The internet is a fast-paced environment. People can come to your website at any hour from a wide range of locations, each of them with different intentions or needs. Unlike physical retail stores, you can’t see who is coming in and browsing around. You don’t know much about the people reading you. How can we develop a rough profile of all these individuals?
You already get a glimpse of them everyday when they interact with your website. Some may register for an account, leave a comment or send you an email. But many are ‘invisible’. They get to your site, see what you put out, click on a outbound link and disappear.
The Winner’s Curse is a term used to describe auctions whereby the winner will overpay because he/she overestimates the item’s actual market value. This tendency to overbid is due to factors like incomplete information or other market participants. Recent research show that people also overbid because of the fear of losing in a social competition.
A team of NYU neuroscientists and economists conducted brain imaging studies and discovered that the striatum, a part of the brain’s reward circuitry showed an exaggerated response to losses during an auction game. When a group was told that they would lose $15 if they failed to win an auction, they consistently bid higher than others who were told they would win $15.
The decline of newspaper popularity has been attributed to the rise of the internet and the proliferation of web-based content. With an extremely low barrier of entry and variable cost, the web allows anyone with a computer to become an independent publisher: As a result, the amount and variety of content online far exceeds print publications in most fields.
So how can newspapers survive and do well as a business in the future? Perhaps by cutting back and going more niche to provide content that features deeper analysis and investigative reporting. In an article entitled ‘The Elite Newspaper of the Future’, Philip Meyer suggests that the money and audience comes from specialized, not general media.
Search engines are an excellent source of high quality web traffic. They don’t send visitors who ’stumble upon’ your website or accidently clicked on an ad banner. Instead, they send you interested visitors who type in a query while fully expecting to find what they need. They are engaged right from the start and ready to buy, browse or read.
If their desire is well fulfilled by your webpage, you may end up getting a bookmark, customer or repeat reader. Added bonus: search engine traffic is consistent and usually cost-free. Ranking well for several relevant keywords or phrases could get you a steady stream of visitors everyday. That’s why some businesses choose to hire SEO firms/consultants.
Imagine you’re a email spammer. Your strategy is to send out thousands of unsolicited emails everyday hoping that some unassuming individual will purchase your product or inadvertently get infected by your malware/virus, so you can phish for credit card and banking details.
So here’s the situation. You’re dealing with millions of people whom you don’t know. You might not even know their age and gender, the basic demographic yardsticks. You can data mine email archives on a zombie computer to create personalized and convincing email messages but you’re always going to be dealing with a barrier of not-enough-trust.
As some of you might know from my Twitter profile, I enjoy following politics and have been an avid spectactor of the on-going 2008 U.S Presidential Elections. It’s very entertaining to see how political parties compete with one another during an election to win votes.
A similar pattern has been repeating itself in the last few months. A candidate makes a statement, his/her opponent absorbs what was said and re-uses it within a campaign ad or a speech, in a manner which weakens the original statement or intent.
Emotional engagement is the key to viral marketing success. People share their everyday experiences by communicating them to others in and outside of their network. This social sharing is more rampant when the individuals develop intense feelings like fear, disgust, sadness, joy, anger and surprise.
Of all these emotions, surprise is a necessary ingredient which encourages people to pass on information they come across. Now let’s look at what surprise is and its impact on viral marketing. As partial reference, I’ll use a study from the Journal of Economic Psychology, one that examines surprise and its relationship to word-of-mouth.
Many have made money and built reputations by solving problems. Doctors cure the suffering of illness, psychiatrists help heal the troubled mind, lawyers protect names from being tarnished, consultants offer marketing advice and a dazzling array of products help to remove any inconvenience you might possibly encounter in your daily life.
Many people are solving problems. They’re all offering solutions to people who need them. Some are giving them away for free. Others are selling them for a price. When problem and solution is a perfect fit, a relationship of trust is built between two parties. If this helps me now, it might help me again. If this solves my problem, it might solve my friend’s problem too.
Viral marketing is the process of using peer-to-peer communications in order to rapidly spread information about a brand or message. The term ‘viral’ stems from the concept of a ‘virus’, a self-perpetuating phenomenon which infects whatever it comes in contact with, spreading itself in an expanding outward arc. Your message is the virus. The carriers are your audience.
People encounter specific data or ideas daily and pass it on to their friends and other people in their network. All things equal, one can say that information is shared more rapidly when the recipient has a strong emotional connection with the specific message. They adore it. They despise it. They are deeply puzzled by it. It makes them upset. It makes them happy.
