Consumer Insight: Culture of 2.0

Web 2.0 & its phenomenal growth has given birth to a new a culture of 2.0. Being in the business of consumer insights for last so many years I was wondering how it will impact the consumers following is my the summary of my analysis:-

Web 2.0: is commonly associated with web development and web design that facilitates interactive information sharing, interoperability, user-centered design and collaboration on the World Wide Web

Marketing research 2.0: Though till now marketing research has maintained a command and control approach. But now with the exponential growth of web and consumer generated content, marketing research providers are actively seeking ways to harness this power into meaningful insights.

Government 2.0: is neologism for attempts to apply the social networking and integration advantages of Web 2.0 to the practice of government.

PR 2.0: Where companies are trying to use the power of people in their own favor and this can vary from social media conversation to user generated content.

And so on, the trend of 2.0 is gaining momentum everywhere. . I heard health 2.0, Business intelligence 2.0, in fact here is a whole list of 2.0s  and it varies from intellectual to bizarre concepts

What does this means?

Share of word: Marketers’ usually vie for share of mind & share of heart. Brand health tracking studies gauge that and highlight useful consumer insights to increase this. But with such an exponential social media growth share of advocacy is the next new trend for marketers.

Desensitized Generation 2.0:  When TV first arrived it grabbed people’s attention to the point that TV ad-spend overtook other media. And now internet is going to overtake Television. This is a cyclical, where one trend has to be replaced by another. TV penetration resulted into audience who started to hate interruption and hence marketing industry moved towards engagement. Very soon and sooner than our anticipation the new talkative consumer will be bored with this ‘pump up the volume trend’.  They already have an Attention deficit disorder and  born in the age of Nintendo video games, internet and face book. They lose their interest in trends faster than ever before.

Participation, co-creation and innovation: The energy and the charge that consumers’ are sharing with companies needs to be channelized.

  • Governments should be ready to utilize the power of people for the benefit of people not for the benefits of politics. Because consumers are now seeking truth more actively than before and with the new voice they are unveiling it faster than before
  • Brands & innovation: seek participation at all levels of innovation cycle not only at concept testing. As I Said, channelize the power of people before anyone else.

The hunger for recognition:  We all always seek recognition. But now with more active consumers’ around the globe that hunger. I was discussing this trend with my colleague and he mentioned a good point that these in turn will now produce more and more badges e.g. top blogger, many such lists will be generated in future. Because recognition has to be tangible and intangible, and all entities that are designed to capitalize consumers should learn how to utilize this for their benefit.

Additional resources:

 Blog SEO-PR on PR 2.0

James Warren blog on PR 2.0

Social media research by Nielsen

Face book demographics report

Read write web – top trends for 2009  

 News:  Growth of  Face book & Twitter

Sidewiki on google: the new noise right on your site

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