Some 50 years back, one specific invention revolutionized the way we consumed information to the way we think, act and react. It even had a deep impact on our much enamored culture- that invention was Television (a.k.a. TV/Mass Media). I’ll try to bring this specific topic in question since it’s an easy draw for business or more so to keep you hooked onto this conversation. TV and stuff like TV enlightened my entire childhood and more so yours too (especially baby-boomers).

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So now come present situation (especially post 2002 when Wikipedia went mainstream), first time businesses perceive the tectonic shift in the users behavior in terms of rise of mass collaborative model (like Wikipedia) or personalized activities giving rise to “Attention Economy” (as some may like to call it) to now “Attraction Economy (primarily B.S.O.S. generation). If the “Why” thing is bothering some inquisitive few, then my take would be that most businesses rely only on numbers which henceforth followed a southward course with falling revenues supplemented by mass advertisements especially on TV and stuff like TV which didn’t delivered encouraging result.

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So coming back – chunk of developed countries’ population have inhabited the world of internet to be dubbed as ‘Netizens‘. Though developing countries like India can still hide under shallow wafer thin statements like “…majority don’t populate the online world“, but if we follow trends, then it won’t be wrong to say that we are catching up fast and then if business are late to catch these trends then God save their souls (Pun intended!). Don’t get me wrong, because I’m not saying that mainstream media will die out soon or we will suddenly stop consuming less entertainment or information through traditional channels but surely Web gives us a human way of touching customers which was not possible until now in the transaction based traditional model.

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Staying with the same, few of the mostly hit sectors due to the recent economic downturn have been retailers, newspapers, auto manufacturers, banks and few more to follow. Infact some have even went on to dub the extinct of tangible media in few years to come. As of now print industry is going through a tough phase with falling subscriptions and hence reducing revenues. Infact, internet and its effective engagement has helped the cause a bit too.

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So with the increased popularity of internet as a medium to devour information, entertainment etc success of Wikipedia has an important standing because one of two things happened alongside:

  • Firstly it showed the world which was grappling from the recent dot-com bust of 2000-01 that his new model of mass collaboration works.
  • Secondly, it extended the scope for deep pocketed companies to explore the possibilities of this newer model on a personalized level wherein the interaction between users and content creaters increased which later was dubbed as Web 2.0 and later as Social Media.
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This amazing model worked wonders not only for users who are now not only devouring the vast information flow but the internet has now embodies a shape of a human which has accentuated a process of dialogues to a more recent conversational model.

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Talking from a marketing perspective, this new dialogue to the conversational model brought both protection & peril simultaneously- protection from traditional marketing models like price wars to silly ‘..buy me, buy me’ marketing gimmicks to perils of being vanquished by getting lost in the clutter.

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Web 2.0 technologies and the masses who connected to allow for rapid prototyping, failure and adaptation resulted in an evolution of new ways for people to interact, moving forward at a blistering rate. In attempting to deal with this innovation, trational businesses are overmatched. Offline, people don’t change behaviors quickly, so companies can develop loyal customers. Online, people can switch behaviors as soon as they see something better or more interesting. It’s the force of these millions of people, combined with the rapid evolution of new technologies by trial and error that makes the upsurge so protean in form and so tough for traditonal businesses to deal with.

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If you have a brand, then there is a possibility that it can be under threat because people are connecting from innumerable touch points of the internet space and discussing your brand. Customers have always had an idea about what any brand signifies, an idea that may vary from the image you are projecting. Now they’re talking to each other about that idea. They are redefining the brand for themselve and others too.

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Finally, I would end this conversation with few last points. Post dot-com bust, internet has become a powerful medium for us as end users. It has shifted gears from “Age of Monologues” to “Age of Conversations“. So the big question still lies that will marketers stay aloof from this medium which enhances far better interaction at a personalized level or not?

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