When we sit and consider the changing face of business marketing since the introduction of Web 2.0 applications, such as YouTube, blogging and social networking, and just how quickly the Internet has evolved into a complex and intricate part of everyday business, we are often left in a cloud of cyber dust, trying to fathom exactly what these tools are and how to use them to better our business.
In fact, if you are not hip-and-happening and understand the latest in technology, the chances are that you are going to be covered by that settling dust and you may never have the opportunity to dig your way out to compete in that ever-growing global economy.
Therefore, in order to help you dust-off and find your footing in what many are referring to as the ‘Attention Economy,’ I am going to explain exactly how we came to this point in business and how we need to adapt, change, and learn to embrace Web 2.0 applications in the future, so that we can enjoy a healthy business growth and increase our market capacity.
Technology growth, business marketing, and Web 2.0 go hand-in-hand and generate the ‘Attention Economy.’
With the upsurge of technology came the development of the humble personal computer and an increase in entertainment options, such as online gaming, movie and song downloads, and online radio stations—all of which saw a decline in mass marketing.
This, in turn, saw businesses opt for direct marketing as a means of generating additional revenue and increasing customer acquisition rates as their reach went from a local or national marketplace to a global, which effectively operated around the clock—7 days a week, 52 days of the year.
Search engines began to grow and became a popular way for those seeking information to obtain it and find exactly what they needed. This then allowed business—large and small—to compete with each other and provide their goods and services on a worldwide front.
The growth of competition saw more niche markets created along with the number of communication channels, and, as the Internet’s content and capacity grew, some individuals and business owners were left behind in the ever-consuming trail of cyber dust.
This then created a need for experts as the business owner had no understanding of new Internet tools and how best to use these to advance their business. Furthermore, the business owner sought information on how to increase their profitability and generate a far greater income in order to acquire the lifestyle they desired.
The need for information then snowballed and the number of information products on the market grew significantly with the information business becoming extremely competitive. Information overload was eminent as the snowball began to melt with irrelevant information from phony information gurus who delivered little or no constructive value to the business owner who craved knowledge.
The proliferation of information, entrepreneur confusion, and a need in business to be successful by acquiring information from competent advisors then created what many refer to as the ‘Attention Economy’ factor, which sees business marketing rules for growth, effectiveness, and personal performance changing.
Web 2.0 has effectively altered the face of business marketing by the introduction of the lack of ‘Attention Age.’
A lack of human attention has been generated due to the ever-increasing surge of new technology, and those businesses that understand the magnitude of Web 2.0’s impact on society and culture will profit handsomely, providing that these businesses learn to focus.
The main areas you need to focus on in order to minimise the cyber dust created are as follows:
1) Know Your Business – Always seek out advice when you need it, so that you and your business can grow by finding effective solutions to your problems as they appear. As business owners and individuals, we believe that we know ourselves very well and this can sometimes be our biggest mistake. It is impossible for you to master everything on a business and personal front. Therefore, it is important to realise when you need help and ask for it before the cyber dust covers you.
2) Embrace Information – Engage in activities that stimulate and enhance your knowledge, and when you find interesting information, always keep it just in case you need it later on. Use information to your advantage by being concise about the information that you draw upon, so that you do not spend hours on research.
3) Become Technology Savvy – There is a plethora of gadgets and tools currently on the market that enable businesses to grow and effectively manage time. However, it is easy to become too engrossed in new technological developments. Therefore, it is important to know what products you need to advance your business and utilise this technology so as to harness its power. Do not allow the plethora of gadgets and tools to become a distraction that erodes your business performance.
About the author
Murray Priestley is a business growth advisor, author, speaker, consultant, and the Managing Partner of Portofino Asset Management. Visit his blog and signup free to get tested business building strategies and profit-boosting tips by email, along with blog updates, news, and more! Go now to http://www.murraypriestley.com. For a no-obligation Hidden Profits Assessment of your business go now to http://www.systemised.com/assessment.
“Murray Priestley has 25 years of commercial and asset management experience having served in board, CEO and senior executive positions with a number of global public and private companies.”