This week in class we are back to reading Real -Time Marketing & PR by David Meerman Scott. We talked about how important it is to react to whats going on in the world in real-time. Scott said that now more than any other time in history, speed and agility are decisive competitive advantages.
The one example that was used in the book that I found very interesting was TMZ. They are a great example of a company that responds in real-time because they are an upstart celebrity media news service, but they are still able to cover the big stories before any other leading news outlets.
After Michael Jackson's tragic death, surprisingly, TMZ was the first news service to report on the story. You would think that stations like FOX, CNN or CBS would have been prepared to jump on the story.They didn't respond in real time and missed the opportunity to be the first to report on a huge story.
I'm not a huge fan of TMZ because I don't really care about the type of news they report. Even though I may not respect everything they do, I have to respect how quickly they respond to new stories. It's like they have reporters waiting in the bushes for things to happen so TMZ can be the first to run the story.They must be doing something right because between 2005 and 2008, TMZ increased their revenue from zero to $25 million.
Until next time,
Katie
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