(Last of two parts)
Self-publishing is what Web 2.0 is essentially all about. Since the introduction of self-publishing tools, the Internet no longer became the domain of companies who want to be noticed online but for people as well. Blogging and forum posting became the venue not only for self-expression but for recognition and social interaction and networking. Because people can generate their own content easily (with their digital camera, mobile phones, iPods, computers and etc) at a rate never imagined before, self-publishing has evolved to cover publishing tools such as "podcasting" and video/photo embedding and other media in one social networking platform such as Friendster, Myspace and Facebook. There is also Twitter touted to be the most popular "microblogging tool."
But I think the most exciting thing that has happened so far since the dawn of Web 2.0 is Facebook. This social networking utility is now as ubiquitous as email and has been an everyday chore for most people.
The average guy who is hooked to the Internet spends at least more than thirty minutes alone "facebooking" or collectively, people spend around 700 billion minutes per month on Facebook. It is said that -- when it took radio like 37 years to reach 50 million people, 13 years for television, 4 years for the Internet, Facebook did it in less than a year. If Facebook were a country, it would be third world's largest next to India. As it is now, Facebook has already reached half-a-billion users worldwide and is "changing the way businesses produce, market, and sell, eliminating inefficient marketing and middlemen, and making products easier and cheaper for consumers to obtain." says Erik Qualman, author of Socialnomics
But what do these numbers mean from the point of business? Put it simply Web 2.0 represents a paradigm shift in how people use the internet to interact and communicate with each another. This brings new opportunities for businesses as it opens new ways and venues of reaching out to its markets.
The frenzy may be one of the most important opportunities for small businesses to explore. The importance and the reach of these social media platforms cannot be underestimated. To ignore it is to ignore a gigantic potential audience and to bypass a huge and active community while trying to build a community of your own. Ignoring Web 2.0 is simply not in your small business's best interest. But understanding how this huge community works and can work for you is a challenge as well.
Many organizations have also seen the benefits of employing Web 2.0 and many of them have even been lucky enough to have their products championed by others without their direct participation. For example, five years ago Steve Spangler appeared on TV which he dropped a Mentos candy into Diet Coke which gave us the popular "cola geyser". A video was then posted on YouTube which stirred more than 12,000 similar experiments. Pete Healy, Mentos U.S. VP of Marketing, estimated the value of the buzz generated by the effort to be "over $10 million."
At the very least, companies promote themselves to where people converge. But more than just exposure, social media allows companies to reach out to their customers in their comfort zones. A blog, for example, that talks about technology would be ideal for tech vendors to introduce a new blend or reinforce an old brand. Social media makes it easy for companies to be in a market where they are most likely to be heard or even talked about - it is the best avenue to spur viral marketing.
"People referring products and services via social media tools are the new king. It is the world's largest referral program in history." adds Qualman.
It's no wonder why Fortune 100 Companies are now embarking on social media as part of their overall marketing strategy. If you aren't using social media in your business strategy, you are already behind your competition.
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