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Real-Time Marketing & Public Relations-From The New Rules of Marketing

From: David Meerman Scott

Posted from e-book 12/16/10 by

Best-selling Author of The New Rules of Marketing & PR and the new hit books Marketing Lessons from the Grateful Dead and Real-Time Marketing & PR Part 1

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Real-Time Marketing & PR

Gone are the days when you could plan out your marketing and public relations programs well in advanceand release them on your timetable. It’s a real-time worldnow, and if you’re not engaged, then you’re on your wayto marketplace irrelevance. David Meerman Scott’s book The New Rules of Marketing & PR opened people’s eyes to the new realitiesof marketing and public relations on the Web. Six months on the BusinessWeek bestseller list and published in more than twenty languages from Bulgarian to Vietnamese, New Rules is now a modern business classic.In this eye-opening follow-up, Real-Time Marketing & PR, David reveals the proven, practical steps to takeyour business into the real-time era. Scale and media buying power are no longer a decisive advantage. What counts today is speed and agility.

“W ith his acute ear for the cash register and his journalist’s sense of urgency, no one understands the value of time better than David Meerman Scott. He teaches marketers and C-level execs how to use time and urgency to gain huge competitive advantage. Read ‘Real-Time Marketing and PR’. Make money while yourcompetitors sleep.”– Brian Fetherstonhaugh, Chairman & CEO, OgilvyOne Worldwide

“If you are not hooked (hook, line and sinker) within 10 minutes of starting David Meerman Scott’s wonderfu lnew book; well, I fear for you. Beautifully written, cases that reach out from the page and grab you and shakeyou—and practical advice that anyone, anywhere can use in a flash to make hay. I simply loved this book,and doubled my knowledge along the way.”– Tom Peters, author of The Little Big Things

Wake Up, It’s Revolution Time! In a world where speed and agility are now essential to success, most organizations still operate slowlyand deliberately, cementing each step months in advance, responding to new developments with carefulbut time-consuming processes.

The Internet has fundamentally changed the pace of business,compressing time and rewarding speed.

Your accustomed methods and processes may be already fatally out of sync with the world around you. The narrative of your business now unfolds, minute-by-minute in real-time.

The ROI of real-time engagementThis ebook is about real-time business.  And it is about success. In these pages, you will read about howpeople in the 100 largest companies in America engage in real-time (or not).I name names. You will discover the identities of the 28 companies that engage in real-time. And those that do not. (Feel free to jump to the appendix.) Real-time companies are more successful. A comparison of 2010 stock prices reveals that on average the publicly traded Fortune 100 companiesthat engage in real-time communications beat the S&P 500 stock index while the others, on average, underperformedthe index. During the period I measured – closing price on December 31, 2009 through closing price on September 3, 2010 (when my book Real-Time Marketing & PR went to print) – the stock pricesof 67% of companies that operate in real-time were up while only 42% of those that do not were up 2010 year-to-date. Read on for the details of my research and why it is important.

Real-Time Marketing & PR Real-time means news breaks over minutes, not days. It means ideas percolate, then suddenly and unpredictablygo viral to a global audience. It’s when companies develop (or refine) products or services instantly,based on feedback from customers or events in the marketplace. And it’s when businesses see an opportunityand are the first to act on it.My first job was on a Wall Street trading desk in the 1980s. I witnessed real-time technology transforming financial trading into a game where instant information informs split-second decisions worth millions of dollars. Traders desperately search their real-time news feeds and analysis tools for an angle, any angle. What’s thePresident up to today? Any news from the Federal Reserve chairman? Any economic data due to be released this afternoon? Any large companies announcing quarterly earnings today? As they pore through data and news, the traders are poised, ready to commit huge sums of money when the moment is right. It has taken a quarter century. But in marketing and public relations the impact of the real-time revolution is finally beginning to be felt in all industries. Is there anything more impersonal or unfriendly than, “Please choose from the following eight options,”followed by 10 minutes of hold music? Sadly, an automated telephone attendant, plus maybe an email form on the Web site, is all that connects most companies to their customers.

In fact, today any company can do better—and grow the business (and stock price) by doing it.We can react instantly to what’s happening in the news, just like a bond trader. We can engage members of the media on their timetable, precisely when they are writing a story. But we’ve got to develop a business culture that encourages speed over sloth. The MBA-style approach of working off spreadsheets that predict what to do months into the future are no help when news is breaking in your industry today. As financial market players know, advantage comes from reacting to news first. The same thing is true for all companies. When you start the conversation,you are recognized as someone who is plugged into the marketplace of ideas.If you talk about an idea early, you naturally get more exposure because thethreads of conversation stem from what you have said. If you’re in late you getlost in the cacophony. With a new product, if you get first to market in a hot category, your initial momentum may give you anadvantage for many years. If you’re an early adopter on a social media platform, you build a larger following than those who join later. If you’re first to engage the market, people notice and your offering gains valuable attention.
Portions of this e-book appear in Real-Time Marketing & PR: How to Instantly Engage Your Market,Connect with Customers, and Create Products that Grow Your Business Now by David Meerman Scott.Used with permission. John Wiley & Sons, Inc., 2011. ISBN-13: 978-0470645956. U.S. $24.95©2010 by David Meerman Scott Please feel free to post this e-book on your blog or email it to whomever you believe would benefit from reading it.Thank you. This work is licensed under Creative Commons AttributionNonCommercial-ShareAlike 3.0 Unported License.

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