Social Media that comprises in itself social advertising, blogs, video sharing, virtual reality social networking, social shopping game sharing livecasting, and not only, is the democratization of information. Social Media users are also called “wisdom of crowd” and serve to connect information in a collaborative manner.
During the last year the rise in social media was vivid. And the new year also promises changes and these changes definitely effect the increased utilization of social media that will have its impact on business.
Strategy Director across the beyond analysis group and responsibile for developing key client and data propositions Beyond Analysis, Will Beresford identifies 10 trends in social media and business for 2008. These are:
1. Traditional models for consumers to research a product or service will begin to be fundamentally changed by Social Media
2. The growth in data and content created by the social media will also bring change to the traditional search models
3. Likewise traditional models for businesses to research their consumers will fundamentally change
4. Customer feedback and the social network will overtake price, and in some cases brand as a major factor in online purchase decisions
5. The data generated from Web 2.0 will be increasingly important to all organisations, not just to web based businesses
6. The interest in large social networking sites as the next best thing in advertising will fall away as quickly as it has arrived
7. Many agent-based, or middle- man, businesses will find it increasingly hard to justify their existence
8. Official news will be increasingly contextualised by consumer opinion and it will become harder to discern the difference between real news and opinion
9. Further lapses in data security within the public service will see to it that the ID Card scheme will die a death this year
10. At least one major multinational will suffer a hugely damaging exposure for lapses in customer data and personal security.
According to the social media it is expected that all the various social media sites will have more than 230 million members for the next year. That number is predicted to grow until 2009, with a leveling off on the number of new members expected by 2012. The combined revenue from these sites, which in 2007 reached almost $970 million, is estimated to balloon to a whopping $2.4 billion by 2012.
Social Media
Blogvasion Team
6:23 AM
information technology
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internet
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mass media
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social network
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video games
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