Need More Proof of The Power New Media Continues to Wield?

http://tinyurl.com/6h9bhk

Jamesatbabyspot sent around a Tweet with this article – another great example of how the emerging popularity of new media tools (aka web2.0, social media, social networking, whatever you want to call them) continue to rise as a powerful means of keep companies more accountable.

Much thought and debate has been given to books like Tipping Point and Microtrends – regardless of whether or not you agree with the finer points of their analysis or the terms they use one thing is for certain – the ability apps like Twitter provide to instantly endorse or undercut a companies service is growing exponentially.

As I have said before – an economy can only truly be considered a FREE market economy if the buyer and the seller share perfect information. While a Free Market may never really be possible in the most absolute of terms, a world that is becoming increasingly integrated through the adoption of new communication technologies will prove to be a key missing piece.

If it hasn't happened already I can definitely see a time where companies in highly competitive markets begin hiring inside or outside help to track and manage real, unfiltered (versus self-selecting means like customer surveys) feedback as to consumer perceptions. Now that I think about it that may be a fertile new area of opportunity for many of the people I follow on Twitter who own their own consulting companies ; )

Advertisements

4 Responses to “Need More Proof of The Power New Media Continues to Wield?”

  1. James from Babyspot.com Says:

    Great Post!

  2. Adam DesAutels Says:

    Thank you for a great post!

    @AdamDesAutels

  3. John Says:

    A real-world example along those lines:

    When I went to buy a flatscreen TV recently I wanted to get the best deal that I could. After researching and settling on a model, I started researching where to get the best deal. I quickly moved from brick-and-mortar (Best Buy, Circuit City, etc.) to online stores (Amazon, etc.).

    What I realized is that internet retail is kind of like the wild west. There are all kinds of discount retailers offering things at amazing prices, but how can you trust any of them to deliver?

    Then I discovered resellerratings.com, a website that has customer reviews of sellers. Here I found that the reputations of these retailers ran the gamut from fantastic to atrocious – something I would have never learned. It was in essence a community policing of the online frontier.

    Using this tool I found a retailer that had a great reputation and purchased my TV. The experience was great and I have since bought many things from them.

    So yes, I would agree that the new media present a great opportunity for buyers to narrow the information gap with

  4. John Says:

    sellers.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s


%d bloggers like this: