Wednesday, July 14, 2010

Power of New Media

It’s been a while now that there is a buzz around the concept of “New Media” & how it has revolutionized the business world. For starters which I doubt exist in the present time & age, new media is defined as “catch-all term for all forms of electronic communication that have appeared or will appear since the original mainly text-and-static picture forms of online communication” (for those interested in details or re-reading the details they already know on their tips http://en.wikipedia.org/wiki/New_media) ,to put it in absolute simple words our time spent on facebook, myspace, linkedin,twitter & blogs etc is all part of the new media hype.



When we say revolutionized; it’s not just at the business end, the customer end has been equally affected. From every perspective the thinking patterns have changed dramatically, from the business to customer relationships to the way people view their privacy in general. The facebook issue that made headlines lately can be used as a perfect example here. The facebook people took for granted their popularity & used a loose hand on people’s privacy which turned out to be not a great move. Though people have shown a trend towards beings less finicky about their online privacy settings but that too has a limit resulting in a sort of outcry when facebook took a self assured leisure.

A branch of new media which is at the top is Word of Mouth (WOM). Everyone uses it, be it a business with lots of money at its disposal; those who can barely touch break even, start-up etc.  this concept is not new in any way, just the way it is applied, has been modernized just as everything else that we do or have around us.

Those of you familiar with the old life styles in general & of the sub-continent in particular, WOM played quite an important role from the day to day gossip, to exchange of important news to praise or defaming of the quality of the traders who used to sell their stuff (which ranged from vegetables to the most expensive silks) by going door to door. s

Now our social networking sites & blogs play a similar role & that to on a much bigger scale; on a global level as now there are no boundaries as far as businesses are concerned (our politicians blabber is an all together a different story & ironically there are business motives of an industry behind it too). We see the concept of “Corporatocracy” given by John Perkins in his book “Confessions of an Economic Hit Man” unfold around us ruining lives & countries.

All this has resulted in customers playing a bigger role in the decision making of the business, from the attributes of their products to the increasing trends of businesses associating themselves with different causes & giving back to the society, showing that after all money making can be done in a positive manner as well, keeping a balance & maintaining the balance is what we currently need to get rid of the problems that we are facing from left, right, centre at every level.

New media has the credit that it has helped create awareness among the people & aided them in exchanging their information across borders.

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