Tuesday, September 23, 2008

The Future of Marketing

For the past four months, I have been preparing a dissertation to conclude my 2007 MSc in Marketing Management. The dissertation, which examines the effects of the social media on an organisation's brand equity, was completed and submitted on the 5th September, 2008. Since early 2008, I have undertaken extensive research in examination of the effects of the social media, focusing my investigations upon four main platforms; blogs, reputation aggregators, e-communities and social networks. In order to develop an appropriate understanding of each of the social media platforms named above, I have decided to create a presence in each. Having never blogged before, this is new territory for me!

Over the next few months, I will be looking for a job within an organisation that encourages and facilitates new media marketing. In my opinion, traditional media is quickly becoming obsolete. It is no longer effective to 'shout' at huge audiences through televisual or print advertisements. As the cost of such advertising channels increases, the reach thereof is simultaneously decreasing. New technologies allow consumers to skip advertisements in their entirety, further reducing the effectiveness of such channels. This model is unviable for long term success. New media, such as blogs, reputation aggregators, e-communities and social networks represent new business thinking.
For several years, the social media has eroded information asymmetries. As the consumer's ability to create information increases, power shifts away from the organisation. Connected consumers are in effect empowering one another. The content created as a corollary has the power to influence social action. By participating in these conversations candidly and transparently, the organisation can gain unprecedented access to the thoughts and opinions of the end user. Clearly, recognition of the social media as a viable marketing channel is imperative. Organisations that neglect these channels risk jeopardising a valuable resource that has the potential to enhance product offerings by giving the customer exactly what they want. I see this as the future of marketing.

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