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Traditional Marketing Gets Some Fierce Competition
By Mike Murray | November 1, 2007
Social media - digital word-of-mouth buzz populating the Internet - will begin to clobber traditional marketing more and more.
Even senior PR and marketing communications professionals seem a bit wise about what the future holds for social media, increasingly tied to a trend called conversational marketing.
A new study conducted by TWI Surveys, Inc. on behalf of the Society for New Communications Research and Joseph Jaffe found that 57% believe they will spend more on conversational marketing by 2012 than traditional marketing.
The PR and marketing professionals would love to budget more for conversational marketing now, but they’re hampered by limited resources, a “fear of loss of control,” inadequate metrics, internal “sell-through” difficulties and other factors, according to the
“Sell-through” sounds like money to me. Eventually companies will see where their target customers spend their time. The ones who recognize trends within their industry will gain the edge and grab the profits. Businesses should at least be watching what’s happening in their own space and see how they can succeed.
The Internet is not so much a New Frontier. It’s a Perpetually Evolving Frontier. Buckle up - it’s going to be confusing, costly at times and fun. Enjoy the ride.
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November 12th, 2007 at 1:50 pm
Mike: Following this trend into the future, it will be interesting to see how many companies that previously have strictly adhered to traditional “safe” modes of marketing where the message is only delivered top-down will eventually embrace the “marketing conversation” so easily enabled by Web 2.0 technologies.