CCT300_Lab_5

Marketing in the new media is superior to the one conducted trough traditional media channels.New media marketing is both more efficient and more effective due to: cost reduction, ability to reach niche audiences, crowd sourcing ("the crowd" is actively participating in giving constant feedback on what works and what does not work, so companies are able to cater to their audience`s needs real time), ability to measure effectiveness and adjust and etc.

The cost reduction that marketing over new media channels brings forward is enormous. Companies used to outsource the work to an agency who would generally rent air space, build infrastructure and conceptualize a marketing idea all for a fee-all very costly processes due to physical and labor costs. Today, using Twitter, Facebook, blogs and wikis for marketing of brands is nothing but the standard for many companies, not only SME (Small and Medium Enterprises) but also major corporate names. Namely, companies created a trend of using internally trained staff (note the change from hiring an outside agency) to maintain online media presence and brand management. This trend has given birth to a new profession known as "social media animator".

Niche audiences is essentially about grouping people around their common interests. In the online world this is done automatically, fast and efficient whereas in the traditional world it is not so fast and not certainly so efficient.This idea of micro communities is inherent to the Internet because people are willing to "share" and "like" things. After this is done, it is simple and easy for companies to rely on technology for showing the right product, to the right people, at the right time at minimum cost.The "long tail" also a concept developed by Chris Anderson ties into the idea of niches. The concept unpacks the idea of using the Internet and Internet related technologies to reach people interested in purchasing our products which are many and not in great demand and are sold in very low quantities (Osterwalder, Pigneur, 66).

"Crowd sourcing" is the power of bringing people together around a product/service and provide companies with feedback by making them comment on what they like and do not like about their product/service. This gets companies to improve constantly and try to keep the attention (the single one most difficult thing in this era, I find is to obtain and keep attention ).This ties into marketing, I think by giving companies many different ways to improve themselves, often in ways unforeseen on their end but thanks to "crowd sourcing" are able to bring the many ways they went above and beyond in elating their consumers in their marketing.

Companies can use many tools to analyze the data that is out there and see patterns to which they can respond accordingly.Google Analytics is one of the tools with such intent that can aggregate information that goes search engines, blogs, social media into meaningful, interpreted results that can answer the question-how are we doing. As a result to this, conducting marketing over online channels enables companies shape strategies and set new goals in SMART ways.

Rererences:

Osterwalder, Pigneur 2010 Business Model Generation. New Jersey.Print.