New marketing paradigms would need to be developed for the emerging electronic age. The practice of marketing would be revolutionized by the rapid growth of the Internet and the World Wide Web. New generation Web-based communities and hosted applications, such as social-networking and social-content websites, blogs, wikis, podcasts, and vodcasts, These new applications (variously called Web 2.0 or the Social Web) represent a fundamental change in the way people use the Internet, their online expectations, and experiences.
Growth of e-sites
With the rapid growth of social networking sites, and Social Media in general, the concept of e-word-of-mouth (eWOM) effects is attracting increased attention in the e-marketing literature. In a social-media era, the brand becomes the customer experience of the brand, with both positive and negative brand experiences being widely exchanged on a variety of social media channels. The Internet can help to break down many of the barriers to internationalization most commonly experienced by SMEs.
Tools
Web 2.0 provides new tools that enable firms to internationalize more rapidly and engage more effectively with customers in a wider range of more complex business activities. The Internet itself is a key driver of business development and speedy internationalization. Web 2.0-enabled firms are increasingly likely to collaborate with international partners in co-creation and opportunity exploitation. The number of firms involved in these activities, and their potential economic impact, will increase dramatically in the next decade.
Reading reviews
It is said that the identification of reading motives associated with online reading behaviors offers great scope for a segmented approach to understanding and responding to consumers who seek online opinions. Rather than fearing e-WOM and customer-to-customer interaction, managers should embrace and facilitate these opportunities. Marketers should target customers with particular reading motivations to influence and encourage them positively to read about their products.
New approach
The potential implications of community brand creation are profound and could transform business and communication practices and indeed society itself. The authors conclude that with the wide diffusion of networking technologies, collective consumer creation and production is taking on new forms that are transforming the nature of consumption and work and, with it, marketing.
Consumer managed-profiling
The need for identifying individual consumers in buyer–seller interactions through the use of personal data and the consumers’ desire to protect this personal data. It is proposed that a profiling system is managed by individual consumers to allow role-specific privacy. Rather than organizations being the sole managers of data about individuals, it is argued that consumers should manage and distribute their data.
The main observation expressed is the need for marketers and PR professionals to change their business practices from creating compelling communication and oneway dialogue to having bi-directional conversations with consumers, and becoming listeners and active participants in the word-of-mouth brand dialogues. The rapid commercial evolution of the WWW has resulted in an environment where consumers engage directly with businesses in a variety of ways and levels of interactivity.
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