Knowing where to fish can be the difference between eating or going hungry, to put this into a digital marketing business context, let’s call the Internet of things (IOT) the ocean, and some fish in the ocean supply the revenue, keep in mind bait fish cost money too, lets call bait-fish your budget.
How do we know where to fish? what bait to use? and how much of it before moving on to a different location or in this instance different social media platform.
Your probably thinking enough with the metaphors right! OK we currently understand the world wide web as Web 2.0, Well Welcome to Web 3.0. “The ever-present Web 3.0 has to do with the increasing popularity of mobile internet devices and the merger of entertainment systems and the web.”(Nations, 2018) Simply put the Web has gotten a whole lot bigger and more complex, What has this got to do with marketing I hear you say! well Sir or Madam its has created noise and a lot of it, its made the waters murky if you must, From a Marketing perspective it used to be just the four P’s, I’m sure this is what your parents studied a thousand years ago.
Fundamentally it’s still the four P’s which consist of Price, Product, Place and Promotion
However, promoting your product has changed a lot because the web has changed dramatically, by analysing trends of where the fish are feeding and in which area of the internet we can then identify better drivers for the business. lets say that Facebook is the Indian Ocean, Twitter is the Coral Sea, Instagram is the Tasman Sea and finally YouTube is the Arafura Sea. You’re after a particular fish and your bait only goes so far and the ocean is a big place and not all oceans have the fish your after…Confused yet.
To conclude the rapid change and expansion in digital marketing with the advent of Web 3.0 is putting bigger and bigger budgets in unprepared hands and places more emphasis on analysis of Mediumism, mediumism is coined in the book X: THE EXPERIENCE WHEN BUSINESS MEETS DESIGN it describes placing inordinate weight on the technology of any medium rather than amplifying platform strengths to deliver desired, integrated experiences. What this means to you, is that you shouldn’t write a massive product description and put it on Instagram or put funny memes on LinkedIn you wouldn’t be using the right bait in the right ocean for the right type of fish. So, make sure you employ the right fisherman (Marketer).