Social Media / Networked Markets 1. The nature of networked markets 2. What is social media? 3. What matters? 4. How to behave 5. The goal for your business 6. How to innovate for the future 7. Fundamental mistakes of media, advertising & marketing Shahjahan Chaudhary
The nature of networked markets Instant. Viral. Exponential.
What is Social Media? Publish : Infinite vs Few. Comment : Feedback vs Monologue Share : Viral vs Limited Distribution Everyone talks to everyone.
What matters? Everyone Matters : Respect People. Relationships Matter : Engage People Values Matter : Be Authentic / Unfake
How to behave “ Honesty” is Profitable Impossible to Hide “ Listen” vs Talk “ Engage in Conversation” vs Communicate “ Create Authentic Value” vs Exploit Your Position “ Innovate” vs Perpetuate “ Love your customers” vs Negotiate the best deal
The new goal for your business: Deliver enormous value at close to zero cost People vs Profit Collaboration vs Competition New Markets vs Market Share Creativity vs Mediocrity Community vs Marketing
Create an online experience: Innovate for the future Utility Virality Fun
What is the fundamental mistake of media? Content is King. (Wrong!)
What is the fundamental mistake of advertising? Repetition Works. (Wrong!)
What is the fundamental mistake of marketing? Communication Wins Customers. (Wrong!)