But if people are getting together to discuss specific interests and this is leading to an emergence of ‘new markets’ to emerge then surely these interest groups must must have existed already. It just we didn’t know about them. So in this sense social media doesn’t ‘create’ new markets and market segments. It just identifies them.

The mountain of data that social media produces can now shine a light on who these people are, and what they like. And voila – we have new identifiable and serviceable markets.

Want to grow in this brave new world? Then learn to collect and read the data and then use the tools to communicate with them as they progress down the path towards making a purchasing decision.

All the tools are there and the people are waiting.

One of the developments to emerge from of the recent financial crisis is the birth of a new breed of SME. They are niche companies born out of a need to fill a void in an increasingly small global market. They work in a market of ever finer market segments that mass marketing and generic products can’t cater to.

Affordable ecommerce solutions, coupled with cheap outsourced manufacturing or product sourcing, are connecting with market segments identified through social media – and providing them the products and services that suit them. Social media is allowing consumers to congregate and be heard in a way that is revolutionary.

Australia is in a unique position to be launching pad for many of these ‘new SMEs’. It has come through the GFC better than any other developed country. That means as markets are still growing, funding is readily available and the Federal Government spending on the new broadband infrastructure will only make it easier for these new business to get off the ground. The cost of setting up and operating a business drops dramatically with online software services that provide accounting, project management, and a myriad of other management and business tools.

This is not something to be feared. These new businesses are not ’stealing’ market share. They are creating new market opportunities. And they need help – maybe from you.

There is a fundamental change coming to our economy and it’s going to be driven by the little guy – and everyone will want a piece of the action.

Published on Marketing Magazine Blog http://www.marketingmag.com.au/blogs/view/the-new-sme-1946

Thanks to TED for providing brilliant speakers to us all, again.

My favourite is “Think big. Bigger than that.”

See it here

“Social media hit a tipping point in 2009 as sites like Facebook and YouTube increased their presence in mainstream media while sites like Twitter and Digg emerged. On top of the obvious, thousands of new and legitimate social media websites hit the scene with hopes of being the “next big thing”.

While most credit and attention are being given to Facebook for unofficially winning the social networking battle with MySpace, Bebo, and others, Twitter and Digg were the real winners in 2009 for very different reasons.”

Click here to read it all

For more of the interview click here.