The Winning Formula for the New Media Environment [by Rhoda Siu]

In the present time that we are all living in, communication systems are evolving rapidly. The new media environment allows mass media content to be received and consumed on a new platform, creating new classes of leisure consumption. For instance, the phenomenal growth rate of the Internet has started playing a significant role in the economy. With the rise of the Internet, the usage time spent on activities doing “online” increases as well. Noticeably, social trends manifest from the rise in the number of social networking sites – to name a few: Facebook, Twitter, YouTube and Instagram. We have noticed how the popularity of such sites shape our desires in how to consume and influence our choices of consumption.

The above paradigm shift in sharing content with one another not only changes the way people communicate, but also navigates how businesses reach out to their consumers. Many of the organizations jumped on the bandwagon to adopt new media marketing or new technological developments as part of their strategic focus. Despite adopting these initiatives, businesses struggle to break through and achieve visible results.

Instead of having a herd mentality, businesses need to ask themselves: “Are we embracing the new media environment effectively?” The rule of thumb for all businesses is to recognise the game-changing rules in content sharing. In the past, there was only one specific creator (business entity) and many receivers (consumers). Information trickled down from the top of the organization and was disseminated to the consumers. However, in the new media environment, there are many content creators and receivers. In this case, the content creators are not subjected to the organizations solely. Consumers can now produce, consume and share views and suggestions. As a result, the phase “user-generated” content is often being used. More importantly, there is greater room and freedom for consumers’ content to be recognised. Having said that, the winning formula for businesses extends beyond revamping their social media sites to continue to create consumer value through content ownership.

By Rhoda Siu.