MT debate social media and the future of traditional media
Management Today debate the impact of social media on business and traditional media
UK trade magazine
Management Today (MT) hosted a breakfast seminar on the area of ?connectedness? in today?s business world on Thursday 23 April 2009.
The panel included the
Financial Time?s (FT) management columnist Stefan Stern, chief executive officer of
FreshMinds Caroline Plumb and David Beard from seminar sponsor, Sage. The discussion was chaired by MT?s editor, Matthew Gwyther. The event, attended by around 40 business professionals, discussed areas such as the impact that digital media is having on traditional media outlets and the importance of staying close to your audience/s ? particularly during the recession ? and how social media can assist in doing this.
Gwyther started the discussion by stressing the importance of keeping customers ?under a firm grip? during tough economic times and urged businesses to be up close and personal with their audience. He also said that this is a good strategy to help win new business, as during a recession many competitors have their eye off the ball and better ?connectedness? through social media plays an important role.
Stern from the FT felt strongly about the impact that social media was having on traditional media, and stressed that the pressure was being felt by journalists from the free alternatives, such as blogs and Twitter. Stern said, ?Good journalism is expensive. You are paying to have information properly researched, vetted and balanced. There is a crucial role of finding things out, and that costs. Guy Fawkes is not journalism, journalism is serious and trusted.?
This comment sparked controversy between fellow panel member Plumb and members of the audience, who concluded that popular political blogger Fawkes? is a form of journalism, and is a trusted resource for many. Gwyther concurred, ?Clearly social media is important, but it?s also important to have the objective analysis that traditional media [journalists] offer.?
Turning the talk away from digital versus traditional media, the panel all came to the consensus that social media has changed the way we connect ? and raised the question of whether this new ?connectedness? had indeed had a negative impact on the state of the global economy due to the speed of communications. John Kelly, a member of the audience agreed, ?Connectivity is not new. When coming up with the plan for the atomic bomb, scientists would meet on train station platforms and then report back to Einstein. What?s changed about connectivity is the speed in which we can do it.?
During her 10-minute talk, Plumb raised the idea of that the approach to business today is defensive, when businesses need to instead turn to technology such as social media, and channel it into a positive force both with their customers and their business as a whole.
Sage?s Beard agreed, saying that social media marketing offers brands the opportunity to ask their customers, ?What do you want to do and how can we help you do it?? He pointed to shift in marketing from push to collaboration thanks to the growth of web 2.0, and that due to the popularity of services such as Twitter, the way that people are consuming news and purchasing is changing, and that brands need to become someone that their customers trust.
With breakfast rounding up, the discussion turned back to traditional versus digital. Audience member Siim Vips, CEO from content management company
Modera raised the point that both traditional and digital media and business face the same issues; there?s too much noise subsequently making it difficult for anyone to get heard. Gwyther agreed, concluding that for serious communications that nothing beats a face to face discussion, the of the benefits of which means that meanings cannot be misinterpreted as easily, and offer a good medium for empathetic conversations.
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