DIGITAL MASTERCLASS: Making the most of Web 2.0
Web 2.0 is neither a technology nor an application; it is a broad framework for the digitally networked economy. The phrase was first coined by O'Reilly Media in 2003 and refers to a second-generation of web-based communities and services such as social networking, wikis and folksonomies that facilitate collaboration and sharing.
Web 2.0 is best seen as a set of principles and practices that exist both in and beyond the web environment. But due to the blistering pace at which this landscape transforms itself, the challenge for businesses is to stay up-to-date, embracing the opportunities that exist whilst making wise investments.
The 'buzz' around social media and network marketing has been extraordinary, but when you examine the business significance of this element of Web 2.0, the landscape becomes more fuzzy and fragmented. Many well-known brands have attempted to make Facebook - the UK's most popular social networking site with 8.5 million unique users - work for them. But a vast number of these applications have failed to take off, getting lost among the 22,000 existing applications and achieving less than five daily users. In fact, there are no brands within Facebook's 50 most popular applications, and whilst applications can cost anything from £2000 to £30,000, a higher level of investment doesn't necessarily guarantee success.