The new WTP - The new WTP Categories of social media...

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The new WTP Categories of social media: Egocentric sites: allow users to build profiles Community sites: imitate real-world communities virtual world Opportunistic sites: facilitate business often vertically defined Passion centric sites: aggregate fans (hobbies and interests) horizontally defined Media sharing sites: allows users to share rich media defined by content, not users Competitive advantage/wedge: Occurs in the difference between the cost a firm incurs to provide a good or service and the price a buyer is willing to pay. All firms seek to maximize the gap in the wedge. Competitive advantage is a function of the perceived valu of a god or service by the consumer Competitive advantage can be created through: Lowering costs Increasing willingness to pay Forcing a competitor to increase their relative costs 6 C framework Attempts to cogently explain how consumers interact with each other and with brands through social media. This is a blueprint for accelerating participation The internet is a pull medium, firms seek to pull customers through content Traditional media are push through print and television The model begins with the company and the content it creates. Control in the model is intended to metaphorically represent a wall beyond which the company cedes control of its brand to consumers. The content is deliberately left free of digital rights in order to encourage people to copy, modify, re-post and forward the content. The content is than pushed over the control wall, where a community of interested consumers takes it up communication becomes bi-directional. (commenting and discussing the content). The ultimate expression of engagement(participation) occurs when a multitude of conversations circle around the content. A growing escalation in participation on the part of consumers; a willingness to engage with a brand that extends beyond just purchase decisions at the point of scale.
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There are six participation levels: Viewing
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