However, I'm glad I did, if only because I can now throw the terms 'blogosphere' and 'consumer-generated media
' into conversation and look like I know what I'm talking about.
Attila Kelemen, a longtime brand strategist who has worked at Landor and iCrossing, says this type of scenario planning reminds marketers that they must plan for a future in which "customers are truly liberated," alluding to the way consumer-generated media
is storming the gates of traditional media.
Web search leader Google has agreed to acquire top video entertainment site YouTube for $1.65 billion (pounds 877.6 million) in stock, the highest price yet paid for a consumer-generated media
The recent proliferation of blogs and other "consumer-generated media
" (CGM) has had a major impact on our culture--affecting the way we get our news, entertain ourselves, and especially the way we do business.
Consumers are 50% more likely to be influenced by word-of-mouth recommendations from their peers than by radio or TV advertisements, according to the 2005 Consumer-Generated Media
(CGM) and Engagement Study conducted by Intelliseek.
A growing number of marketers are using new technology to analyze blogs and other "consumer-generated media
"--a category that includes chat groups, message boards, and electronic forums--to hear what is being says online about new products, old ad campaigns, and aging brands, reports the article.
is a critical component of the future of marketing communications, and should be analyzed in conjunction with other traditional sources of market research in order to correctly interpret the potential impact on your brands, products, reputation and other corporate assets.
Intelliseek's BrandPulse Internet solution, used by more than 60 corporate clients and brands and receiving growing attention from industry analysts, finds and analyzes consumer-to-consumer discussion, or consumer-generated media
(CGM), in publicly available online consumer message boards, discussion forums, and direct company feedback.
The initiatives feature what the retailer describes as "comprehensive retail social amplification programs," which have played a key role in procuring consumer-generated media
, including expansion of the chain's Twitter community from 1,500 followers to more than 390,000 in seven months.
According to Brian Schlessinger, vice president of Financial Services at Nielsen Online, consumer-generated media
resulting from SMM encompasses message board discussions, blog entries, Internet forum comments, consumer ratings and reviews, and emerging platforms such as Twitter, Facebook and others.
"Costco really is well-positioned to excel in the blogosphere in today"s economic climate, as our results suggest it can compete on price at a time when cost is foremost in consumers" minds, without having to worry that people are going to think they are buying lesser-quality goods."Citing Wal-Mart"s poor performance, Scully said that it may be common for retailers and other companies to see a divergence between how they are covered by consumer-generated media
and by mainstream media.