Why companies better be paying attention to "Web 2.0"

For all you companies and brands out there thinking that your "Web 2.0" strategy is to have a blog, a MySpace page and a Second Life presence...you're thinking too narrowly. Consumers are now in complete control and have incredible power to spread the word nearly instantly. This can be amazing if the word of mouth is positive. But what about if its negative? What if it shows a product flaw, or worse a product defect?

Just look at this video on how to open a Master Lock. Master Lock, of course, being the premier lock brand in the country, maybe the world. And its opened by a soda can. Kryptonite bike locks ran into the same thing when someone showed how to open their new lock with a Bic pen.

Master Locks Are NOT Safe!

Although this video I'm sure sends chills up the spine of Master Lock, its not all bad news. You can use these viral conversations to glean product enhancements, consumer benefits and positive testimonials as well.

So you have to ask yourself...are you listening to your consumers out in this crazy new world? And if so, what are you doing about it? There are companies who can help with this, by the way. Crawdad Technologies uses patented technology to monitor and analyze online buzz, for example, for brands like Cold Stone Creamery. You can also see their technology monitoring and analyzing the 2008 Presidential election at Wonkosphere.com.