- All Community
Last week 1871 invited Howard Tullman, President and CEO of Tribeca Flashpoint Media Arts Academy and accomplished entrepreneur, to discuss the future trends in technology and the power of social media. Tullman spoke about new technologies that are changing the way the world does business; focusing on the influx of data, the Internet has given us about the consumer, the power of games, the secrets to online advertising and the domination of Facebook.
Here are eight of the many lessons that Tullman shared with the crowd:
1. Context trumps content—if we are not listening it is meaningless
We are moving from the information web to the social web. This critical transformation means that content providers need to be at the right place at the right time to successfully reach its audience. Because Internet users can no longer be anonymous we now know detailed information about our chosen target audience. Tullman says the way to capitalize on this is by enacting ‘smart reach,’ explaining that a constant, honest connection is needed to increase your web presence. This presence will boost the value and utility of your product. The downside? It takes work: a website alone doesn't count, you need a strong social media presence to succeed at this.
2. The most critical attribute of the Internet is not its immediacy and low cost. It’s how much more we know about the user
In this age, no advertising should be wasted. Because customers are pre-aggregated and there is easily accessible behavioral data one hundred percent of energy and emphasis should be spent on the group that is on the fence regarding your product. Today, privacy is low on the list of personal priorities (especially if you can save someone time, money or make them more productive) making precision marketing an easy task. With the invention of nudge commerce, marketers can now target consumers based on their location. For example, if you are in a grocery store, marketers will not send you a car ad, instead, they will send you a targeted grocery ad. Tullman says that places and locations talking to us in real-time will only become more common as locations are the next dimension of interaction.
3. Brands are not as important as execution and speed. It takes being first, fast and constant improvement to succeed
Social media is not about saving money. It is about connections and getting data out to users. It is this connection plus the constant delivery of digital content that leads to invaluable consumer data. To succeed in social media you need to love it and create an authentic engagement with the audience. This means taking the time and energy to fully understand available information using free programs like Tweetdeck and Twistori. Tullman used an important example: Words With Friends beat Scrabble at it's own game by being the first, fastest, most innovative and providing a necessary social connection.