competition
Required reading
•Always On: Chapter 6: "The Future Starts Here," pp. 177-198.
Required viewing
•Video: "Gil and Frank Discuss Business Models" [MP3 download - audio only]
Suggested readings, podcasts, Camtasia presentations, and videos to select from
•Video: "Monetizing the Net: Creating Profits from Anything but Advertising," a presentation by Wharton Professor Eric Clemons at the 2008 Supernova Conference in San Francisco.
•Article: "The Economics of Giving it Away," The Wall Street Journal, Jan. 31, 2009. (Download content.)
Required reading
•Always On: Chapter 6: "The Future Starts Here," pp. 177-198.
Required viewing
•Video: "Gil and Frank Discuss Business Models" [MP3 download - audio only]
Suggested readings, podcasts, Camtasia presentations, and videos to select from
•Video: "Monetizing the Net: Creating Profits from Anything but Advertising," a presentation by Wharton Professor Eric Clemons at the 2008 Supernova Conference in San Francisco.
•Article: "The Economics of Giving it Away," The Wall Street Journal, Jan. 31, 2009. (Download content.)
Week 3 Material- Microsegmentation and Social Media
Topic: Microsegmentation and Social Media
Required reading
• Chapter 1: "The Origins of Social Media," in The New Influencers, pp. 1-14. (Download content.)
Required listening
• Podcast: "Gil and Frank Discuss the Long Tail" [mp3 for downloading]
Suggested readings, podcasts, Camtasia presentations, and videos
• Chapter 3: "Making the Transition to the Social Web," in Marketing to the Social Web, pp. 31-47. (Download content.)
• Video: The moment when social media became the news, James Surowiecki, author of The Wisdom of Crowds (length 17 minutes)
Required reading
• Chapter 1: "The Origins of Social Media," in The New Influencers, pp. 1-14. (Download content.)
Required listening
• Podcast: "Gil and Frank Discuss the Long Tail" [mp3 for downloading]
Suggested readings, podcasts, Camtasia presentations, and videos
• Chapter 3: "Making the Transition to the Social Web," in Marketing to the Social Web, pp. 31-47. (Download content.)
• Video: The moment when social media became the news, James Surowiecki, author of The Wisdom of Crowds (length 17 minutes)
Sunday, August 2, 2009
Week 2 Reflections
This week I was able to get through all the Required Reads and Videos, and two of the Suggested Items: "Web Video: The New, New Thing" and "Privacy and Security in the Network Age." The underlying theme in all the material was that marketers actually have a chance to make a stronger connection with a smaller, more meaningful group of consumers through the new digital marketing arenas: online communities, videos, sites and etc. These arenas are much more interactive than older channels like TV, radio or newspaper. Therefore, marketers can tailor their marketing initiatives based on a specific group they are trying to reach, draw the target audience to the new channel using targeted advertising and then gather large amounts of information about the consumer, through lots of interactive content. This new form of marketing is a win-win for both marketers and consumers. The marketers are able to adapt their content to make much stronger connections with consumers, by basing their products and advertising on the trends they gather from consumers in digital channels. The consumers are able to play a more important role in the creation of their products and advertising, by giving direct and indirect feedback. This makes them feel more valued and rewarded. Unfortunately, even though marketers are beginning to greatly increase these types of interactive digital marketing campaigns, they are not yet keeping up with the rate at which consumers are leveraging these channels. They are also not doing a great job of keeping all this information private and confidential. So much information is being tracked about consumers, due to the low cost to collect the information and the high value of the information, that even laws and other protective regulations, are having a hard time developing adequate controls over this data collection. But hopefully as marketers and regulators catch up, all parties will be able to help digital marketing reach its full potential: a marketing dynamic in which consumers willing provide information and feedback, in fun and stimulating ways that help companies create products, which better meet the needs and wants of the consumer, and reach them in new, innovative ways.
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