Wednesday September 9, 2009

Topic: Marketing Management

Reference: Hoffman, Donna L. “Managing beyond Web 2.0: Companies should prepare now for the day when Web 2.0 morphs into web 3.0”. McKinsey Quarterly, Http:www.mckinseyquarterly.com/article. August 2009.

A new fiscal year starts next month and I generally find that this is a good time to check the horizon for new strategic direction.  Information and strategic discussion related to utilizing social marketing and Web 2.0 strategies is very prevalent right now.  I recently attended a Potomac Forum Conference which analyzed and discussed the use of Web 2.0 strategies by federal government agencies. Even the DoD, IRS, and others are starting to apply Web 2.0 techniques to consumer requests for information and information sharing. By the time the federal government adopts a Web strategy it usually means that the next new thing is already on the horizon. In this particular case it means that Web 3.0 strategies will soon be used by cutting edge organizations.  The smart money says that organizations that have not already adopted and incorporated 2.0 strategies are hopelessly behind and that the ones that have adopted Web 2.0 strategies need to start preparing for Web 3.0 applications. While it is not clear what Web 3.0 will include, it is certain to move beyond social media applications. The referenced article agrees and indicates some of the things that companies need to do to prepare for the future.  The commentator advocates adopting a LEAD strategy which is short for:  listen to customers and what they are saying about you; experiment with social media tools and metrics; apply your learning to your organization; and develop integrated marketing programs that use the Web as more than just another advertising channel to construct a roadmap to thrive in the online world.  The framework sound s much like a six sigma framework and of the elements noted, I am most interested in the experiment and the develop phases.  “While return-on-investment metrics for social media are still in the early stages, these experiments clearly pay off big time in greater customer awareness and brand engagement.”   I completely agree with this insight and advocate using pilot programs as soon as possible to ascertain the brand impact.  Integrated campaigns and interactive Web 2.0 strategies are no longer about the future but rather they are about the here and now.  “Companies must therefore rapidly flee from the mass media broadcast mentality: for example, rather than simply buying ads on MySpace, they should make interactive Web 2.0 elements part of their marketing programs. The trend line is shifting and it is critical to be in front of the curve. Let me know your thoughts on how you are preparing for Web 3.0 applications.

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