Monetizing Web 2.0 - Who now controls your customer’s online buying behavior

The first panel in the plenary sessions was
formed by senior executives from Google, Facebook, Lastminute.com, GapYear.com and Jebel Ali Group Hotels.

The question of the debate was first  asked to the audience and results came at:

90 persons think Search Engines

37 persons think User Generated Content websites

17 … Online Travel Agents

5 … Traditional Press Advertising

34 … Me and my company

Facebook UK Director, Blake Chandlee, has
highlighted the purpose of the social networking site which is about sharing your real life
and / or relationships online. Facebook has reached 10.5 UK million active
users (meaning visiting Facebook at least twice a month). Facebook contains
about 6 billion pictures (i still can’t believe this figure!)

Google has seen 60% growth in hotel related
queries. 10% of all searches are in some way related to travel. Social sites
are being more important to influence buyers spending in travel. Search CPC is
more expensive than before. Behavior of an online consumer looks at 22 websites
before purchasing travel with at least 12 queries on Google. Search engine
recognize highly the unique content provided by social media sites and UGC
sites. YouTube is the 9^th largest site worldwide in terms of
traffic.

2^nd Poll:

What will be the relative importance of SE
marketing vs. social media sites by the end of 2008?

100% / 0% 2 persons

90 / 10 39

80 / 20  69

70 / 30 55

More 25

3rd poll:

Will any of the current social media sites
ever rival the marketing reach of Google?

YES 68

NO 150

Lastminute.com CEO Ian McCaig has advised
companies to understand the behavior of social media users before targeting
these sites with advertising banners. Understand what users are interacting
about. He recognized that Facebook users don’t want to purchase anything at
this moment in time whilst connecting with their friends. Facebook and other
social media sites are not necessary the right places to advertize your company
effectively.

GapYear.com founder, Tom Griffiths, has
given us the history behind his company stressing out the importance of the
passion behind him and his start-up colleagues. He also said that users of
GapYear are very engaging. Again he warns companies that they should “only
adopt a web 2.0 strategy of you understand it!”. Vertical social networking
sites like WAYN or RealTravel only work because they have been created where
the passion is.