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Conversation Economy


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Presentation on the conversation economy and how it has progressed from web 1.0 to web 2.0. Good for an introductory course lecture

Presentation on the conversation economy and how it has progressed from web 1.0 to web 2.0. Good for an introductory course lecture

Published in: Business

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  • What do you think they mean by “the conversation economy” ?
  • Anyone familiar with Trip advisor?
  • Think of each social group as a series of stars and by connecting within the social groups you form constellations
  • Need to spend some time delving in and understanding this.
  • Dove ad campaign would be a good example at this point
  • Since it is consumer based how do you think the corporate world views it and how will the conservative establishment deal with it.
  • Web 2.0 applies to you- given huge number of on-line users, no industry will be exempt from the tidal wave of consumer behaviorBridge the generation gap- these concepts are the new native tongue to the younger workers in an organization. Use them to help steer the courseDo your homework-examine what has been done in your industry and related industries and learn form it.Borrow what you can’t build-buy, borrow or partner to develop the needed IT infrastructureDon’t mistake Web 2.0 technology for on-line advertising- the rules for branding and advertising are different using social media, honor them!Give up control- don’t be afraid of consumer comments; embrace the feedback and use the tools to respond and open a dialogueMake a straight forward business case- you can prove the ROI on these initiatives, so figure it out and you will get the fundingLook in your own backyard- you may be able to tap IT and process-related skills in workers in the organization to support a web2.0 planAvoid the hype- don’t undertake these initiatives just because your competitors are doing it. Think hard about your objectives and strategiesGet your toe in the water- just do it or you will be left behind; evaluate regularly to be sure you are hitting the mark.
  • Transcript

    • 1. E-Marketing
      The Conversation Economy
      Kevin G. O’Donnell
    • 2. The Facts
      Two thirds of on-line customers are using social media
      They like to meet, interact and have dialogue while they shop
      Consumer reviews have captured the attention of Travel Marketers
      Engaging Customers
      Engage customers and prospects in conversations to understand their needs, to develop relationships and to interact with them:
      Before a purchase
      During the purchase
      And after the purchase
    • 3. Conversation Economy
      Behavior applies to Travel & Other industries
      Every Industry is feeling the impact
      Consumers want to continue their offline relationships in the virtual world
      This allows and opportunity for Travel Marketers
    • 4. The Rise of Consumer Constellations
      Mirroring the offline world
      Consumers belong to multiple social groups
      Family & Friends
      Business Net work
      Community service group
      College Alumni group
      Colleagues from last employment
      Travel network
      Favorite activity
    • 5. No Longer allowing the organizations to pay lip service to a “Focus on the customer” the consumer has assumed the driver’s seat in brand identity, and marketers who do not acknowledge this will do so at their peril
      It’s really about the guest taking more control over the business and the marketing message.
    • 6. Context & Discussion about web 2.0
    • 7. It’s all about Community
    • 8. Define Web 2.0
      Web 2.0 is a platform
      New form of democracy
      Facilitates interactive conversations on the web
      User centered
      With Web based communities
    • 9. Constellation
    • 10. New Purchase Funnel
      Gone are the days when the travel marketer focuses primarily on two points
      1. Awareness campaigns to promote brand name recognition.
      2. Tactical campaigns to capture attention at the time of booking with promotion of 800 numbers or URL’s
      New evolved Paradigm, reflects consumer online behavior, identifies multiple points of contact and new online technologies.
      1. Allows the company to interact with consumer all along the way.
      2. Does not end when booking is made
      3. Continues during
      4. And Post travel
      5. Which feeds the next purchase
      6. Influences others in their decision making.
    • 11. Travel Planning Funnel
    • 12. Traditional Marketing Mix
    • 13. Overlaying the 5 C’s onto the 5 P’s of Marketing
      Five P’s
      Resulting in
      Five C’s Consumer 2.0 Marketing mix
      Content and context
      Conversation and context
      Collaboration due to transparency
      Creativity and collaboration
      Resulting in
      Cooperation and shared control
    • 14. The Bottom Line for Travel Marketers
      What should the goal be for Travel Marketers?
      Short-term bookings?
      Artful Management of social media and social networks result in Powerful Brand Building and reinforcement.
      How is this accomplished?
      Through conversation versus conversion
      We call this “CRM” or customer relationship management
    • 15. Marketing Objectives and Strategies using social media and social networks
      Customer Engagement and Building Brand Equity
      Brand Awareness and Influence Management
      Guerrilla and Niche Marketing
      Product/Service development
      Product/Service Launch
    • 16. Travel Industry position on Social Media and Networks
      Interaction with consumers is a natural fit
      Tremendous opportunities to test the waters
      Apprehension over the consumer review
      However, this can be a potent tool marketers can leverage
    • 17. Social Media Toolkit
      All combined forming “Mashups”
    • 18. Tools for Social Media
    • 19. Summary of Issues for Travel Marketers
      1. Social Media is growing
      2. Harness the concept to successfully engage customers in the future
      3. Hospitality Industry is ideal for interaction with customers
      4. Volume of user generated information will be great…learn how to manage it
      5. Relationships need to be Interactional not Transactional
      6. Internet can be leveraged for many niche groups
      7. Social Media complements Traditional search engine marketing
      8. Corporate travel, groups and meetings all use social networks
      9. Widgets are here…learn to use them
    • 20. The Concept of Proliferation
      Web is a participatory Platform
      Versus collection of static pages
      Therefore it is a more authentic form of communication
      Forming a new “world order” dominated by the consumer
    • 21. CEO’s View of Web 2.0
      Since this is user centric how will CEO’s view it?
      80 percent believe Web 2.0 will provide an opportunity to increase their company’s revenue
      Through improved customer service, enhanced collaboration with partners and sales agents and faster product development
    • 22. Ten Tips for Success in Web 2.0
      Web 2.0 is about “You”
      Bridges the Generation Gap
      Do your Homework
      Borrow what you can’t build
      Don’t mistake Web 2.0 technology for online advertising
      Give up Control
      Make a straight forward business case
      Look in your backyard
      Avoid the hype
      Get your toe in the water.