Marketing in Web 2.0 world

Wall Street Journal has this wonderful article on social media marketing and makes some good points.For marketers, Web 2.0 offers a remarkable new opportunity to engage consumers If only they knew how to do it. This is the question the article tries to address by interviewing 30 executives and managers in both large and small organizations that are at the forefront of experimenting with Web 2.0 tools. If you have time do read the full article otherwise here are the key points it tries to make

• Web 2.0 tools can be used to do what traditional advertising does: persuade consumers to buy a company's products or services. 
  
• Web2.0 as a way to obtain consumer feedback and ideas for product development, the online community is much faster and cheaper than the traditional focus groups and surveys used in the past.
  
• Blogs, wikis and online communities are among the tools that companies are most commonly using for marketing
  

Besides these the article suggests a seven step approach

1. Don't just talk at consumers -- work with them throughout the marketing process.
   
2. Give consumers a reason to participate.
   
3. Listen to -- and join -- the conversation outside your site.
   
4. Resist the temptation to sell, sell, sell.
   
5. Don't control, let it go.
   
6. Embrace experimentation.
   
7. Find a 'marketing technopologist.'
   

More:

Boring products that became Social media Hits

Research: Social media marketing not effective