Marketing in a Web 2.0 World, Part 2

CGT: What is the state of the industry in regards to Web 2.0?
Eastman: Web 2.0 has significant impact on marketing in both the B2B and B2C world. Web 1.0 enabled brands to access new markets and make information readily available for consideration or purchase. However, communication for the most part was one way: brand to consumer. 

Web 2.0 enables a new level of interaction between the brand and consumers. As consumers continue to interact online through a variety of channels, brands have the opportunity to participate in the conversation. This allows them to move from one way conversations to a dialog. This also allows a deeper understanding of market needs, customer experience and brand perceptions, replacing traditional market research and periodic focus groups with a continuous dialog with thousands or millions of consumers on topics from product design to service experience. 

CGT: What are the top challenges of marketing in a Web 2.0 world?
Eastman: The challenge of the Web 2.0 world is volume. eMarketer estimates that there will be 81.4 million consumer-generated media (CGM) content consumers and 75.6 million CGM content creators in 2008. How does a brand keep up with this volume? At the same time customer expectations continue to rise. They expect goods and services to be immediately available and to interact with a company in increasingly diverse ways. Meeting these expectations at every touch point is critical to managing the impact of word of mouth (both positive and negative) available through CGM channels.

CGT: What are the new advantages to marketing in a Web 2.0 world?
Eastman: The advantages are instant access to millions of people. The connectivity of the Internet and consumer's willingness to interact online creates an opportunity for brands to immediately access thousands or millions of customers and prospects. Consumers have proven a willingness to share their opinions, create an environment that allows you to listen to those opinions and act on them in a way that outperforms your competition. Enable an online dialog where consumers provide help to innovate products and optimize the customer experience in a way that drives positive word of mouth and growth.

CGT: Please share one best practice or critical element for success in leveraging alternative marketing.
Eastman: The best practice in the Web 2.0 world can be summed up in the word, "dialog." Get out of broadcast mode. Create a culture of listening to the customer and taking action on their feedback in ways that improve brand affinity and optimize word of mouth. Create an environment that encourages dialog with the brand and allows your customers to have a voice. You will find that the engagement of co-creating products will not only yield new products your organization has not thought of, but will also create a positive buzz as these consumers now have a stake in the game. Also, remember, not all word of mouth is good. Optimize your customer experience, listen and respond in ways that reduces negative word of mouth and demonstrates listening. This is the key to growth in the Web 2.0 world.