| FROM: SEP-OCT 2008 ISSUE | |
BY ANTHONY ARIGANELLO, CPA (DELAWARE), FCGA, PRESIDENT AND CEO, CGA-CANADA |
Have you been thinking lately about the dramatic pace of change in today’s corporate world? If so, hang on. That pace, particularly in the world of digital media, is about to get even faster. And those who can’t keep up will suffer. Nothing less than valuable corporate reputations are at stake.
Consider the amazing growth of social networks, blogs, online discussion forums, virtual worlds, and online collaborative tools such as Wikipedia. Right now there are 17 million users on Facebook. There are 184 million bloggers in the virtual world with 346 million readers. And 26 million people are downloading and listening to podcasts. These numbers are growing exponentially. Not only that, they’re challenging the way companies do business.
The lines between social media and business media are blurring. It’s no longer sufficient for a company to put out a news release, or buy some advertising to get its message out. Print media readership is declining. Broadcast media is fragmenting. Meanwhile, citizen journalism is on the rise, aided by cell phone cameras and instant postings. And there are listeners and viewers out there watching and chatting. Word of mouth is one of today’s most powerful marketing tools.
There are some good examples of companies who are effectively embracing this brave new world. Currently 11 per cent of mainstream companies maintain a blog. Innovative corporations are using social networking sites to present corporate messages in creative and engaging ways. And some companies are setting themselves up on virtual worlds such as Second Life.
As always, it’s wise to approach these opportunities strategically. Establish objectives. Explore the possibilities. And make some policy decisions before getting started. Some interesting examples to stimulate discussion are “My Starbucks Idea” and “Will it Blend?” A quick search online will provide details on these innovative approaches. And check out Twitter, a social networking and micro-blogging service that’s been getting a lot of attention lately.
Today’s wired world is vast, engaging, amusing, interesting, and challenging. And definitely here to stay.
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