Posted tagged ‘Marketplace’

The Markets Are Changing

March 5, 2008

tre-cover.jpgWhile the benefits of the social web are innumerable, one amazing characteristic of the social web is that it is changing the marketplace. We are seeing major companies, like the cable giant Comcast, sit up and take notice of what their clients and customers are saying on within the open networks of the emerging space.

For instance, when we wrote about the poor customer service of Comcast compared with AT&T, we got a phone call from one of the Comcast execs not asking us to discontinue expressing our displeasure or to remove the post, but rather to inform us that measures are being taken to improve customer service – which, the caller admitted, has been at times “bad” – and customer satisfaction.

The social web is making companies take notice of what the masses are saying. Facebook groups like “The Conversation on Comcast” are allowing people the forums to express their thoughts about the company – both good and bad – without going to the trouble of actually creating a blog devoted to the subject.

As social networking strategist Jay Deragon says in his blog, “The social web is the new marketplace of influence fueled by conversations and relationships formed at the intersection of people and technology.” Concerns are being expressed in these conversations or “rivers” and Comcast execs are starting to take action. When other/more companies start to realize that though their customers aren’t telling them directly, they aren’t necessarily happy with services or products, The Relationship Economy will be in full swing!

The market is changing. It’s becoming better informed, better connected, and smarter than ever before. The influence is moving from the big to the small; from the companies to the individuals – one by one until it reaches Critical Mass. Is YOUR company ready for the shift?

How ’bout it?