| Halsey
Minor, Chairman/CEO of CNET on "E-business Running on Internet
Time"
Our recap of Mr. Minor's keynote at the Ice
Conference
E-business is all about consumers, commerce, and
credibility. Today’s
consumers call the shots and are less forgiving if they do not receive the
experience they demand. They
have more information than ever before and can find out about your
products from other buyers/sources.
The Battle
for the Mind
Information equals power where
·
User reviews scrutinizes product performance,
·
Price listings allow for real-time price comparison
·
Metasearch capabilities have enterprises bidding for
consumer business.
New E-commerce brands are becoming the forum where
buyers decide who to do business with.
The battle for the mind is done in the media.
Those enterprises that best serve customers will be the winners.
The main concern is about customers, not competitors.
A co-dependent relationship exists between
retailers and the media. Online
media companies (publishers) create the marketplace where buyer and seller
meet. They attract users for
marketeers by making sense of information consumers can use to their
benefit. When making a
considered purchase, consumers look for a trusted intermediary to help
them decide. As an example, the Web is the Number One resource for
computer buying information, not magazines.
The Web is an efficient way to advertise and attract customers,
which is what retailers want.
The Media
and Trust
Just as traditional media (print, television, and
radio) has trust at the center of its relationship with its audience,
online media companies are entrusted with the same responsibility. They are expected to be independent sources of information
that are fair, impartial, and objective.
Online media will live or die on these core values.
Online media can help consumers quickly find and
get the right product at the right price.
By applying journalism to what it reports/publishes, online media
creates a trust bound relationship that is user centric.
This is a user experience issue, not one of editorializing or
advocating products.
The Web gives users what they want – namely
convenience in the form of proximity and performance.
Consumers can shop in the comfort of their home and then be billed
for receiving good information that helps them make decisions.
Online media caters to such convenience.
It drives customers to product sites that meet their needs.
Informing,
Editorializing, or Advertising?
There is, however, a danger with this practice.
Impartial online product information linked to commercial product
sites blurs the differentiation between providing information,
editorializing, and advertising. Traditional
media practices well-known advertising conventions.
With its ubiquitous banner ads and hot link connections, online
media presents new advertising vehicles that are harder to identify and
discern.
Online publishers shoulder consumer trust.
They have the power and ability to attract an audience they can
sell to. They also need to be
mindful of putting their users first because there is no business without
them. To this end, guidelines
that clearly identify advertising from other information make good sense.
This includes:
·
Labeling advertisements so they are differentiated from
editorials
·
Disclosing paid fees/sponsorships of information
·
Drafting, implementing, and enforcing editorial guidelines
·
Adopting and posting privacy policies.
Online media is held to the same journalistic standards
of fair play, truth, and objectivity that traditional media is.
These standards have become blurred with the advent and increasing
use of infomercials and advertorials.
Online media will undermine itself and impair its reputation should
it fail to uphold the standards.
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