Marketing 3.0

Excerpts from the Wall Street Journal, 11/29/08, Marketing in the World of the Web, on how retailers need to move their marketing online:

We have been studying the challenge and have concluded that very few of the traditional techniques of classical marketing (call them Marketing 1.0), or even of eCommerce (Marketing 2.0) will work in the world of social networks. A very different set of tools, concepts and practices is needed. Call it Marketing 3.0. Here are five:

– From loyalty to attention. Before you can win consumer loyalty, you have to capture and reward consumer attention. Old propositions — network television's tired offer of 22 minutes of canned sitcoms in exchange for eight minutes of untargeted commercials — won't cut it. Consumers are demanding a better deal…

– From crowds to clouds. Once you get that attention — once you generate heavy traffic to your site, gather a large league of "friends" on MySpace, or spawn a dedicated following on Twitter — how do you monetize the crowd?…

– From places to spaces. Consumers are increasingly organizing themselves into new communities — not just the big generic social communities, but myriad idiosyncratic slices of narrow, passionate interest (i.e., BlackPlanet, Inpowr and MomsCafe)…

– From memes to bemes. In the Age of Broadcast, good advertising could occasionally manufacture memes of tremendous social impact. Think of "Where's the Beef?" or "I can't believe I ate the whole thing." If you can't recall an irresistible or effective turn of phrase of late, it's because it is exceedingly difficult to spread a meme in today's fragmented media environment. Marketing 3.0 is now the science of devising and managing directed business memes: call them bemes. Bemes are sent by members of social communities to each other and typically contain a reward or exclusive offer, which, when redeemed, also results in a reward coupon for the sender. This encourages members of social communities to propagate a "viral" ad. One well-documented beme was "The Subservient Chicken" from Burger King…

– From silos to simultaneity. Too many retailers today persist in believing that online shopping is merely a virtual extension of real world shopping. That is a big mistake…

All of this suggests that Marketing 3.0 is not only different from its predecessors, but actively undermines them. If your marketing program fails to adapt to this new world, it won't just become irrelevant — it will actually work against you.

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